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Peters unveils RSS MkII

New Zealand First outlines its latest superannuation policy.

Tuesday, November 10th 1998, 12:00AM

by Philip Macalister

New Zealand First leader Winston Peters, yesterday, outlined the Mark II version of his compulsory superannuation scheme in Wellington.
The scheme is very similar to the one New Zealanders overwhelming rejected in the referendum on superannuation last year. The main differences are that it would have a Government guarantee and it would be a two-tied scheme.
Peters told the Superfunds and Funds Management Conference in Wellington that NZ First would hold the balance of power after the next election.

While many of the speakers at the conference called for politicians to form some sort of Accord on superannuation, Peters said he was not interested in being part of a "talk-fest" on the subject.
Likewise he says superannuation will be "one of the key issues at the ballot box" in the next election - whenever that is.
"NZ First will again enter this election with a firm policy on superannuation, which will be designed to bring absolute security to the issue.
"No more Accords, or taskforces, or talkshops and no more treating the issue of superannuation as a football" he says.
While details are sparse, the broad principles of the scheme are that:
  • It will be guaranteed, first by the market and secondly by the Government
  • It will be gender neutral
  • Significant amounts of savings will be invested in New Zealand
  • People who die before the age of eligibility or shortly after will be treated fairly
  • It will be decoupled from social policy
  • The level of NZ Superannuation must be no less than 66 per cent of the average wage for a married couple
  • It must remove, as far as possible, the risk of political interference. Peters says it must be entrenched in legislation that would require 75 per cent of MPs to change
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