Winston Peters Defends Superannuation System

August 8, 2012 New Zealand Finance

CoinsWinston Peters is defending the current superannuation scheme, calling for caution before making any changes to the system.

While delivering a speech on August 7th to Auckland Grey Power, the Leader of New Zealand First Winston Peters addressed the issue of superannuation in New Zealand and the long-term sustainability of the system, saying that it is an important issue and should only be approached with constructive debate.

Winston Peters said that New Zealand is now seeing a concentrated media campaign aimed at undermining the current superannuation system with misinformation concerning its affordability and sustainability.

He said that claims about the unaffordibility of the superannuation system are being orchestrated by parties interested in seeing an rise in the age of entitlement for superannuation.

The New Zealand First Leader explained that the arguments for raising the superannuation age were based on a series of faulty assumptions, including mistaken forecasts life expectancies of New Zealanders. As an example he asked audience members whether they believed current forecast for life expectancies of up to 100 years, and also asked what effect the current rates of diabetes will have on workers in New Zealand. He went on to say that if the superannuation system was privatized it might carry a number of inefficiency which do not currently exists in New Zealand.

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