Policy objectives
The Association has the following policy objectives that are intended to improve the GSF scheme by correcting deficiencies and anomalies.
These issues are kept before the Government and its agencies for discussion and resolution.
The Executive reports annually to the Council on the outstanding policy objectives and current plans for achieving them. Below is a summary of current policy objectives; details can be obtained from the General Secretary.
Tax rate changes
That annuities are adjusted to reflect changes in tax rates.
Double tax overseas
That annuities received overseas are recognised as being tax paid in New Zealand and are therefore not liable to being taxed again.
100% indexation of all annuities
That all annuities are adjusted annually for the full movement in the Consumers Price Index. Those on the pre-1986 scheme receive only 90% of the CPI movement.
After many years campaigning for this, all GSF annuitants will receive a full cost of living adjustment from 2 April 2009.
Indexation pre age 60
That superannuitants who were retired compulsorily or retired as of right before age 60 receive full cost-of-living adjustments assessed as from the date of retirement.
Cost of living adjustment delay
That the annual cost of living adjustment (reflecting the movement in the CPI during the year ended 31 December) be paid effective from 1 January.
Survivor pension
That the allowance payable to a surviving spouse or partner is increased from 50% to at least 60% of the original annuity.
Variable allowance
That allowance abatement ceases once advances have been fully repaid.
National Provident Fund
That the Association pursue on behalf of members receiving annuities from the National Provident Fund (NPF) those objectives already achieved for Government Superannuation Fund (GSF) members but not conceded by the NPF, along with the outstanding objectives being pursued on behalf of GSF members.
Objectives resolved
As a result of representations made by the Association, the Government has in recent years agreed to some alterations to annuities. These include:
Cost of living adjustments for those on the Old Scheme (pre-1985) were increased to at least 90% from 1 July 2006 and to 100% from July 2009; and cost of living adjustments for those who retired before age 60 were improved from 2004.
Detail on any of these issues can be obtained from the General Secretary.