About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, May 29th, 10:20AM
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
  • InvestNow mix-up disappointing: Stubbs
    “Bobby is right. Simplicity is a reporting entity for AML/CFT. They can rely on a third party for CDD/EDD etc, but they need...”
    26 minutes ago by Barry Read
  • InvestNow mix-up disappointing: Stubbs
    “No Murray. Simplicity need to know where the money is coming from. The rules don't say they can just make an assumption....”
    1 day ago by Bobby
  • Insurers want tweaks to client-first duty
    “Curious to see Partners Life seeking a tightening of replacement rules after seeding its business with business rolled from...”
    3 days ago by paulgogol
  • InvestNow mix-up disappointing: Stubbs
    “I heard Simplicity's recent wealth innovation tour and excited about it. What are the timeline to reduce the minimum investment...”
    3 days ago by ramanan3012
  • InvestNow mix-up disappointing: Stubbs
    “@bobby I think you have got the wrong end of the stick. The issue isn't AML as you think and suggest. Rather more likely...”
    3 days ago by Murray Weatherston
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 5.79 4.99 5.35 5.59
ANZ Special - 4.49 4.85 -
ASB Bank 5.80 4.85 5.14 5.49
ASB Bank Special - 4.45 4.74 5.09
BankDirect 5.80 4.85 5.14 5.49
BankDirect Special - 4.45 4.74 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.10 5.25 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 ▼4.85 5.14 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.70 5.09 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.70 - - -
Kiwibank Special - 4.69 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.00 4.86 4.75 5.30
Lender Flt 1yr 2yr 3yr
SBS Bank 5.79 4.99 ▲5.29 ▲5.59
SBS Bank Special - 4.59 ▲4.85 5.25
Sovereign 5.90 4.85 5.14 5.49
Sovereign Special - 4.45 4.74 5.09
The Co-operative Bank - Owner Occ 5.75 4.59 4.85 5.25
The Co-operative Bank - Standard 5.75 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.84 4.99 5.29 5.59
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.84 - - -
Westpac Special - 4.59 4.85 5.09
Median 5.80 4.85 5.14 5.38

Last updated: 29 May 2017 10:18am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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