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


Income lift for thousands of GSF superannuitants

Income lift for thousands of GSF superannuitants

Thousands of Government Superannuation Fund recipients will have their incomes lifted as a result of proposed amendments to the GSF scheme, Finance Minister Michael Cullen said today.

Funding of $3.3 million in 2006-07, $3.5 million in 2007-08 and $3.4 million in 2008-09 and out years would be allocated in the coming budget to support the proposals which had been sought by the Government Superannuitants’ Association and the New Zealand Railway Superannuitants’ Association.

“The decisions are consistent with the government’s strong record on promoting security in retirement.

“Other initiatives in this area include the repeal of the previous National government’s cuts to the public pension, the establishment of the New Zealand Superannuation Fund and – more recently – the creation of the State Sector Retirement Savings Scheme.

“Budget 2005 will continue this focus with the introduction of a work based savings scheme for the private sector workforce and with tax changes to make saving through a managed fund more attractive,” Dr Cullen said.

The planned changes to the GSF are: An undertaking that all GSF annuitants will receive inflation adjustments to their pensions of at least 90 per cent. [This will benefit 15,774 people.] Provision to make permanent arrangements protecting the surviving spouses of GSF annuitants against income loss as a consequence of the 1990 changes to the tax treatment of superannuation schemes. [This will protect 2,692 people immediately and a further 17,879 potentially.]

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>




Featured InfoPages

Opening the Election