Women want diet of words on super to stop
18 June 2002

Women would like to see less talk about superannuation from the two main political parties and more details about what they will actually do to help women save for their retirement, says Women in Super spokeswoman Linda McCulloch.

"Michael Cullen and David Carter both spoke to a Women in Super breakfast in Auckland today. Unfortunately their speeches were long on rhetoric, but short on details. It looks like the earliest we can expect any action to help women save for their retirement is two years away," said Ms McCulloch.

"It's time for this endless diet of words to stop. Women need help now if they're going to enjoy anything other than the basic retirement lifestyle afforded by New Zealand Superannuation.

"Women do have special needs when it comes to saving. They tend to be on lower incomes, are more likely than men to work part time, often have a broken work history having taken time out to care for children and are more likely than men to be living alone when they're older.

"Labour says it is keen to encourage work-place savings schemes and will remove the tax anomaly that sees low-income earners pay higher taxes on contributions to a savings scheme. Both these ideas will help women. Unfortunately changes to the tax system won't happen for two years and there are no signs of progress on work-place schemes.

"National laments the lack of a clear framework that sets out the role of the state and the individual in the provision of retirement income, but has yet to announce how it plans to establish such a framework. Getting rid of the tax anomaly that penalises low-income savers is also on National's agenda, as is introducing tax incentives to encourage long-term savings. But there's no time frame on these moves.

"Making the sort of changes required to implement an integrated savings policy won't be easy, but the longer we wait, the harder it gets," said Ms McCulloch.

Ends

For further information, contact:
Linda McCulloch ph 04 498 8714 DDI or 027 44 66 743

Note for editors: Women in Super (Wahine Whakamoamoa) was set up to promote the specific issues relating to women and superannuation. It also aims to increase the number of women in decision-making positions within the industry and to promote education and training. Women in Super holds regular meetings in both Auckland and Wellington.