New Zealand First is asking the Financial Services Council to explain to women why they would receive substantially less superannuation under its flawed Kiwisaver Plus retirement proposal.

Under the proposal, men would after saving for 40 years receive an average of $281 a week extra on top of New Zealand Super. Women would get an extra payment of just $106 a week.

Rt Hon Winston Peters says the policy clearly shows that woman would be much worse off than their male counterparts.

“This would bed in all the existing income inequalities between the sexes.

“It is appalling discrimination against women and the FSC must explain why it is propagating such policies.

“We believe the existing New Zealand Superannuation scheme which treats men and women equally upon turning 65 is affordable well into the future,” says Mr Peters.