About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, April 25th, 10:05AM
rss
Latest Headlines

Super bill slowed down

Tuesday, March 27th 2001, 7:43AM

The Government's new superannuation fund will be established on July 1 although legislation enabling the fund won't be passed through Parliament by then.

The chair of the Finance and Expenditure Select Committee Mark Peck told a Funds Management conference in Auckland yesterday that there will be some opposition to the bill, however he is confident it will be passed.

National's super spokesman Bill English is in discussion with the bill's architect and Finance Minister Michael Cullen, however Act's finance spokesman hasn't taken up offers to discuss the bill.

Peck says 29 substantive submissions were made to the committee on the bill.

He says because the bill won't be passed transitional arrangements are being made for managing the money. Under these arrangements the Treasury's Debt Management Office will look after the funds.

The Government has projected to put $600 million into the fund in its first year.

The hardest question for the Government will be the appointment of the board because it will be done at a double-arms length process.

Peck says this will be difficult because it is a whole new process for the Government.

Normally nominations for state-owned enterprise board members go straight to Cabinet for approval. With the super fund the nominations will go to an independent committee then to Cabinet.

"It's a change in political culture," he says.

Guardian Trust Funds Management managing director Anthony Quirk says appointments will be difficult because New Zealand is small, there is a dearth of candidates and the potential for conflicts of interest.

He also says the Government will need to be careful to get a good balance on the board between the various interest groups.

« News Round UpSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • FMA asks: What's your plan?
    “@brent: for that reason, we can safely bet fma will NEVER hire an ex-adviser for fear of exposing their poor understanding...”
    18 hours ago by w k
  • Poor turnaround times hurt advisers
    “Once upon a time in the not too distant past, bank branch mangers approved all home loan apples including those of broker...”
    1 day ago by michaelb
  • Advocates let advisers get on with business of advising: Kelly
    “Great service from IA, I've used them to good effect when the need for good legal representation is required. This is where,...”
    1 day ago by RiskAdviser
  • FMA asks: What's your plan?
    “I look forward to an investigation report from the FMA on miss-selling by banks and other conflicted institutions (QFEs)...”
    1 day ago by R1
  • FMA asks: What's your plan?
    “Good points WK and Pragmatic. I was going to say that the fundamental lack of knowledge of retail advisory exhibited by...”
    1 day ago by Brent Sheather
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.99 5.99 6.29
ANZ Special - 5.49 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.45
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 ▼5.39
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - - -
BNZ - Std, FlyBuys 6.74 5.49 5.39 5.55
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
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 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 ▼5.59 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank Special - - 5.39 ▼5.39
Liberty - - - -
Lender Flt 1yr 2yr 3yr
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 6.29
Perpetual Trust 7.70 - - -
Resimac 6.59 5.88 5.86 5.90
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.29
Sovereign Special - 5.59 5.39 ▼5.39
The Co-operative Bank 6.70 5.59 5.39 ▼5.49
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 5.99 5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.81 5.95 5.89

Last updated: 23 April 2015 9:40pm

News Quiz

How many offers have so far been listed on the Government's new Disclose website?

1

4

10

14

41

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com