28 August 2007 Media Statement

Response to Advertising Standards Authority decision on KiwiSaver

Finance Minister Michael Cullen today said Labour accepted the majority decision of the Advertising Standards Authority on a KiwiSaver banner carried on the Stuff news website.

This said “KiwiSaver + New Zealand Super. Labour’s guarantee for your retirement.”

“Someone not familiar with the details of KiwiSaver might draw the conclusion that there was a government guarantee for their individual savings when there is not,” said Dr Cullen.

“Nor did the staff responsible for the wording of the advertisement intend to create such an impression. What the banner was referring to was Labour’s policy guarantee to maintain KiwiSaver and New Zealand Superannuation.

“National has consistently refused to such a guarantee despite repeated calls to do so. In fact National has constantly hinted that it would scrap at least part of KiwiSaver to fund tax cuts. And further, it has said that the provision of superannuation in this country is too generous, which suggests that even New Zealand Superannuation is under threat.”

Dr Cullen added that any future advertising would be altered to take into account the Authority’s ruling.

ENDS

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