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Birch scaremongering wrong - Cullen

Labour
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"No-one will pay more tax on their private pension under Labour," Labour finance spokesperson Michael Cullen said today.

Dr Cullen was responding to National's latest scare campaign - an allegation by Bill Birch that pensioners would have to pay tax on their pensions under Labour. The claim is based on an interview Dr Cullen gave the Independent.

"I made it clear to the Independent reporter, and it is clear in the article, that if Labour moved from the present TTE scheme to a TET scheme, the two schemes would be run in parallel.

"This would mean that anyone under the current TTE arrangement would continue to receive their pension tax exempt," Dr Cullen said.

"Any alternative would involve not taxing capital gains in the funds but taxing the pay-out. This would not affect TTE schemes for those who stayed in them."


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