1 April Super Increase not due to NZ First
3rd April 2006
Copeland: 1 April Super Increase not due to NZ First C&S Agreement
The increase in NZ Superannuation on 1 April to 66.12% of the net average wage for married couples is exactly as it would have been without the Confidence and Supply Agreement between NZ First and the Government, according to United Future Superannuation spokesperson, Gordon Copeland MP.
"Winston Peters is being disingenuous when he claims that the increase results from his Confidence and Supply Agreement with the Labour-led Government," said Mr Copeland.
"In fact the formula for the annual adjustment to NZ Super under the 2001 Act has always been "not less than 65% or more than 72.5%" of the net average wage for married couples"
"The 1 April adjustment takes into account the rate of inflation for the year ended 31 December 2005. That rate was 3.19% and took the married rate up to 66.12%. "
"Government will need to amend the 2001 Act to deliver on its commitment to a minimum rate of 66% under it's Agreement with NZ First."
Gordon Copeland said that this matter had been drawn to his attention by Grey Power.