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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.


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