Compulsory Super? Forget it
The National Party's finance spokesman Bill English has made it clear that compulsory superannuation isn't a goer.
Friday, March 16th 2007, 7:20AM
This thought gained currency at the Conferenz Super Summit late last year. At the conference both National's then finance spokesman and now leader John Key and Labour's Shane Jones, who chairs the Finance and Expenditure Select Committee suggested there was a groundswell of support developing for compulsory super.
It was becoming a case of how do we do it?
Well yesterday, National's current finance spokesman Bill English was unequivocal saying that compulsory super won't happen.
He said history has shown that New Zealanders don't want compulsory superannuation, and the country now has a settled superannuation policy based around a universal state pension, which is partially pre-funded.
"My party has spent 15 years on the wrong side of this debate and suffered mortally for it."
He says if National floated the idea of compulsory super 800,000 voters would walk away.
English noted that Labour has been hurt in the past by being on the wrong side of the debate and it knows that it can't go down the compulsory route either.
English said people don't want compulsory super and there is "no political support where it matters."
When asked about comments from Key and Jones he said things had moved on from there.
He also said that it wasn't a good idea as it would mean that more of New Zealand's capital would be exported overseas.
Already a significant amount of savings is sent offshore by the New Zealand Superannuation Fund's investments in offshore assets.
"It is a massive fund hovering ups cash out of Mums and Dads pockets and exporting it," he said.
Compulsory super would see more money go offshore.
"We have no wish to create a bigger pipeline of capital out of New Zealand."
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