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:

Mt Eden Prison: Serco Inquiry Extended

A two month delay to the Government investigation into prison fight clubs shows the extent of problems within the Serco circus, says Labour’s Corrections spokesperson Kelvin Davis. More>>

ALSO:

Health And Safety: Late Addition Of National Security Provisions A Concern

The New Zealand Law Society has expressed its significant concerns at the last-minute addition to the Health and Safety Reform Bill of provisions for a closed material procedure for court proceedings where national security is involved. More>>

ALSO:

Rugby And Beer: World Cup Alcohol Bill Passes

ACT MP David Seymour’s Sale and Supply of Alcohol (Extended licensing hours during Rugby World Cup) Bill completed its third reading by 99 to 21... More>>

ALSO:

Gordon Campbell: On The Flag Campaign

So far, the public has treated the government’s flag campaign with something between disinterest and disdain. Most New Zealanders have instinctively seen through the marketing hype involved. More>>

Change For 2017: Local Govt To Decide On Easter Sunday Trading

The Government is to enable local communities, through councils, to decide whether retailers can open on Easter Sunday, Workplace Relations and Safety Minister Michael Woodhouse announced. More>>

ALSO:

(And Targets Worse Than Australia's): Foresters Abandoning Emissions Trading Scheme

The Government’s gutting of the Emissions Trading Scheme has caused foresters to leave and emissions to rise, says Labour’s Climate Change spokesperson Megan Woods. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news