PR: Peters Makes Superannuation Commitment
New Zealand First leader Winston Peters offers qualified support to Labour's superannuation policy.
Wednesday, October 11th 2000, 12:00AM
“A dedicated and personalised fund is our preferred position but we will support measures that ensure that an independently managed fund operated in accordance with sound commercial practice is available to meet the superannuation needs of present and future retirees” Mr Peters said.
“New Zealand First is determined to support the delivery of a long-term sustainable superannuation scheme that gives certainty to New Zealanders planning their retirement.
“The best possible outcome is a stand-alone fund free from political interference and providing a secure savings and investment plan. This new scheme must enhance present entitlements and raise the base level to no less than 70% of the net average wage. The age of entitlement must be cemented in at age 65.
“We will be keenly interested long-term in the establishment of fair mechanisms for conversion into individual accounts with appropriate portability,” Mr Peters concluded.
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