About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, July 3rd, 4:01PM
rss
Latest Headlines

Govt pressured to fully fund Retirement Commissioner

The future of the Office of the Retirement Commissioner will be decided in this year's budget.

Thursday, March 29th 2001, 6:47AM

by Philip Macalister

Pressure is being put on the Government to fully fund the Office of the Retirement Commissioner's office

Currently the only funding the office receives is from the Government.

When the office was originally established the former National government heavied the industry into providing a significant amount of the office's budget. At that stage 10 companies, each provided $100,000 annually which equated to about 25% of the overall budget.

However, the number of private sector funders has fallen to just four (BNZ, Tower, Royal & SunAlliance and the NZ Stock Exchange) last year, and since July 1 the office has had no private sector funding.

This has limited the amount of the work the office can do and also has provided administrative problems.

For instance the office has had to devote resources to fundraising and managing the funders.

The office's success in promoting the need to save message is one of the reasons for declining public sector funding.

Private sector organisations say their reduced contributions are in no way a sign of dissatisfaction with the quality and impact of the office's programmes.

Rather the office's success in increasing public awareness is the equivalent of turning on the tap for funds flow. Now the private sector want to put their individual buckets under the tap.

That is they are investing more in marketing their own savings products and developing their own education programmes, and less in the office's generic programme.

Investment Savings and Insurance Association chief executive Vance Arkinstall says the ISI has "attempted to encourage Government to accept greater responsibility for the funding of the ORC."

"We will not know until the budget is released how successful this has been," he says. "But I wouldn't hold my breath."

Papers released under the Official Information Act show the issue is being considered. However they also show that a request for an extra $750,000 "to replace steadily declining private sector revenue" was declined as the Government had higher priorities.

How successful do you think the Retirement Commissioner has been? Do you think the Government should fully fund the office or should the private sector put money into it?

Have your say in this important issue in the Online Forum section. Click here to make a contribution.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Regulation of fund managers on the cards?Sovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Is the FMA looking in right places?
    “The real joke is how when large players in the market manage to get the regulator to look away, or to undertake a 'enforceable...”
    13 hours ago by Chatterbox
  • Dealer groups should be QFEs
    “The term ‘dealer group’ appears to be loosely used in this discussion. Whilst it’s true that Australian Dealer Groups...”
    17 hours ago by Pragmatic
  • Dealer groups should be QFEs
    “Well said Ron! Jeff - I suggest that you overlook the fact that as a QFE, you would have legal liability for the actions...”
    18 hours ago by Graeme Lindsay
  • Dealer groups should be QFEs
    “Jeff, et al, what a wonderful conversation. I can't help but think that April 1 was a little while back, and this is indeed...”
    18 hours ago by Hawaii Five-0
  • Dealer groups should be QFEs
    “Hi Jeff, which meaning were you trying to describe you adviser force: difficult to control or predict because of wilful or...”
    20 hours ago by Bernal
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 6.49 5.10 5.59 5.59
ANZ Special - - 4.99 -
ASB Bank 6.50 5.49 5.49 5.75
ASB Bank Special - ▼4.89 5.10 5.39
BankDirect 6.50 5.49 5.49 5.75
BankDirect Special - ▼4.89 5.10 5.39
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Special - - 4.99 -
BNZ - Std, FlyBuys 6.49 5.19 5.39 5.29
BNZ - TotalMoney 6.34 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank 6.39 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.40 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.95 4.95 5.40
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.40 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society ▼6.70 ▼5.65 ▼5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans 6.85 5.49 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank 6.39 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign 6.60 5.49 5.10 5.75
Sovereign Special - ▼4.89 5.10 5.39
The Co-operative Bank 6.45 5.15 4.99 5.35
TSB Bank 6.49 ▼5.45 ▼5.49 5.75
TSB Special - - ▼4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 6.40 5.49 5.49 5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.40 - - -
Westpac Special - - 4.99 -
Median 6.49 5.45 5.40 5.40

Last updated: 3 July 2015 8:24am

News Quiz

The Rural Bachelor of the Year competition at Fieldays this year was sponsored by whom?

Fonterra

Fidelity Life

OnePath

Sovereign

Partners Life

MORE QUIZZES »

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