Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Individual super accounts a backward step - Greens

18 June 2001

Individual super accounts a backward step - Greens

The Green Party says any move towards individualised super accounts would undermine the fair and egalitarian superannuation scheme which Labour and the Alliance claim to stand by.

The Government announced today that they had reached an agreement with Winston Peters which would allow future governments to convert the scheme to individualised accounts.

"I am really disappointed that Dr Cullen is prepared to accommodate Mr Peters' fixation, when any move to split the fund into individual accounts undermines the very heart of our superannuation system," said Green Party co-leader Rod Donald.

"Individualised accounts are deceitful, expensive and discriminatory."

Mr Donald said individual accounts are not only much more expensive to administer, they also deceive taxpayers into thinking that they own the money in their account, when in fact it has come out of the general tax pool.

"In the final analysis, the only practical reason for having individual accounts is so the Government can pay differing amounts to individuals in different circumstances.

"Many people, whether because they are full-time parents, or because they are paid less as a female or unskilled worker, or because they work fewer hours in their lives due to poor health or unemployment, will contribute less during their lives as a taxpayer.

"An individualised super scheme would punish these people for what is no fault of their own, and would reintroduce high levels of poverty for older people."

Analysis of the Peters Retirement Savings Scheme in 1997 showed that under his proposal, only 10-15 percent of women (and one percent of Maori women) would save enough to be assured of a pension at the current level. 92 percent of the public rejected Peters' scheme in 1997.

"Labour and the Alliance are setting the whole superannuation scheme up for a huge fall by agreeing to make it easier to individualise the fund," said Mr Donald. "Trading off future universality for this year's political support for the fund is too big a price to pay."

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>

ALSO:

Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>

ALSO:

General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>

ALSO:

Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>

ALSO:

Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news