Cullen says no to authority

MARK PECK (Labour) to the Minister of Finance Michael Cullen:

Q: Has he received any further suggestions on the future of superannuation policy?

A: I have seen a report that we should set up a committee to discuss multi-party agreement on the cutting of entitlements. We will not discuss the proposed National Party’s Super Authority because it is a Trojan horse to smuggle in a policy of cutting the pension, just as the Nats have done three times before.

Q: Will he agree that he is wrong when he says that his super fund secures the pensions of old people?

A: No I won’t.

Q: John Wright (Alliance): Why is the bill in three parts.

A: Because each part is essential. Part one sets entitlements. Part two sets up the fund to pay for them. And Part three is a key to political stability allowing parties to sign up to parts one and two.

Q: Richard Prebble (ACT): Is he borrowing all the money. And why are we borrowing and hoping?

A: He has now admitted that the real reason to hold talks is to discuss the cutting of pensions. Thanks for being honest.

Q: Did he see a report that NZ Post’s super fund took a bath, and lost 15%, and that the medium performance for many other super funds was close to 0% gains.

A: When economies slow down the rates of return on funds decrease. But does he suggest that noone should ever invest in equities?

Q: What stability is there in a proposal based on the support of NZ First who want something completely different to what is being enacted?

A: I would rather have had the honest support of NZ First, than the support of a National Party that has broken every promise it has ever made to superannuitants.