Clark says she supports the Cullen scheme

Questions to the House relating to Superannuation on Wednesday July 25.

Thursday, July 27th 2000, 12:00AM

Mark Peck (Labour) to the Minister of Finance Michael Cullen:

Q: What recent proposals has he seen regarding the future of New Zealand superannuation?

A: I have seen proposals to blow the fund and to spend this on tax cuts. This could be characterised as a party now hangover approach later (To Bill English) I know this policy is a real loser and please run it. I understand Mr English is considering post-funding as opposed to pre-funding.

(Max Bradford the Minister has no responsibility for National Policy.

Speaker - perfectly correct.)

Q: Rodney Hide (ACT): Is he committed to Credit Card commitment 4.

A: I am very hopeful that the government will set aside money into a fund for payment of super in the future.

Q: Will he provide tax incentives for savings schemes?

A: An interesting question. It is the government's responsibility to secure the first tier of funding. We must then address the question of the savings regimes.

Q: Bill English: Given the complexity of the issues raised by his proposal. And the need for political certainty will he provide sufficient time for a widespread. We plan to legislate for a fund starting July next year. There is no rush. To deal with private superannuation might take longer and I would welcome contribution on this from all members.

Question 3.

Rt Hon. Jenny Shipley (National) to the Prime Minister Helen Clark:

Q: Does she support Dr Cullen's superannuation plan as announced on 19 July 2000 and his desire to have a referendum to entrench the scheme?

A: Dr Cullen has my complete support. I know of no such contradictions.

Q: Jim Anderton (Alliance): Has she seen any reports concerning Bill English expressing support for NZ First's super policy.

(Speaker - no responsibility - question not allowed.)

A: This government intends to secure funding for super in the future. Labour will need support from a third party to pass legislation however. Every member of the house is aware that as the baby boomers retire the cost of super is going to rise. We need to arrange some method of pre-funding.

Q: Jenny Shipley (National):When will the PM reply to our letter seeking to play a role in policy development?

A: I am happy to reply to the members letter and when I do so I would like to ask her if she agrees with Mr English's plans to spend the fund on tax cuts, and then cut the value of super.

Please note: The above are not complete or official, the official record of Parliamentary proceedings is Hansard. Hansard is finalised several days after the event happened in the house.

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