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Wednesday, 28 October 2015

Super Fund contributions

An unpublished letter to the editor:

Gordon Campbell's assertion that Bill English has "ruled out" restarting contributions to the New Zealand Superannuation Fund "even in the medium term" is factually incorrect. Budget 2015 makes it clear that contributions to the fund are to begin again in fiscal year 2020/21. In the short-term the goal is to reduce the government's debt to a net 20% of GDP.

This is in line with the original aims of the Super Fund. When he introduced the New Zealand Superannuation Bill in 2000, former Minister of Finance Dr Michael Cullen made this clear: governments would not be required to fund the Super Fund when they had deficits.