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


Time For Section 70 To Be Modified

21 June 2006

Time For Section 70 To Be Modified

New Zealand First is stepping up its campaign to have section 70 of the Social Security Act 1964 modified in order to correct the unfair situation confronting the more than 50,000 senior citizens who have saved for their retirement through government administered schemes overseas, along with their spouses in many cases, only to have this money deducted from their New Zealand Superannuation, says Barbara Stewart.

“It is totally unfair for the Government to promote savings through government sponsored schemes such as Kiwisaver as a means of improving retirement income, while penalising those who have saved under equivalent schemes in other countries.

“As part of our supply and confidence agreement with the Government we have a commitment to have the portability of overseas pensions addressed. We will be releasing a policy paper highlighting many of the inequalities in the current legislation, along with a range of proposed solutions.

“A clear distinction must be made between state funded overseas pensions and those government administered schemes based on savings contributions. Where private money is involved, this must be treated like any other savings schemes, not as a taxpayer sponsored pension.

“We must also seek to expand the number of countries with whom we have reciprocal agreements over superannuation and pensions – particularly countries such as the United States.

“The hypocrisy of promoting savings through Kiwisaver type schemes while penalising those who have done this offshore must end and our seniors who have saved for their retirement offshore must be placed on the same footing as those who have saved here in New Zealand,” said Mrs Stewart.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

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.

Finally, yesterday’s announcement by the Ardern government that a new state agency will be set up to assess and plan the manned re-entry to the mine (on a set timetable) goes a long way to meeting the families’ remaining request: that they be enabled, if at all possible, to bury their loved ones. 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>>

Speaking Of Transport: Public Engagement On Wellington Scenarios

“Our work on possible solutions for Wellington’s transport future is ongoing, but has progressed to the stage where we’re ready to share our ideas with the public and seek their feedback to help guide our next steps...” More>>


Parental Leave: National's Time-Sharing Change Fails

National has proposed a change to the Parental Leave and Employment Protection Amendment Bill that would allow both parents to take paid parental leave at the same time, if that is what suits them best. More>>





Featured InfoPages

Opening the Election