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The ACT Party on Welfare and Superannuation

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The issues

The ACT Party strongly opposes increasing superannuation from 66% of the average after-tax wage

Act supports doing away with the current Superannuation scheme. Instead, it says, taxes should be cut and “Retirement provision (income and healthcare) like any other business should be provided in an open marketplace where individual New Zealanders select the type of savings scheme best suited to their individual and family needs”.

The ACT Party strongly opposes keeping KiwiSaver in its current form

Act opposes KiwiSaver, preferring instead to cut taxes so that “New Zealanders are able to save enough during their working life to be able to comfortably look after themselves in retirement”

The ACT Party strongly opposes the government requiring the New Zealand Superannuation Fund to invest more heavily in New Zealand

Act has spoken out against forcing the fund to invest in New Zealand, arguing that it should be left to chase the best returns worldwide. Radio New Zealand reported in October 2008 that "Act leader Rodney Hide said in effect the Fund would be forced to invest more in New Zealand than it otherwise would, which is not a smart move nor the best protection for the Fund".

The ACT Party strongly supports requiring parents on the DPB to return to part-time work or training once their children are at school

Act policy does not distinguish whether or not the children are at school. It says that “Solo parents will be expected to look for part-time or full-time work. Given that 60 percent of mothers in two-parent families work either part or full-time, it seems reasonable to expect solo parents to do the same”. The party says most schools are open 7.30am to 5.30pm, so solo parents would be “expected to look for work”.