Media statement

For immediate release

United Future welcomes Cullen superannuation move

Tuesday, 19 November 2002

United Future leader, Peter Dunne, and the party's finance spokesman, Gordon Copeland, have welcomed the invitation from Finance Minister, Dr Michael Cullen, for all political parties to sign up to the Government's superannuation scheme.

"We think it is essential that all parties agree to the scheme so that New Zealanders will at last gain a degree of certainty over their financial security in their retirement," the two men said.

Dr Cullen has invited all parties in Parliament to sign up to Parts 1 and 2 of the New Zealand Superannuation Act. Part 1 establishes that superannuation payments begin at age 65 at a rate of 65% of the average annual ordinary-time wage, while Part 2 sets up the so-called Cullen Fund which is to be invested so as to provide an income to fund part of New Zealand's future superannuation obligations.

Mr Dunne said "I believe it is crucial that we have a multi-party accord on superannuation to avoid the situation where a change of Government would see further upheaval in the country's superannuation policies. That's why I called for this accord in my speech to last weekend's United Future annual conference."

Mr Copeland said he had written to Dr Cullen earlier this month, suggesting the parties be asked to sign up and "I'm delighted the Minister has agreed to my request.

"After the election, I examined all parties' superannuation policies and some were not as clear as they might have been. I believe this process will enable all New Zealanders to be absolutely clear about where Parliament stands on this very important issue," he said.

United Future has indicated it will support both Parts 1 & 2 of the Act.

Ends

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