GSA October 2023 Annuity News

Previous issues of Annuity News are available on the members-only section of our website.  If you dont know how to get in to the members section, please email National Office national@gsa.org.nz and you will be informed of your username and then sent a password by separate email.   

Latest News 

100% CoLA Petition Update

After all the hard work from the GSA Board and some extremely knowledgeable GSA members, we are disappointed to report that the Government Budget 2021 does not include an allocation to address the problem of the that pre-1985 annuitants who do not receive 100% of cost of living adjustments.  This has been an issue on our radar for some time and we have had meetings and communication with the Finance Minister on this issue, but unfortunately we did not get the result that we wanted.  The Minister’s office were good enough to come back to us with an explanation, which reinforced that this 100% CoLA issue is still under consideration, but that the Government had to spread it’s spending across the three budgets of it’s term. They realised this was a disappointing result for the GSA but that it was not the end of the road for this issue, but did reflect the pressure on the Government’s budget allowances.  The GSA Board will discuss where to next at the next Board meeting at the end of June.  For more on the 100% CoLA issue, see the two further articles below - 100% CoLA – GSA Petition (from Annuity News, October 2019) and 2016 Cost of Living Adjustment (CoLA) (February 2016). 

GSA Subscription Increase from April 1st 2024

At the Council 2023, it was agreed to increase the subscription from $2.50 to $3 per annuity, deducted from the member’s annuity 4-weekly. For members still working and contributing (or who have deferred their annuity) pay the annual subscription of $39 from 1 April 2024 (previously $32.50).

Superannuitants Association Launches Centennial History (added September 2020)

Since its first meeting in August 1920, the Superannuated Public Servants’ Association, which became the Government  Superannuitants Association in 1958, has fought for and defended the rights and entitlements of the thousands of government employees. For 100 years the association has represented employees from public servants, nurses, doctors, teachers, railway workers, post office workers, police, to members of the armed forces and many others. Throughout this time the GSA has advocated passionately on behalf of those who it believed deserved better treatment.  Professor Roger Openshaw has written a comprehensive history to commemorate the centennial anniversary of the association.  In his book, “Safeguarding Super” he has drawn extensively on archived material including minutes of meetings, newspaper reports, and correspondence between the SPSA/GSA and the governments over time. Read the full press release here.   (The book is available through the Government Superannuitants Association, contact national@gsa.org.nz. Cost $40.00 plus p&p)

GSA Board Appointments (September 2023)

The following people were elected to the Board at the GSA’s annual Council meeting in September 2023: 

100% CoLA – GSA Petition (from Annuity News, October 2019)  

There has been a major step in the right direction with the GSA petition addressing the need for a consistent government approach to 100% cost of living adjustment as currently impacting on pre-1985 retirees.  The Select Committee has found in the GSA’s favour and made the following recommendation to Government: 

We find that the indexation formula included in the Government Superannuation Fund Amendment Act 2009, intended to achieve 100 percent indexation against the Consumers Price Index, appears to be a different formula to that used in previous iterations.  We recommend to the Government that it takes note of this finding and consider options for addressing the resultant lesser payments received by contributors and beneficiaries of the fund. 

The Association awaits Government consideration of the select Committee’s findings and has requested a meeting with the Minister of Finance. 

To find the Select Committee report and recommendations refer https://www.parliament.nz/en/pb/sc/reports/document/SCR_88208/petition-of-janice-campbell-for-the-government-superannuitants, or contact the Executive Officer gensec@gsa.org.nz and it will be emailed to you. 

Tax Equity - No More!  Enough is Enough. (December 2016)

Members may be interested to note that at the last Annual Council in September it was agreed that the GSA would no longer pursue the "Tax Equity" issue. In very simple terms this issue was our attempt to have the reduction factor that is applied to our annuities before we receive them to more appropriately equate to current tax rates. Currently, for most of us, the reduction factor is 30%. We have long felt that it was unfair for annuitants to effectively be paying the equivalent of 30% tax on the first dollar they receive in their annuity.

GSA is on Facebook (November 2015)

We are on Facebook.  As a trial we have set up a Page and a Group.  The Page allows us to publish ideas and comments as an organisation.  Anybody (including the general public) can comment, but onlt National Office will see the comments.  The Group has been set up exclusively for the use of GSA members to exchange views and thoughts.  To join this group you will need to be a GSA member and be approved by the Group Administrator - the Executive Officer in National Office.  Go to Facebook and serach for Government Superannuitants Association of New Zealand Incorporated.

Here is a link to the Facebook Group: 

https://www.facebook.com/groups/775692989243260/ 

And the Page: 

https://www.facebook.com/Government-Superannuitants-Association-of-New-Zealand-Incorporated-142829339412070/

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