Peters vows not to meddle with Superannuation Fund

By KEVIN TAYLOR

New Zealand First leader Winston Peters has released more details of his plan to buy back "the family silver" using the burgeoning Superannuation Fund.

Early this month, Mr Peters revealed to his party's annual conference his intention to buy back foreign-owned assets, saying power companies and transport infrastructure were among the family silver he wanted to buy back.

But he now says politicians would not be "meddling" with the Superannuation Fund, nor would the fund managers be given instructions.

The fund would, however, be used to focus on rebuilding a New Zealand-owned stake in "key industries and infrastructure", he said in a speech on Friday.

He told the Herald later that would be done by changing the fund's "investment perspective" to require it to have regard for sound and viable assets in New Zealand.

"There are a significant number of viable and sound assets in New Zealand which would make them a superior return to the one they are currently getting abroad."

Mr Peters had in mind assets the fund should be targeting, but said it would be "unwise" to start naming them. Mr Peters allayed fears overseas owners would have their assets stolen, but said: "We are committed to reversing the loss of existing assets into foreign ownership and we will ensure that New Zealand retains a strategic stake in core assets."

He said almost $10 billion was sucked from the economy last year.

NZ Super Fund

* As at September 30 the fund had invested $4.5 billion, 63.7 per cent of it in international shares.

* The Government is allocating on average $2.2 billion a year to the fund over the next 20 years while the cost of superannuation is relatively low.


New Zealand Superannuation Fund