Grey Power Media Release
December 28, 1999

GREY POWER URGES THE GOVERNMENT TO FAST TRACK LEGISLATION GIVING CERTAINTY AND STABILITY TO THE PROVISION OF NEW ZEALAND SUPERANNUATION.

Responding to yesterday's (27/12/99) front page report in The Dominion that "OFFICIALS BACK BIG SUPER CHANGES" Grey Power's advice to the Minister is that FAST TRACK LEGISLATION is required to solve the superannuation question.

The Official advice given to the Minister of Social Welfare to maintain "Task Force 2000" is out of touch with the public frustration on this issue.

Grey Power agrees there is great public concern over the future of New Zealand Superannuation. We support the Government's Policy on the provision of retirement income. The Government's proposals will solve the question of the long term stability and the fiscal sustainability of New Zealand Superannuation.
Grey Power reminds "The Officials"

· There have been,
· Two Todd Task Forces.
· A Periodic Review Group.
· The Prime Ministers "Task Force 2000" was set up to "Kick Super for Touch" before the election campaign.
· The Accord failed because the National Government slowly strangled it and finally killed it.
· No other Party would join the 2000 task force.
· It was dominated by Insurance and Finance Industry interests, and had only token representation from retired peoples organisations.

· The PRG said there was time, twenty or more years, to get the question of the long term future of NZS right before it became a problem.
The process for the long term sustainability of New Zealand Superannuation has been set in motion with the Governments proposed legislation that will ensure;

1. A dedicated fund.
2. Paid for from general taxation.
3. Built up to be self sustaining.
4. Kept at arms three arms lengths from politicians.
5. A threshold of 75% of the House of Parliament before any changes could be made.
6. The fund would be administered by an independent board with balanced representation which includes representatives from those organisations which represent older New Zealanders.
7. All political parties will have an input at the committee stage.

Grey Power has no sympathy for any call to re-run the theory it wants action through legislation now.

Don Robertson
President 06 3550291

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