29 May 2013

NZ First gives more details about super plan

6:50 am on 29 May 2013

The New Zealand First Party has released more details about its superannuation policy, and the effect of immigration.

In a speech last week, the party's leader Winston Peters said that aside from pushing up house prices, immigration is also putting pressure on New Zealand Superannuation.

Winston Peters.

Winston Peters. Photo: NZ FIRST PARTY

He says this country has become the offshore retirement home for many Chinese, who are able to claim the pension after living here for 10 years.

Under his party's superannuation policy, Mr Peters says, eligibility would be restricted so the amount people would get would depend on how long they had been in the country.

For example, if someone had spent 10 years of their working life in New Zealand by the time they reached the retirement age they would get 25% of the retirement wage and for 20 years they would get half the superannuation income.