New Zealand First leader Winston Peters is again threatening to "draw a line in the sand" over superannuation policy if his party is involved in coalition talks after the election.
Peters' proposed plan is a "compulsory, contributory, State guaranteed and state administered superannuation scheme."
"We will create a dedicated fund starting at three per cent of income and progressively moving to eight per cent. At the same time we will progressively reduce income tax by the same amount."
He says the fund will be established and administered by an independent statutory authority called the New Zealand Superannuation Authority and the money in it will be in the name of each contributor.
All the money will be invested solely in New Zealand until its capital requirements are met to create more exports, more growth and more jobs.
NZ First is also promising to raise the level of NZ Super from 60 per cent of the annual weekly wage to 67.5 per cent.
The scheme is very similar to the one voters overwhelming rejected in the referendum after the last election.
Peters says although more than 92 per cent of the population voted against his earlier scheme the issue hasn't gone away.
"New Zealanders were given a choice on a major issue and they voted it down," he says. "Unfortunately, they did not vote the problem away."
Labour, the Alliance and the Council of Trade Unions have all come out against the NZ First policy. Their main argument is that the compulsory contributions will be insufficient to fund NZ Super.
Labour's finance spokesman Michael Cullen says the policy is "confused and dishonest", while Alliance leader Jim Anderton says the scheme is "expensive, risky and unfair."
To see what others say go to the Press releases section of Supertalk
Labour| « NZ First announces super policy | AMP & Good Returns launch superannuation website » |
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