Morgan says chop Super in half and means test it

NewstalkZB reports:

The Opportunities Party has pensioners in its sights calling for a radical overhaul of the superannuation scheme.

Party founder Gareth Morgan has concerns about how the benefit is allocated, saying people like him, who’re well off, don’t need the $40,000 a year they’re entitled to receive.

He said the trouble with New Zealand Super is it’s the highest of all the benefits – its level is way too high, and should be cut in half and taken away from people like him.

“If people need it, sure, then they get their top up- but it’s targeted, it’s means tested and then that money which is about three billion or about a quarter of New Zealand’s super gets spent on the most vulnerable.”

I agree that NZ Superannuation should be means tested, or more precisely income tested. Why should we tax people more to give it back to them when they retire. Better to let people keep more of their money while working, and only top up those whose earnings are below a certain level.

So one Morgan policy I am happy to support. Grey Power may be less happy though.