Labour leader Chris Hipkins has defended using a private superannuation scheme, supported by substantial taxpayer-funded contributions available to MPs, to help pay down the mortgage on his family’s holiday home in Raumati.
Hipkins told legacy media the funds represented his personal retirement savings and argued he was simply investing money set aside for retirement. He confirmed he contributes the maximum amount allowed under the parliamentary scheme, where taxpayer contributions can reach more than $36,000 annually, while also contributing to KiwiSaver.
Questioned about whether directing retirement savings into property conflicted with Labour’s calls to shift investment away from housing and towards productive businesses, Hipkins said the holiday home had been in his family for decades and distinguished it from owning multiple rental properties.
He declined to comment on whether MPs’ superannuation arrangements were fair but said he would like to see stronger retirement savings rates for New Zealanders in general.
