A group of eight "experts" headed by Michael Littlewood yesterday released a paper criticising the Labour party's superannuation policy and saying it would cost $3.7 billion over three years. (Full copies of the papers are available in supertalk.co.nz) Also, Act Party finance spokesman Rodney Hide issued a press release challenging Labour to "come clean" on superannuation.

Meanwhile, Labour leader Helen Clark told Grey Power meetings in Napier and Havelock North that it was was the only party which would pay a decent pension.

"Superannuation is an area of sharp policy difference between Labour and the parties of the political right. We are committed to reversing National's 1999 superannuation cuts and restoring the floor of the married rate to 65 per cent of the average, after tax, ordinary time weekly wage."

Ms Clark pushed the line that National had lowered the wage floor for New Zealand Superannuation (and intended to keep lowering it), while Act would effectively abandon any wage relativity, instead adjusting New Zealand Superannuation only for inflation.

"Stretch those policies out over the next 10 years and by 2010, the married rate paid by Labour would be at least $35 a week higher than under National and at least $75 a week higher than under Act's plans."

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Full copies of the Littlewood papers
Costings of Labour's policy
Experts say policy flawed
Press release