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Cullen agrees to proposal

Finance Minister Michael Cullen has agreed to a proposal which would clear the way for the Government's superannuation fund to be divided up into individual accounts.

Thursday, June 14th 2001, 12:10PM

Dr Cullen met with New Zealand First leader Winston Peters this afternoon in an effort to forge an agreement to guarantee the smaller party's support for the fund, which aims to buffer against the cost of providing State-paid pensions in future years.

The Government needs New Zealand First's support to pass legislation setting up the plan after the Greens announced they would oppose it.

However, Mr Peters wants the fund to be administered as individual accounts under the name of each person.

Following the meeting, a spokesperson for Dr Cullen said he thought that could be reasonably easily done.

She said he hoped to have paper drawn up tomorrow to take to Cabinet on Monday.

She said the decision didn't mean the Government supported individual accounts, but it would introduce a mechanism for the fund to be divided up in such a way if a future Parliament voted that way.

It is unlikely Parliament will begin debating the bill setting up the fund before late July.

« Fund's rules present problemsAMP & Good Returns launch superannuation website »

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