Kiwis don’t want Key to mess with Superfund
Labour Finance spokesman David Cunliffe says a clear message has been sent to John Key over his plans to suspend contributions to the New Zealand Super Fund (NZSF).
“61% percent of New Zealanders believe it would be a mistake to suspend contributions to the ‘Cullen’ fund, according to a large survey conducted by the New Zealand Council for Sustainable Development,” David Cunliffe said.
“That’s a pretty clear indication that Kiwis don’t want John Key and Bill English to mess with the Superfund.
“National has given every indication it intends to suspend contributions. That can only be described as short-sighted and it will put entitlements for future generations at risk.
“The maths is simple. If you meddle with the inputs, the outputs will be severely affected.
“58% of New Zealanders agree with that according to the recent survey. They believe postponing contributions will eventually lead to lower retirement benefits.
“John Key gave voters a personal guarantee that he would not lower Super entitlements. But the Prime Minister needs to reassure New Zealanders that his decision to suspend Supefund payments now won’t lead to lower pensions for those who need them in 20 years time.
“They could be left be struggling to pay the bills in 2029 and John Key will be nowhere to be seen.”
David Cunliffe says the decision to suspend contributions doesn’t make sense given the state of the global economy.
“The downturn has presented the NZSF an opportunity to invest in the market when it is low. The fund managers have a ‘once in a lifetime’ chance to invest at extremely competitive prices,” David Cunliffe said.
“So what is the logic behind cutting contributions? The answer is, there isn’t any.
“The recent survey proves the New Zealand of public understands the issue and does not support suspending contributions either,” David Cunliffe said.
