Superannuation move welcomed

Press, 28 August 1986, Page 25

Superannuation move welcomed

PA Wellington The Life Offices’ Association said it agreed in principle with the superannuation policy on national superannuation announced by the Opposition’s spokesman on social welfare, Mr Venn Young. The chairman of the association, Mr Boyd Klap. said it was heartening to hear that both the Prime Minister, Mr Lange, and the Opposition believed “pensions come before politics.” He said the association especially welcomed the view by Mr Young that “National believes people should be encouraged to save for their future through life insurance and superannuation schemes.” Mr Klap said this view should indicate that tax exemptions for life insurance and superannuation would be encouraged, since this was the best way of promoting longterm savings in the economy and for individuals to save for their retirement. “The association believes the threshold level of national superannuation needs to be supplemented by private superannuation if individuals are to achieve dignity and

comfort during their postworking years,” he said. The Opposition’s view was a first step towards a workable and sustainable national superannuation policy for the future. “But much more needs to be done,” Mr Klap said. The phasing-in period suggested was “very reasonable”, as the association believed there needed to be at least a 10year phasing-in period if the entitlement on national superannuation was to be altered.