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Ogilvy: Kick-start not nest-egg required

May 2005

Ogilvy: Kick-start not nest-egg required

The Government's idea of diverting tertiary savings scheme funds into superannuation for those who don't study will likely deter parents from opting into such a scheme for their children, United Future's Bernie Ogilvy said in Parliament today.

"Parents are more concerned about giving their kids a kick-start in life than providing a nest egg at the other end," Mr Ogilvy said.

He said the Government had done well to pick up on the long-standing United Future imitative of a tertiary savings scheme with government and parental contributions, but needed to broaden it to cater for those who would not end up in tertiary study.

"They have life goals too, and should not be wiped because the path they choose is not study," he said later.

"They should be allowed to use the savings scheme to start a business or put a deposit on a house if they are not going to study, as is the case with the British scheme."

Taking the matter up with Education Minister Trevor Mallard in Parliament, Mr Ogilvy also suggested that any scheme enable extended family to contribute, allow parents to divert a portion of family assistance payments and be open to private sector contributions through the likes of loyalty reward schemes.

Mr Mallard indicated that such suggestions would be well regarded by the Government.

ENDS

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