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Federated Farmers oppose prefunding

Federated Farmers argue that surpluses should be used to pay off debt instead of being invested to meet future super costs.

Thursday, April 26th 2001, 12:53PM

Federated Farmers, President, Alistair Polson earlier today congratulated the Government on recognising that an ageing population is going to place a large strain on the economy. However, farmers do not consider the approach proposed in the New Zealand Superannuation Bill is acceptable. "Prefunding is not the answer to addressing the need for superannuation in New Zealand," said Mr Polson.

Federated Farmers appeared before the Finance and Expenditure Committee to make known that prefunding of the future costs of superannuation should not proceed.

"Government would be in a better position to meet the challenge of funding superannuation by paying off debt and lowering taxes, therefore stimulating growth in the economy"

A wider policy mix is needed to address the complex issue of funding superannuation. Suggested measures in the submission included stimulating private savings and implementing future tax cuts.

"A clear signal needs to be sent so people will plan for the future" says Mr Polson.

ENDS

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ANZ 5.74 4.89 5.05 5.10
ANZ Special - 4.39 4.49 -
ASB Bank 5.75 4.85 4.99 5.25
ASB Bank Special - 4.39 4.49 4.75
BankDirect 5.75 4.85 4.99 5.25
BankDirect Special - 4.39 4.49 4.75
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Special - 4.39 4.39 4.49
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BNZ - TotalMoney 5.79 - - -
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Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.25 5.15 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.75 4.85 5.05 -
Housing NZ Corp 5.74 4.85 4.99 5.10
HSBC Premier 6.10 4.25 4.49 4.99
HSBC Premier LVR > 80% - - - -
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HSBC Special - 4.25 4.25 -
ICBC 5.60 4.69 4.69 4.99
Kiwibank 5.65 4.85 5.00 5.25
Kiwibank - Capped - - - -
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Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.35 5.20 5.40 -
NZ Home Loans 5.85 4.85 4.99 5.25
Perpetual Trust 7.70 - - -
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Resimac 5.59 5.24 5.29 5.39
SBS Bank 5.74 4.85 4.99 5.10
SBS Bank Special - 4.35 4.35 4.65
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Westpac - Capped rates - 6.15 6.15 -
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