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

 


A fair deal for all seniors

NEW ZEALAND INDEPENDENT COALITION MEDIA RELEASE

A fair deal for all seniors

“NZ Independent Coalition is advocating for superannuitants with an overseas pension, earned from their voluntary contributions, to be able to keep their money,” said leader Brendan Horan.

“That will put them on the same basis as people with Kiwisaver or other savings built up in New Zealand. At present, people effectively lose their overseas pensions, and the Government confiscates the money, leaving seniors with only NZ Superannuation.

“Let’s be clear: we are talking about overseas personal retirement savings annuities, earned from people’s occupational employee/employer contributions. It is not a state-funded pension. It is much more like Kiwisaver than anything close to NZ Superannuation,” he said.

The New Zealand Government has consistently refused to acknowledge the legalised theft of private superannuation savings funds, instead hiding behind a law that loosely allows them to treat these funds as public. The hardship resulting from the policy is widespread and causing many pensioners to live in impoverished conditions.

The current policy is a convenient $400 million per year cash cow for the New Zealand Government, robbing and plundering many seniors who have worked hard and put extra cash away toward being a little better off in old age.

The deduction can amount to $5000 per year - and more when a partner’s overseas pension is taken into account. Currently many pensioners have suffered greatly, up to $500,000 in extreme cases under this horrendous injustice, forcing them into a state of penury. This has to quickly change and certain responsibilities are to be acknowledged and the injustice corrected.

The NZ Independent Coalition advocates to:

1. Remove foreign personal savings annuities built up by voluntary contributions from the scope of Section 70 of the Social Security Act.

2. Discontinue the policy of deducting a person’s overseas pension from their partner’s superannuation entitlement.

3. Clarify the wording of Section 70 so it is plain English, and sets out each countries pension regulations

4. Support the Retirement Policy & Research Centre and the Human Rights Commission recent recommendations on entitlement to superannuation in New Zealand.

5. Refund to pensioners affected by the injustices of Section 70, over a period of five years, all overseas monies deducted under the Act from their New Zealand Superannuation entitlement.

“Along with our commitment to boosting NZ Super for seniors, NZ Independent Coalition is committed to ensuring a fair deal for all seniors.

“And with moving to a zero-fee model for tertiary education and a Ministry of Job Creation, this can be funded by implementing a Financial Transaction Tax on banks and foreign exchange traders - the untaxed sector,” said Brendan Horan.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

  • Week in Parliament 22-05-15
  • Saturday Sitting
  • House Rises At Midnight
  • Telco Levy Bill Passes
  • Telco Levy Bill Completes First Reading
  • Social Housing Bill Passes Under Urgency

  • TPPA: University Of Auckland Warns Of Negative TPP Impact

    The University of Auckland May 20, 2015 University of Auckland Warns of Negative TPP Impact With the Trans Pacific Partnership (TPP) negotiation drawing to a close, the University of Auckland has expressed serious concerns about its potential implications. ... More>>

    NZ Flag: Flag Referendum Gets Hit Hard In New Poll

    The latest Campbell Live text poll confirms it is time for the Prime Minister to listen to the public and shelve his flag referendum, says the New Zealand First Leader Rt Hon Winston Peters. More>>

    Gordon Campbell: The Government’s Belated Moves On Property Speculation

    Is it a property tax on capital gains or a capital gains tax on property? The Jesuitical distinctions in the government’s spin about its latest moves on property speculators are all about whether the government can claim that it jumped, or confess that it ... More>>

    Grant Robertson:
    Key Can’t Just Be Prime Minister For Parnell

    John Key must show New Zealanders in next week’s Budget that he is more than the Prime Minister for Parnell, and is also the Prime Minister for Pine Hill, Putararu and Palmerston North, Labour’s Finance spokesperson Grant Robertson says. In a ... More>>

    Labour Party: More Regional Jobs Go In Corrections Reshape

    News that 194 Corrections staff are to lose their jobs will have ramifications not only for them and their families but for the wider community, Labour’s Corrections spokesperson Kelvin Davis says. Prison units at Waikeria, Tongariro and Rimutaka ... More>>

    ALSO:

  • NZ First - Prison Job Losses to Send Money Offshore
  • TPPA: ‘Team Obama’ Regroups On Fast Track, Still Not Deliverable

    ‘After yesterday’s stinging and unexpected defeat for the Obama administration’s attempt to advance Fast Track legislation in the US Senate, Senate leaders have worked up a compromise they think will get them past this blockage’, according to Auckland ... More>>

    NZ Government: 5,500 More Doctors And Nurses In Our Hospitals

    Health Minister Jonathan Coleman says a record number of doctors and nurses are working in District Health Boards across the country. More>>

    Controller and Auditor General: Katherine Rich Conflict of Interest Decision

    We are writing to you about a matter that has been raised with us by members of the public. More>>

    ALSO:


    Budget 2015: Andrew Little On The 2015 Budget

    Speaking to the Chamber of Commerce, the Labour opposition leader attacked the government’s approach to economic issues facing New Zealand. He said they have been “more than reckless in their complacency” and “the next week’s budget will do nothing ... More>>

    Defence Force: NZDF Building Partner Capacity Mission Personnel In Iraq

    NZDF Building Partner Capacity Mission Personnel in Iraq The New Zealand Defence Force Building Partner Capacity training mission contingent is in place at Taji Military Complex in Iraq. The Chief of Defence Force Lieutenant General Tim Keating says the ... More>>

    PM Press Conference: ACC Levy Cuts Announced

    In a press conference this afternoon in Wellington, ACC Minister Nikki Kaye proposed $500 million worth of ACC levy cuts. More>>

    Quakes: New Process For Red Zone Crown Offers

    Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

    ALSO:

    Gordon Campbell: On The Battle Obama Is Waging Over The TPP

    For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

    ALSO:


    Gordon Campbell: On lessons for Labour from the UK election
    If the polls were right – and the pollsters kept telling us how accurate they’d been in 2010, and even Nate Silver was getting the same results – there seemed no way that the British Labour Party could lose last Thursday’s British election. With Labour predicted to win around 270 seats and the Scottish National Party batting around 55-60 seats, Labour seemed to be home free. But…as we now know, things didn’t turn out that way. Labour ended up with 232 seats and the Conservatives swept back to power with an outright majority, after winning only a little more than a third ( 36.9%) of the votes cast.MORE >>
    Also.

  • NZ PM John Key - PM congratulates David Cameron after UK election
  • The Nation IV Transcript - Hack Attack author Nick Davies
  • Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news