Carter: my parliamentary super should be worth $1.5m
Retiring MP defends scheme; says he's paying his way.
Retiring National Party cabinet minister John Carter used his valedictory speech to defend MPs' retirement scheme, seen by many as cushy.
Mr Carter said he had paid his way, and that MPs "unfairly" criticised over their "gold-plated" super scheme.
The Northland member said he had contributed $33,000 a year after into his scheme over his career, dropping to $29,000 a year after his first 20 years (he has been an MP for 24 years).
"I've contributed that out of my after-tax salary package," the Civil Defence Minister told parliament, tabling documents to support his claim.
At a "modest" 5% interest rate, his contributions should have created a $1.5 million nest egg, said the MP.
MPs currently have salary packages, including perks and expenses, worth between $180,000 and $500,000, depending on their position.
Since 1992, MPs have been entitled to a subsidy of up to 20 percent of their salary, receiving $2.50 for every dollar they put in.
Those elected before 1992 receive a subsidy equal to 23 percent of their gross salary.
The base salary for a cabinet minister is $243,700.
NBR staff
Wed, 08 Jun 2011
Wed, 08 Jun 2011
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Carter: my parliamentary super should be worth $1.5m
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