Peters targets FSC over Super stance

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The Financial Services Council has rejected New Zealand First leader Winston Peters’ claim that it is part of an “orchestrated campaign” to attack New Zealand Superannuation and promote private superannuation interests.

Wednesday, August 8th 2012, 7:23AM

by Niko Kloeten

The FSC, which was previously known as the ISI (Investment Savings and Insurance Association), represents most of New Zealand's large fund managers and life insurers.

It recently released research suggesting changes to KiwiSaver and an eventual lifting of the retirement age as ways of dealing with the aging population.

However, in a speech to Auckland Grey Power yesterday, Peters accused the FSC of being part of a "concerted campaign to soften up the New Zealand public" to fundamental changes in the New Zealand superannuation scheme.

"The latest manifestation of this orchestrated campaign is the recent report by the Financial Services Council," he said.

"The fact that this lobby group for the financial services and pension funds industry is chaired by former National Party Prime Minister Jenny Shipley should be warning enough.

"This is a group with a vested interest in promoting private superannuation schemes rather than the public provision of pensions and it is set on lifting the age of entitlement."

Asked about Peters' comments, FSC chief executive Peter Neilson said, "He's done that several times and we don't respond to that.  We're quite happy for a debate to occur and if he wants to debate that's great."

However, he said the FSC had no interest in undermining New Zealand Super, which would remain an important part of the retirement picture.

"We're not suggesting any changes in New Zealand Super other than moving the age of eligibility out eventually for those who are under 45."

This wouldn't have any effect on Peters' Grey Power audience, he said: "It's got nothing to do with the people already in retirement."

Niko Kloeten can be contacted at niko@goodreturns.co.nz

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