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NZ Super Fund A Gamble With Pensioners' Money

NZ Super Fund A Gamble With Pensioners' Money

ACT New Zealand Finance spokesman Rodney Hide today said that investing $58,000 million in Michael Cullen's Super Fund was a risky gamble on overseas share markets that offered no benefit to New Zealanders.

"The Fund's guardians, Mr David May and Sir Douglas Graham, told the Finance and Expenditure Select Committee today that losses on the scale of those of Government Super Fund's losses were always possible," Mr Hide said.

"The Government Super Fund lost $380 million in fourteen months, and a similar loss on the Cullen fund would wipe out $6,000 million. That's a huge sum.

"The Guardians plan to invest $60,000 per pensioner. That's a lot of money. They are taking a risky gamble with this "Think Big" pension fund. The money would be better off in the pockets of New Zealanders now, instead of invested in a State-run risky gamble," Mr Hide said.

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