The big problem I've had with the Cullen Fund, and with the Super in general, is the lack of personal ownership. In all likelihood, I'll be dead before I reach retirement age. That's assuming there's a public pension by the time I get that old, which most of my generation highly doubt.
It will be interesting to see how far Michael Cullen goes to support the New Zealand Institute's suggestion of compulsory saving scheme. The idea has some merit. Unlike the Cullen Fund, these savings accounts would be matched to actual Kiwis. A real, live asset!
The only quibble I have with the idea so far, is the 2 percent compulsory savings from taxable income. It should be matched with a corresponding tax cut.