Cullen baits National over super

Finance minister Michael Cullen says that the National Party has refused to sign up to a superannuation act which entrenches the state pension at its current level.

Wednesday, August 27th 2003, 9:02PM

Cullen’s comments came in press release after question time in Parliament today where superannuation was discussed.

He says that Labour, Jim Anderton’s Progressive party, and United Future have signed up to both parts of the act, supporting the current level of entitlements and the New Zealand Superannuation Fund.

The Greens have signed up to the current entitlements.

“The oddest response was from the National Party, which took nine months to respond and then had no position,” Cullen says.

“(National Party leader Bill) English stated on July 17, 2001 that National would not support Part Two of the legislation but would sign up to Part One.

“But, when after nine months he eventually replied to my letter, he was no longer able to give that undertaking. All he was able to offer was that National’s position will be made clear in its public statements.

New Zealand First leader Winston Peters said his party did not sign up to either part of the act because “the entitlements were too small, we do not condone an investment structure that sends $3.2 billion off shore and denudes our economy of much-needed infrastructural investment, and that there was not serious potential, as there should have been in the Act, to convert balances (in the NZ Super Fund) into individual retirement accounts.”

Act party leader, who appeared to get upset his party was left out of the debate, did not agree with anything.

To see a transcript of the Questions and Answers in Parliament click here

Labour’s press release Even a weasal would blush
Progressive press release National betrays accord on universal pensions – again

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