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What ACT knows about superannuation could fit on a postage stamp in cr

Alliance leader Jim Anderton says that what the ACT party knows about superannuation could be written on the back of a postage stamp with a crayon.

Wednesday, July 7th 1999, 12:00AM

by Philip Macalister

Alliance leader Jim Anderton says that what the ACT party knows about superannuation could be written on the back of a postage stamp with a crayon.
He was responding to a Rodney Hide press release issued today about Alliance superannuation policy.
"ACT promised three years ago that under their scheme 64 year olds would be given a pension 25% higher than today’s, 60 year olds would get a 30% increase and 55 year olds would get a 50% increase," Alliance Leader Jim Anderton said.
“Then they went out and campaigned for Winston Peter’s misguided compulsory scheme, which was rejected by 92% of New Zealanders.

“ACT also said that most people entering the workforce could easily save enough money inside three years so that they would never have to save again towards the ACT super scheme.
“They explained that this would all be achieved through the ‘magic of compound interest, you can get $4 back for every one you put in’.
“This sounds like the Owen Jennings pyramid scheme rather than a serious superannuation policy.
“ACT never supported the Superannuation Accord, the National Party canned it and the Superannuation 2000 taskforce has no credibility.
“Rodney Hide should stick to sorting his own shonky figures out before he criticises the Alliance on Superannuation, “ Jim Anderton said.
« Why has the PRG report been ignored?Labour outlines its super policy »

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