Super fund under fire
New Zealand's National Party has criticised the Government's proposed superannuation fund, claiming it would contribute only a tiny percentage of the cost of future pensions.
Finance spokesman for the opposition National Party Bill English says the fund would only contribute about NZ$9 to a NZ$325 per week married couple's pension when the scheme is scheduled to begin paying out in 2030.
English says Treasury figures show that even at its peak, the Government super fund would only contribute 14.1 per cent of the cost of the average pension.
However, Finance Minister Michael Cullen says the Opposition analysis is flawed, as the Government would reinvest the tax it received on the fund's earnings.
Cullen says by using these figures, the fund would contribute close to a quarter of the cost of future pension liabilities.
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