Super Fund recovery highlights National’s short sighted approach
The return of solid gains by the New Zealand Super Fund (NZSF) makes a mockery of National’s Budget decision to defer contributions to the fund for a decade, Labour Finance spokesperson David Cunliffe said today.
The latest Crown Accounts reveal that the NZSF made $1.2 billion dollars higher than forecast gains in April and May of this year.
“Today’s figures show the NZSF is on the road to recovery and making sizeable gains on its assets. The decision by National to cut contributions to the fund was short sighted and puts the Super of future generations at real risk,” David Cunliffe said.
David Cunliffe says the truth is National’s decision of a decade deferrals had nothing to do with how the Budget numbers stacked up.
“National has never been committed to the Super Fund. They don’t believe in universal superannuation,” David Cunliffe said.
Last month 53% of Kiwis believed National’s decade of deferrals of payments to the fund would result in lower pensions.
“John Key and Bill English should admit they’ve got it wrong on Super and restore certainty for New Zealanders over pensions in the future.” David Cunliffe said
