Less Govt funding for Super acknowledged by Commissioner
Updated at 6:02 am on 12 March 2009
The Retirement Commissioner says she reluctantly accepts that the Government will put less money into the Superannuation Fund.
The Government has confirmed it is looking at reducing contributions to the fund in this year's Budget.
Commissioner Diana Crossan says it was always anticipated there could be pauses in contributions, and the real issue is making sure payments of state pensions to people over 65 are not cut.
Actuaries think future pensions might still be affordable as long as any pause in Government contributions is short.
Recent Figures indicate the Super Fund was expected to meet 15% - 20% of the cost of paying for superannuation by 2050.
Copyright © 2009, Radio New Zealand
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