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Superannuitants getting ripped off

Superannuitants will be up to $10 a week worse off than they should be by the end of the year, United Future leader Peter Dunne told a Wanganui Grey Power meeting.

Wednesday, August 11th 2004, 9:18AM
The deficit is directly due to the Government's failure to consistently peg superannuation levels at the required 65% of the gross average wage.

"The periodic catch-up always works in favour of the Government, much to no one's surprise. United Future will be working on getting that put right.

"Older New Zealanders reliant on super aren't flush with cash. It might not seem a lot, but it should be your money and not remaining in Government coffers," he said.

Overall, United Future's commitment to families makes for a very natural fit with older New Zealanders, Dunne said.

"And that fit works on a number of levels," he said.

"Older New Zealanders have a huge commitment to their families - to their children and their grandchildren, and this has not been recognised enough.

"And often it is very much a hands-on commitment, with quite a number of grandparents actually raising their grandchildren, right down to putting their hands into their own pockets to help out family, or helping fund a grandchild's education."

Dunne also addressed the issue of health costs for older New Zealanders, with rising health insurance premiums forcing many to cancel their policies at the very time that most need insurance cover.

"United Future is looking at ways of addressing this issue, including better integration between public and private health systems, and a possible tax rebate on health insurance for those over 65," he said.

This is a United Future press release

« Govt tells employers to offer super schemes to workersEriksen appointed to review super fund »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
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ANZ Good Energy - - - 1.00
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BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
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CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
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Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
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Heartland Bank - Reverse Mortgage - - - -
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ICBC 7.49 5.99 5.65 5.59
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Kainga Ora - First Home Buyer Special - - - -
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Kiwibank - Offset 8.25 - - -
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SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
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Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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