08 February 2005 Media Statement

Winston Peters misleading older New Zealanders on super

Winston Peters is misleading Grey Power and older New Zealanders when he says that the government's superannuation regime is unfair, Social Development and Employment Minister Steve Maharey said today.

"Mr Peters wrongly claims that a married couple on superannuation are now $30 a week worse-off because of changes to the formula for establishing the rate of superannuation," Steve Maharey said.

"In fact, a married couple both receiving NZ Super are now better off by $21.82 a week because of the changes made by this government to restore the 65% wage floor.

"Mr Peters also claims that the formula for calculating the rate of superannuation is linked to the average wage and not inflation. In fact both indicators are used to ensure the rate of super is maintained at between 65% and 72.5% of the average wage. If the net average wage does not rise as fast as the CPI then an adjustment is made.

"Superannuitants know that this is the government who guaranteed to protect the level of superannuation at between 65% and 72.5% of the average wage and that is exactly what we've done.

"We can be trusted on superannuation because we have kept our word and will continue to do so."

"Dr Cullen has already sent a letter to Mr Peters clarifying the points he makes about super. Apparently, Winston Peters needs to have another look at the facts."

ENDS

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