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Time To Demystify Superannuation Debate

United Future leader, Hon Peter Dunne, says it is time to demystify the superannuation issue and deal with it in terms relevant to ordinary New Zealanders.

Speaking to the IIR Superannuation conference in Wellington this morning Mr Dunne said most New Zealanders wanted a superannuation scheme where there was no ongoing argument about rates of payment or ages of eligibility, and that was free of tinkering by politicians.

“They are fed up with the only certainty in superannuation over the last 25 years being the certainty that successive governments have changed the rules,” he said.

He said the need for certainty was the primary reason United Future supported the establishment of the Superannuation Fund.

“We support the current formula of a married couple being eligible for a non means tested superannuation of 65% of the average ordinary time wage after tax at age 65.”

“In time, we would like to see the single rate adjusted up from, 41% to 50%, with a consequential change in the married to 72.5%,” he said.

Mr Dunne said that a new independently chaired multiparty Accord, involving not just politicians, but also retired people’s groups and the retirement savings industry, was a priority to secure the future of superannuation on a stable basis.

“United Future also wants to stimulate debate on the best way of encouraging private superannuation, including the issues of portability, compulsion, and tax incentives.”

“There needs to be consensus on these issues first, before governments impose solutions,” he said.

Mr Dunne said United Future was strongly in favour of personal thrift and was opposed to the reinstatement of death duties, or new wealth or assets taxes.


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