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Prebble urges people to make submissions on Super bill

Monday, January 15th 2001, 9:15PM
The Christmas break provided a perfect opportunity to study the Cullen Superannuation bill. The more one examines the Bill the worse it looks.

Many issues have not been addressed. The scheme is not sustainable and locks New Zealand into a high tax future.

The scheme creates a huge politician-controlled fund, equal to the total investment in every public company. The scheme is designed to smooth out super, but in reality young taxpayers will contribute to the fund all their lives and find that when they retire, the fund is exhausted. These taxpayers will revolt.

Public submissions on ACC and the Employment Relations Bill resulted in major amendments, and with Dr Cullen promising to consider amendments, it is definitely worth making one. Submissions close 9 Feb.

ACT's own survey shows our members overwhelmingly favour compulsory savings-based superannuation, with savings to be held in a private savings account of the individuals own choice - very much like the MPs' own existing superannuation scheme.

« Prebble explains why he supports the superannuation billAMP & Good Returns launch superannuation website »

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 6.09 6.09 6.39
ANZ Special - 5.59 5.55 5.99
ASB Bank 6.75 5.99 ▼6.09 6.39
ASB Bank Special - 5.59 ▼5.55 5.59
BankDirect 6.75 5.99 ▼6.09 6.39
BankDirect Special - 5.59 ▼5.55 5.59
BNZ - Classic - 5.69 5.75 5.59
BNZ - GlobalPlus 6.74 5.89 6.19 6.29
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 6.29
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
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General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.74 ▼5.79
HBS Special - 5.59 5.49 ▼5.49
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.30 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.45 5.65 ▼5.79
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.89
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 ▼6.03 ▼6.10 ▼6.19
SBS Bank 6.65 5.69 5.74 ▼5.79
SBS Bank Special - 5.59 5.49 ▼5.49
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.59 5.75 5.59
The Co-operative Bank 6.70 5.59 5.59 5.74
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.79 ▼5.89
Median 6.70 5.95 6.09 6.29

Last updated: 28 January 2015 11:34am

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