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Grey Power Welcomes National's Super Policy

Grey Power welcomes the National Party’s commitment to maintaining the age of eligibility for super at 65

Tuesday, November 4th 2003, 2:06PM

Grey Power national president Graham Stairmand welcomes the National Party’s commitment to maintaining the age of eligibility for New Zealand superannuation at 65.

Responding to Dr Brash’s statements made during an interview given on the National Radio’s Focus on Politics program, the president congratulated Dr Brash on his becoming leader of the New Zealand National Party.

Stairmand stressed that the electorate not only needs to know that the age of eligibility would not be raised from 65 but also the benchmark payment to a married couple in receipt of New Zealand superannuation would remain in the range of 65% and 72.5% of the net after tax average wage.

Grey Power and the electorate at large still have hopes for a genuine all party accord on the provision of New Zealand superannuation.

The stumbling block is the clear ideological divide between left and right on social policy in general and the long term sustainability of New Zealand superannuation in particular.

Grey Power has long believed that the infrastructure of our nation was built on the backs of succeeding generations efforts and taxation.

All generations including the working generation benefit from the existing schools, the roads, and the hospitals, the total infrastructure. The price is that all working generations must, in their turn, continue to support the retired.

Economist Len Bayliss has long argued that New Zealand superannuation is sustainable in the long term. He sites the fact that the administrative costs of running our scheme are the lowest in the OECD countries.

Bayliss also maintains focusing only on the older persons element of the dependency ratio gives rise to false assumptions.

He argues, among other things that as the number of older New Zealanders rises the number of younger dependents will be falling.

To give a true picture of the cost to the nation of supporting both young and old, the total dependency ratio should be used to calculate the financial impact of New Zealand superannuation on future generations.

Grey Power is also keenly aware that the electorate at large will determine which group of parties holds the power after any election and that the sustainability of, and certainty on, the provision of New Zealand superannuation is what is required from our political parties.

« NZSF appoints fixed interest managerState sector workers to get retirement savings help »

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