Labour is relying on the conscience of multi-millionaires to stop them from taking the pension, if they don't need it.
The party has unveiled its plans to restart contributions to the Super Fund, putting in $7.7 billion dollars over five years. But no word on raising the age or setting a cutoff level for extremely rich people.
Labour leader Andrew Little told Nadine Higgins he knows wealthy people who choose not to take the pension.
He said they won't penalise a whole section of the workforce just because it rewards some people in a fortunate situation.
LISTEN ABOVE AS LABOUR LEADER ANDREW LITTLE SPEAKS WITH NADINE HIGGINS
Labour's finance spokesman Grant Robertson said for Super to remain sustainable for everyone when they turn 65, the country cannot put off payments for another day.
He said they will put in $500 million a year and slowly build that up.
"So by the time we get to the end of the period, we will be putting in $2.5 billion. When you add in the money that the fund makes in terms of the interest on the investments, we'll be talking about nearly $10 billion extra in the fund."
He said we need to spread the cost over a period of time, which is why former Labour Finance Minister Michael Cullen came up with the fund in the first place, and why they want to resume contributions now.
Auckland University Retirement Policy and Research Centre director Susan St John said there might be a case for saving for a rainy day.
But she said the government will have more pressing concerns come October.
"When we are satisfied with our social spending and the infrastructure, then talk about building up assets on the Crown balance sheet."
She said there are better ways a government could be preparing to look after New Zealand's growing senior population.
"Investing in decent state housing, a decent mental health system, patching up treatment of the aged."
Dr St John questions whether families should struggle today to keep taxes down in the future.