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Super Fund Can Now Move Ahead - Peters

Super Fund Can Now Move Ahead - Peters

New Zealand First Leader, Rt. Hon Winston Peters, has welcomed today’s decision by Cabinet to move forward with the superannuation fund and accept New Zealand First’s ideas on the scheme.

Cabinet has adopted most of the requests from New Zealand First -- Most notably Cabinet has agreed to strengthen Section 73 of the Bill which would allow for the individualisation of accounts at a future date.

“This fund is a basis to ensure the security of New Zealand’s aging population in their retirement. A savings scheme is long sighted and is the correct decision. Those who criticise the concept of saving for retirement are both short sighted and obviously do not comprehend New Zealand’s long term economic problems, for which savings is one of the key elements towards improvement.

“The negotiations were conducted in good faith and with the best interests of the country at heart. New Zealand First is pleased with the outcome.

“We cannot agree, however with the suggestion that the individualisation of accounts is somehow unfair—we still believe that this is in fact fair for women, Maori and low income earners than the present scheme.

“Right now if you die before retirement you get nothing for your taxes paid over the years,” concluded Mr. Peters

ENDS

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