Media Release

FOR IMMEDIATE USE 9 March 2000

New Zealand First Backs State Super Fund

New Zealand First has promised Labour that it will help set up a stand alone State superannuation fund to provide retirement security for elderly New Zealanders and to establish a sound savings base for the country.

The Leader, Rt Hon Winston Peters, said today that MPs have a duty to act in the best interests of the country and to help solve one of the biggest problems it faces in coming years.

“When New Zealanders voted against the last compulsory super scheme they did not vote the problem away.

“We have already told the Finance Minister, Hon Dr Michael Cullen, that we will support, in principle, the establishment of a superannuation fund from taxes but it must be run independently of the Government and it must be free from political tampering.

“The best way of ensuring this is to set up the fund earmarked with the names of individuals (as Norman Kirk did) which can be done easily through the Inland Revenue Department.

“The superannuation fund would also help set up a sound savings base which this country needs desperately to avoid its reliance on foreign money and loss of economic sovereignty,” he said.

Mr Peters urged the Greens to support the State Super plan instead of joining National and ACT in consigning the elderly of the country to poverty and insecurity.

Ends

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