Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Bill offers chance to put super above politics

28 November 2000 Media Statement

Legislation offers chance to put super above politics

"The New Zealand Superannuation Bill is an opportunity to take super out of the political arena and to offer a much greater level of certainty to this and future generations of elderly," says Finance Minister Michael Cullen.

The Bill, introduced into the House today, consists of three parts.
Part One pulls current New Zealand Superannuation entitlements into a
single statute and cements into law the restoration of the floor to 65 percent of the average ordinary time weekly wage.
Part Two establishes the financing and governance arrangements for the proposed New Zealand Superannuation Fund.
Part Three provides a vehicle for other political parties to sign up either to Part One or Part Two, or to both.

"The Government recognises the public is anxious for political consensus on this issue and has built that into the Bill's design," Dr Cullen said.

Any future government wanting to amend the legislation would be required to consult the party signatories to the relevant part and the Guardians of the Fund at least 90 days before introducing the amendment.

"The Guardians will run the Fund at arms-length from the government. The selection process will begin with a nominating committee. The Minister of Finance will make recommendations from the nominations provided. The Governor General will make the appointments.

"Guardians will have to have a background in managing financial investments and will be required to manage the Fund independently of government and on a prudent, commercial basis in line with best practice portfolio management.

"They will be subject to independent performance reviews at least every five years, with the first review to be conducted as soon as possible after 1 July, 2003.

"This elaborate system of checks and balances has been inserted to protect the integrity and independence of the Fund," Dr Cullen said.

"The Government has also moved to try to accommodate the concerns raised by New Zealand First and the Greens.

"The Greens were concerned that the Fund should pursue ethical investment practices. We have addressed this by providing that the Guardians must avoid prejudicing New Zealand's reputation as a responsible member of the world community.

"The Bill also explicitly requires them to report to the House each year on how their investment policies satisfy a list of criteria, including ethical investment.

"New Zealand First wanted provision in the Bill for a future Parliament to convert the Fund into an individualised scheme for eligible individuals.

"This caused us more problems because we are philosophically opposed to individual accounts, regarding them as unfair to low income earners and to those with interrupted work histories.

"They would also be expensive to administer.

"But clearly we cannot bind future Parliaments. If a future Parliament votes to move in that direction, the Bill provides that the Guardians must report within 24 months to the Minister of Finance and the Minister of Social Services and Employment on options for doing so," Dr Cullen said.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On Why The Greens Shouldn’t Join The Government

We know she’s a miracle worker, but can Jacinda Ardern really find a cure for capitalism? Tough job. Especially when Ardern is being expected to fix the effects of capitalism – child poverty, unaffordable housing, social inequality – without radically changing the economic structures that keep on generating those outcomes. Unfortunately, Ardern and her Finance Minister Grant Robertson are not by temperament (or by ideology) radical, risk taking politicians... More>>


 

PSA: Labour-Led Government Has Mandate For Transformation, Equality And Transparency

The Public Service Association welcomes the progressive electoral landslide New Zealand voters delivered on Saturday, and the union says its members look forward to implementing policies that reduce poverty and inequality, support affordable housing ... More>>

ALSO:

Poll: Labour On 46%, National 31%, While Greens And ACT Both On 8%

Tonight's political poll puts Labour on 46 percent and National on 31 percent with just one day remaining until election day. More>>

ALSO:

NZ First: Winston Peters Returns To Tauranga In Final Campaign Sprint

NZ First leader Winston Peters is on the final campaign sprint after a marathon tour of the whole country as he fights for his political survival, writes Jo Moir. More>>

ALSO:

Election: Labour Releases Full Manifesto

The Labour Party Manifesto sets the ongoing COVID recovery as the top priority for Government. More>>

ALSO:


Stats NZ: New Report Shows Significant Changes To New Zealand’s Climate

Climate change is already happening in New Zealand and could have a profound impact on future generations of New Zealanders, a new report from the Ministry for the Environment and Stats NZ says. Our atmosphere and climate 2020 , released today, includes analysis ... More>>

ALSO:

Judith Collins: Obese People Must Take Responsibility For 'personal Choices'

National Party leader Judith Collins has described obesity as a weakness and says people should not 'blame systems for personal choices'. More>>

Māori Party: Poll Reveals Tamihere On Cusp Of Historic Māori Movement Election Victory

John Tamihere’s election campaign is on the rise and on track to return the Māori Party to parliament, a new Māori TV poll has revealed. The poll released on 11 October during the seventh and final Māori TV Maori Electoral campaign coverage has Tamihere ... More>>

Gordon Campbell: On Four-Year Terms Of Parliament, And On How The US Courts Are Dismantling Democracy

Last week, the issue of four-year parliamentary terms surfaced again. Infuriatingly, it is being discussed purely in terms of its convenience for political parties. They’d get so much more time to enact their policies, free of scrutiny or sanction by voters ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels