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.”
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