Movement’s warning

Press, 28 August 1986, Page 2

Movement’s warning

PA Auckland Important factors were being ignored in the arguments for and against changes in national superannuation, said the president of the 60s-Up Movement, Mr Bill Sievwright. H!e said forecasts based on the ratio of over-60s to the workforce overlooked that it was not people alone who produced goods and services. Technology was an increasing contributor, so the number of workers was becoming less significant. The fact that superannuation injected $43

million into the economy each week was also not appreciated, he said. “Any significant reduction in superannuation would clearly have a marked effect on the business community,” he said. Mr Sievwright said he was amazed by suggestions of a higher rate after 70 as most people required less then than earlier. The National Party reI cognised that national superannuation was not affordable, said the assistant general manager and actuary for the National

Mutual Life Association, Mr John Errington. “The gradual phasing-in of the entitlement age to 65 is obviously desirable, but I feel that it could be accomplished in 10 years than the 20-year period as planned by National,” said Mr Errington. All the plans for national superannuation must also encourage people to save for their own retirement, he said, “and I look forward to hearing what the Labour and National proposals are in that area.”