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 ago

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

2 months ago

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

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS