24 February 2009
Media Statement

Is the Super Fund safe in John Key’s hands?

John Key should come clean and tell New Zealanders what National’s real intentions are with the New Zealand Superannuation Fund, Labour Leader Phil Goff said today.

“John Key’s unwillingness to categorically rule out any significant changes to the Super Fund should greatly worry every New Zealander,” Phil Goff said.

“The fund was created to ensure quality of life for all Kiwis in retirement. Tinkering with it by reducing the Government investment levels will only lead to reduced entitlements for future generations.

“Those who are today in their 30s, 40s and 50s could be put at extreme risk of being left short in their retirement.

“We must remember that Super Fund investment is a long-term game with long-term benefits to New Zealand,” he said.

“National’s track record this year on the Super Fund has already been questionable.

“Just last month Bill English released advice from Treasury saying National’s plan to redirect 40% of Superfund investments to New Zealand was ‘not the best way to grow New Zealand capital markets’.

“The huge uptake of KiwiSaver to date is proof New Zealanders want a secure retirement. Any short-sighted tinkering by National with the Super Fund would put that in jeopardy,” Phil Goff said.

“Labour will strongly oppose any cuts to investment in the Super Fund. The pensions of tomorrow, need to be protected today.

“The Prime Minister needs to be unequivocal. He must make a promise to New Zealand that the Super Fund will remain intact, as it stands now.

“John Key said he would resign if National broke its promise to keep pensions at their current levels.

“The Prime Minister should make a similar commitment to those a little younger. He must protect the pensions New Zealanders expect to collect in ten or twenty years.

“The long term stability of New Zealanders futures should not be sacrificed for short term considerations,” Phil Goff said.

ENDS

© Scoop Media