Superannuation Investigation Calculation Committee
Re: Superannuation Investigation Calculation Committee.
A national committee has been formed to investigate aspects of how New Zealand superannuation is calculated. This committee has corresponded for several months on this topic. It has had two meetings in Christchurch during the New Zealand Grey Power Annual General Meeting.
The preliminary inquiry has found reason for an extensive search of the Act which sets the method of calculation of the annual adjustments and its relationship to other statutes.
The inquiry has been approved by Grey Power Federation board some months ago. The motivation for the inquiry was:
1. Reports of real hardship by Superannuates in New Zealand from raising living costs.
2. From a reported reality TV show in Western Australia - a couple were asked to live on just the New Zealand Superannuation for one week. The couple ran out of money early in the week.
3. The fiscal drag (delay 3 - 15 month) of the CPI adjustment to the rate each year.
Dick Stark Convener of The Committee