The National Party has lost its academic argument over the establishment of a superannuation fund and has resorted to trying to scare retired people into believing that their services will be cut, NZ First leader Winston Peters says.

"After promising us a policy on superannuation, all National has managed to deliver is a committee," Finance Minister Michael Cullen said today.

Finance Minister Michael Cullen provides substance to the reasons behind pre-funding super, as opposed to the sound bites put up by the opposition.

Finance minister Michael Cullen answers question on super in Parliament on the day the New Zealand Superannuation bill passes its second reading.

Senior citizens and the country's elderly will be the big losers with the Government putting aside $600 million into a superfund this year, National's senior citizens spokesperson Lynda Scott says.

United Future leader Peter Dunne says the superannuation time bomb is still ticking, despite Tuesday's vote in Parliament in favour of the Government's plan to pre-fund a portion of superannuation.

Over the past few months there has been much written and spoken about the proposed New Zealand Superannuation Bill that is having its second reading today.

Get Answers to your tax questions, Burning Issues, Manawatu is the place to be in 2002.

Standard & Poor’s has given Tower the thumbs up on its credit rating.

The Finance and Expenditure Select Committee's report tabled today confirms that every cent of the $6.1 billion going to the Super Fund over the next five years will have to be borrowed, ACT Finance spokesman Rodney Hide said today.

Wellington

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