Govt gains support for super Bill

super-fund/government/

23 November 2000
| By David Chaplin |

The introduction of the New Zealand Labour Party’s superannuation scheme has edged closer following the support of another minor party.

The right-wing ACT Party has indicated it will vote with the Government to introduce the New Zealand Superannuation Bill into Parliament and have it sent to a select committee.

Labour already has the support of its partner in Parliament, the Alliance Party, for the super fund, but needed the support of at least one other party to introduce the Bill.

If the Bill is not approved by Parliament the Prime Minister, Helen Clark, has promised to make superannuation one of the key issues at the next election.

ACT leader Richard Prebble says that while the super plan put together by Finance Minister Michael Cullen is "better than doing nothing", it does have a number of problems.

"The Cullen scheme is not a permanent answer. As proposed, the scheme only smooths out the problem for baby-boomers like the Minister of Finance and myself," Prebble says.

"Labour's present policy does nothing for those under the age of 35,

except make them pay twice."

He says ACT will seek to introduce amendments to the scheme.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND