7. Superannuation—Residency Requirements and Overseas PensionsRt Hon WINSTON PETERS (Leader—NZ First) to the Prime MinisterSuperannuation—Residency Requirements and Overseas Pensions7. Rt Hon WINSTON PETERS (Leader—NZ First) to the Prime Minister: Does he stand by all his statements regarding superannuation; if so why?Rt Hon BILL ENGLISH (Prime Minister): Yes in the context in which they were made. That is why we have taken the step of outlining a fair and reasonable process for increasing the age of New Zealand superannuation to 67 starting in 20 years' time. We believe that it is an issue that is best dealt with well ahead of time rather than pretending nothing should change and making harsh decisions when it is too late.Rt Hon Winston Peters: If a proposal 2 years ago to require migrants settling in New Zealand to have been here for 25 years was racist bigoted and against the New Zealand Bill of Rights Act as the National Government then claimed how come a requirement for 20 years' residency cannot be all of those three things?Rt Hon BILL ENGLISH: I am not familiar with the assertions the member is making but I do welcome his and the public's support for the policy that the Government announced this week that the residency requirement will be moved from 10 years to 20 years.Rt Hon Winston Peters: Will he disown comments of his Cabinet colleagues such as I think that a very generously targeted superannuation regime is where this country will eventually find itself." which is code for means testing superannuation?Rt Hon BILL ENGLISH: If that is what the member thinks it is code for then we would certainly disagree with that comment. The Government has no plans for means testing national superannuation.Rt Hon Winston Peters: Why is the Government so opposed to abolishing section 70 of the Social Security Act 1964 which is so unfair to migrants in New Zealand who have an overseas pension arrangement?Rt Hon BILL ENGLISH: I think the measure that the member is referring to is just a longstanding measure that New Zealand has had in place through successive Governments because we believe that is what is fair and reasonable to both migrants and New Zealand taxpayers.Rt Hon Winston Peters: What is irredeemable about a long-term arrangement if it is wrong and rather than Kiwi taxpayers being ripped off by these reciprocal pension agreements why do we not ditch them adopt a 25-year residency requirement and allow migrants to bring their overseas pensions here intact?Rt Hon BILL ENGLISH: We think the current arrangements involving reciprocal agreements with other countries work best both with the citizens of other countries coming here and with New Zealanders going to other countries. The member is free to put up his own proposals about changing that if he so wishes but I am pleased to see that he is not actually criticising the policy announced this week by the Government.Rt Hon Winston Peters: Why on earth does he expect New Zealanders to trust him on superannuation certainty when his record is to campaign for a 20-year phase-in renege on that—Hon Dr Nick Smith: Look at the member's record.Rt Hon Winston Peters: My record? Unbelievable actually. It is fantastic; wonderful. Thanks for asking the question.Mr SPEAKER: Order! I do not want interjections from my right-hand side interrupting the member's question so he gets diverted into responding to the interjections. Can we have the question again please.Rt Hon Winston Peters: Thank you Mr Speaker for your indulgence.Chris Bishop: Tell us about when you sold Contact.Rt Hon Winston Peters: That is a lie as well.Mr SPEAKER: Order! Chris Bishop if there is another interjection from you during question time you will be leaving for the balance of the day. I have just given a warning. [Interruption] Order! I do not like having to give warnings twice so quickly.Rt Hon Winston Peters: Why does he expect New Zealanders to trust him on superannuation certainty and stability when his record is to campaign for a 20-year phase-in renege on that promise renege twice on the issue of the surtax renege on superannuation's relativity to the net average weekly wage renege twice on the Cullen fund and after campaigning to leave superannuation at 65 renege on that as well?Rt Hon BILL ENGLISH: Look we have put a proposition out there in front of the public and they get the opportunity in election year to debate it and so far the indications show pretty good public support for it. But I know how difficult it must be for the member to maintain his manufactured outrage because he cannot find anything he disagrees with in the policy that we have announced.Rt Hon Winston Peters: Apart from being delusional how is it fair to propose a policy demanding New Zealanders work 47 to 49 years for their superannuation and yet give someone from overseas superannuation with only 20 years whether they have contributed to it or not?Rt Hon BILL ENGLISH: I expect there could be some debate between the 20-year threshold we have proposed and the 25-year threshold that member has proposed. I am pleased to see that if that is the one difference of opinion then perhaps our policy has more support than even the member is aware of."