About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, March 28th, 7:05AM
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
  • What is the value of CPD?
    “With respect Pragmatic and JM, in this instance, G.Lindsay's point is fair. Where does a Risk Specialist AFA go for relevant...”
    13 hours ago by dcwhyte
  • Clients complain about adviser fees
    “All quite good comments really. The issue about not getting paid is clear communication/disclosure to clients. How do...”
    1 day ago by gavin austin adviser business compliance
  • Trauma problematic, Fidelity boss says
    “New product? This seems nothing more than the old Lifecare product Fidelity has had for ages, just now available on a standalone...”
    1 day ago by Tash
  • What is the value of CPD?
    “Even though I was waiting for it, I still get heartily sick of assertions that pension funds are the only way, and nobody...”
    1 day ago by Dirty Harry
  • Watch out for the newly promoted income protection client
    “The design aspect cuts both ways, presently it usually works in favour of the client as they often have a drop off in income...”
    2 days ago by RiskAdviser
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 5.89 5.99 6.29
ANZ Special - 5.39 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.59
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 5.59
BNZ - Classic - 5.69 5.39 5.59
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 - - -
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 6.09 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 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
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 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 5.92 5.95 6.04
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 6.39
Sovereign Special - 5.59 5.39 5.59
The Co-operative Bank 6.70 5.59 5.39 5.59
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 6.19 6.39
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.89 5.97 6.00

Last updated: 25 March 2015 9:26am

News Quiz

Who's ceo has just received the 2015 Women’s Empowerment Principles (WEP) CEO Leadership Award in a ceremony at the UN headquarters in New York, being only the second NZ ceo chosen for the honour?

Sovereign

Fisher Funds

Partners Life

Fidelity Life

MORE QUIZZES »

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