17 Oct 2008

Grey Power backs National' Super Fund plan

11:28 am on 17 October 2008

Grey Power says it supports the National Party's plan to make the New Zealand Superannuation Fund invest more money locally.

National's leader John Key promised on Thursday 16 October the party would force the Superannuation Fund to invest at least 40% of its money in New Zealand.

Critics say that would change the purpose of the fund and reduce the financial returns.

Grey Power's superannuation committee chair Ian Anderson says his group would approve of using the fund to build up the local economy.

Mr Anderson says the New Zealand stock market has long been a more stable investment than overseas markets.