23 Sep 2009

Govt rules out resuming payments to Super Fund

6:46 pm on 23 September 2009

The Government is ruling out a return to making contributions to the New Zealand Superannuation Fund.

The Cabinet stopped paying into the fund because it said it would have to borrow the money to do so.

But latest figures show that the Superannuation Find, commonly called the Cullen Fund, is making handsome gains on the back of a worldwide rise in share prices that started in March this year.

The fund made 6% on its investments in July, 3% in August and 22% in the year to June.

The Labour Party says the figures prove payments to the fund should resume and it is calling on the Government to do this.