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Sorry plight over super savings

Tuesday, February 25th 2003, 11:51PM
New Zealand First has called on the Government to ensure that state administered retirement savings are invested in New Zealand and not frittered away on shaky overseas markets.

This follows the Government Superannuation Fund losing $324 million on overseas markets in the past fourteen months.

Winston Peters, a long-time advocate of superannuation savings investment in New Zealand, says the investment overseas is a result of a shallow Treasury philosophy that simply loses money.

"This country needs investment capital and the use of superannuation funds would ensure that we are not dependent on the savings of others for developing our resources and infrastructure.

"In return, the funds would receive a reliable and steady return on the investments, resulting in a win-win situation."

Peters said the funds should be pulled back from overseas as soon as practicable instead of being constantly eroded because they have been invested in the wrong places.

This is a press release from NZ First.

« Radical rethink for retirement savings neededAMP & Good Returns launch superannuation website »

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