N.Z. Party super, plan upsets 60s-Up group
PA Wellington The retirement proposals of the New Zealand Party’s leader, Mr John Galvin, for those now aged under 40 have been attacked by the president of the 60s-Up Movement, Mr Bill Sievwright. Mr Galvin proposed that all people now under 40 should be told they will not enjoy State-funded superannuation. He suggested that some people be told that provision for retirement was their own responsibility and that they be granted a $2OOO tax rebate every
year to invest for retirement. Mr Sievwright described these proposals as “patently ridiculous and unworkable.” “It overlooks that some people are imprudent in handling their financial affairs while others are completely ignorant of investment opportunities. It ignores also the increasingly volatile financial system that embraces us all. “One would need to be a combined super-occult seer, and an investment
genius to be able to invest > an annual tax rebate ol I $2OOO to ensure an ade-1 quate income to live in i reasonable comfort 20, 30 ; or 40 years from now,’’f Mr Sievwright said. “Whoj will care for those who 1 fail to cope with this 'investment for the future’ ; nightmare?” ? ■ Mr Sievwright asked if ‘ New Zealand was to re- < turn to the attitudes of the ‘ dark ages when the af-' fluent ignored the penniless, or would public funds still provide a pension for the needy. ,
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Press, 25 January 1986, Page 6
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229N.Z. Party super, plan upsets 60s-Up group Press, 25 January 1986, Page 6
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