Super Bill Progresses

by Desk Editor on Thursday, May 7, 2015 — 4:58 PM

A technical amendment to the New Zealand Superannuation Fund legislation has completed its second reading with general support.

After Question Time MPs began the second reading of the New Zealand Superannuation and Retirement Income Amendment Bill.

Finance Minister Bill English said the select committee had done good work on what was technical but important legislation. The Super Fund was and would continue to be a significant part of the Government’s balance sheet and the NZ economy.

It had been well set up initially by his predecessor to ensure it was independent of politicians and well governed. The bill would make small changes to the governance arrangement which would reduce costs by allowing the Guardians of New Zealand Superannuation to control entities that manage the Fund.

Labour’s finance spokesman Grant Robertson said the Government had failed to reach surplus and this meant further delays for the Government to restart contributions to the funds. Labour would be supporting the bill.

The bill completed its second reading by 101 to 13 with the Greens opposed.

MPs then returned to the interrupted second reading debate on the Environmental Reporting Bill.

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