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Minister can’t wash hands of illegal KiwiSaver investments

The Minister responsible for appointing default KiwiSaver providers should take responsibility for ensuring they act legally, Labour’s Finance spokesperson Grant Robertson says.

“The National Government has now had confirmed what they were told more than a week ago – that the law which makes investing in cluster munitions illegal also applies to Kiwisaver funds.

“It is simply not good enough for Paul Goldsmith to say this is a matter for the Police only to deal with.

“He appoints the default KiwiSaver providers and set the conditions under which they operate. Nearly 500,000 New Zealanders have their retirement savings in those funds – including government funding through the member tax credits.

“They deserve better than a Minister who is ducking a basic responsibility to ensure the funds are being invested legally.

“The Minister needs to show some leadership and stand up not only for what is right but what is legal. If this needs a law change, or a re-negotiation of the agreements with default providers, then it is his responsibility to deal with it.

“The Police will do as they see fit in these circumstances. But that does not mean the Government can wash its hands of the whole situation.

“New Zealanders expect their Government to act in their best interests and uphold our values. Paul Goldsmith is failing both tests,” Grant Robertson says.