Ruth Richardson – “NZ flunked the Super debate”

And not just Ruth Richardson.

Business leaders have been told in no uncertain terms that the Prime Minister will not break his word by raising the superannuation age.

Eighty-eight percent of more than 100 CEOs in an exclusive Herald survey said retirement funding should be raised to 67 from 65.

CEOs signalled in the Mood of the Boardroom Survey that the Key Government needed to tackle the eligibility age.

“The only real negative is the failure to address the superannuation debate when the public clearly gets it that something needs to change to maintain affordability,” said a CEO speaking under anonymity.

Jade Software chairman Ruth Richardson – a former National Party finance minister – said “New Zealand had flunked the Super debate”.

Navman chief executive Andrew Blakey said the post-election period “has been disappointing from Key”. He also said there had been numerous examples of poor political management pointing to “the complete head-in-the-sand approach to superannuation”.

Fifty per cent of CEOs also wanted the age-raising transition phase completed by 2017.

Twenty-three per cent said the phase-in should be completed by 2020 and 13 per cent opted for 2025.

But Bill English continues to hang tough:

Raising Super age not an option: English

Speaking at the Mood of the Boardroom breakfast in Auckland today, Finance Minister Bill English responded to calls from CEOs for National to reconsider its position on super.

English said John Key’s stance did not need to be explained again – “a politician made an undertaking that he’s not going to break”.

“If you don’t understand that then you don’t understand John Key. He said he wouldn’t raise it and so he’s not going to raise it.”

Jade Software chairman Ruth Richardson – a former National Party finance minister – said

“New Zealand had flunked the Super debate”.

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