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Bill to tighten residency requirements for Super commended

MEDIA RELEASE

Union commends bill to tighten residency requirements for Super


FOR IMMEDIATE RELEASE
18 OCTOBER 2018

A bill to increase the threshold for superannuation eligibility from 10 to 20 years’ residency, drawn from Parliament’s ballot today, deserves the full support of Parliament, says the New Zealand Taxpayers’ Union.

Taxpayers’ Union spokesman Louis Houlbrooke says, “Mark Patterson’s Bill fixes a long-standing loophole in NZ Super that allows even largely absent residents to collect the full superannuation payment upon retirement – a payment worth about $480,000 over 20 years.”

“The current arrangement is simply not fair to New Zealanders who work here all their lives, paying tax to support those based overseas who turn up at retirement to enjoy the fruits of local labour.”

“This generosity is especially indefensible at a time when our superannuation system is under huge pressure from an aging population.”

ENDS


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