Super study shows pre-funding suspension stupid

new-zealand-labour-party

Mon Aug 24 2009 12:00:00 GMT+1200 (New Zealand Standard Time)

Super study shows pre-funding suspension stupid

Monday, 24 August 2009, 3:35 pm
Press Release: New Zealand Labour Party

24 August 2009 Media Statement

Confirmation that almost 50 percent of New Zealanders aged over 65 rely on national superannuation for almost all their income explains why it is so crucial that the scheme is not undermined, says Labour finance spokesperson David Cunliffe.

David Cunliffe, commenting on a survey of 1680 people aged 65 to 84 carried out by the Family Centre social policy research unit and the Population Studies Centre at Waikato University, said the survey underlined the huge contribution superannuation made to the wellbeing and lives of older New Zealanders.

“Although this survey was carried out before National’s Budget 2009, that budget, with its decade of deferrals to the Super Fund, can only have added to uncertainty about the future ability of the fund to cater for an ageing population.

“Labour has always been committed to national superannuation, and established the Cullen Fund to pre-fund superannuation so that it could cope with demand by the time baby-boomers retire,” David Cullen said.

“It is vitally important that that happens. National’s claim that its decade of deferrals won’t cause significant difficulties is simply not credible. Future entitlements to super will be put at risk no matter what pious pledges Bill English makes now.”

ENDS

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