Parliament

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

 

NZ First Super Scheme Expensive Risky And Unfair

The New Zealand First Super scheme released today would go bankrupt almost immediately and leave retired New Zealanders destitute, Alliance leader Jim Anderton said.

'The scheme is expensive, risky and unfair. We have a good scheme now. New Zealand First's scheme is a threat to the security of retired New Zealanders because if it was adopted it wouldn't work, and the advocacy of it undermines New Zealand Super.

'NZ First has lined up with Act and National to oppose New Zealand Super.'Eight per cent of personal income over $5000 is nowhere near enough to fund retirement incomes at their present level. If they tried to pay out a pension at 67% of the average wage, the scheme would go bankrupt within days. That's before anyone takes seriously the idea that you would get your contribution back if you died.

'Either the scheme will pay out meagre pensions with massive income cuts for retired New Zealanders, or, if the scheme tries to pay out at 67% of the average wage, it will leave retired people with nothing because the scheme will be bankrupt.

'Even if the level of contribution was increased to sustain the scheme it would be unfair. High income earners would get a much higher pension than low income earners.

'Winston Peters' cranky ideas about Super were rejected by 92% of New Zealanders at the referendum in 1997. Now he is making it a bottom line in coalition negotiations, which would mean that even when 92% of New Zealanders opposed the scheme, it could not be stopped. That merely underlines the crucial importance of ensuring Mr Peters is nowhere near government after the next election.

'If Mr Peters dreamt up his last scheme on the back of an envelope he must have dreamt up this one on the back of a postage stamp,' Jim Anderton said.


ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More

Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election