About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, August 30th, 10:13AM
rss
Latest Headlines

Peters attacks ORC

NZ First leader Winston Peters says the Office of the Retirement Commissioner has been a total waste of time.

Tuesday, April 10th 2001, 12:07AM

by Paul McBeth

The Retirement Commissioner, Colin Blair, might be a nice guy, but New Zealand First leader Winston Peters for one doesn't rate what his office has achieved in recent years.

Peters, addressing Wellington financial advisers last week during an Armstrong Jones roadshow, was asked whether he thought the Retirement Commissioner had been effective. He didn't mince words.

"A total waste of time and money, and I don't know why your industry keeps contributing to him.

"After six years, savings last year in New Zealand were negative as a nation."

However, Peters did go on to say that the commissioner was a nice enough fellow.

The New Zealand First leader was speaking primarily on superannuation (go to Supertalk for the full text of his speech) and bemoaning the lack of debate on Michael Cullen's super-sized super plan.

"Those who say that they will entrench legislation to defend the pool account clearly do not understand that repealing the entrenched clause needs a bare majority of Parliament," he said.

Peters also attacked the culture of dependency, maintaining that no-one was too poor to save something. "If a 17-year old saved a packet of cigarettes a week, that would give them a reasonable retirement income at 65, " he said.

However, when tackled about that example at question-time, Peters said it was intended as an example that people could save something "and that savers are not welfarists".

"We have a whole lot of people who are the best friend to the poor, but have no idea what poverty smells, tastes or feels like, or they wouldn't advocate that they can't do anything about their condition."

The Office of the Retirement Commissioner says it isn't its job to increase the level of household savings, rather its objective is to provide relevant education and information to the public.

What do you think? Has the office been a success? Has it raised the profile of superannuation and the need to save for retirement? Have Your Say in the Discussion Forum

Editorial:


Time for the Government to front up with cash
Earlier stories
ORC Defends itself
ORC seeks to review its funding arrangements

Paul is a staff writer for Good Returns based in Wellington.

« 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
  • Client interests: first, best or last?
    “The IFA are continually telling consumers and advisers alike that their members are true professionals and should be viewed...”
    3 hours ago by Graeme Tee
  • Stewart nails third capital raising
    “Well done to Lifetime and Ralph Stewart. I'm interested in the development of the Superannuation Fund for pension transfers....”
    4 hours ago by Another AFA
  • Weaver leaves MJW
    “Well that was all a bit pointless...”
    7 hours ago by Steven Popodopolus
  • Client interests: first, best or last?
    “Andrew, thank you for commenting and for some helpful background to the code origins. I have often heard the car industry...”
    1 day ago by John Berry
  • Client interests: first, best or last?
    “John, well done for generating interest in this ethical principle. To understand the Standard it is probably helpful to...”
    1 day ago by Andrew Gunn
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 5.59 4.75 4.85 4.99
ANZ Special - 4.25 4.35 -
ASB Bank 5.55 4.69 4.75 4.89
ASB Bank Special - 4.25 4.29 4.34
BankDirect 5.55 4.69 4.75 4.89
BankDirect Special - 4.25 4.29 4.34
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.29 4.29 4.49
BNZ - Std, FlyBuys 5.64 4.85 4.89 4.99
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.75 4.89
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - 3.79 -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.25 4.70 4.75 4.29
Kiwibank - Capped - - - -
Kiwibank - Offset 5.25 - - -
Kiwibank Special - 4.19 4.29 -
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.45 4.69 4.75 4.75
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 4.29 4.29
Perpetual Trust 7.70 - - -
Resimac ▼5.19 4.94 4.90 4.91
SBS Bank 5.54 4.75 4.89 4.99
SBS Bank Special - 4.25 4.15 4.55
Sovereign 5.65 4.69 4.75 4.89
Sovereign Special - 4.25 4.29 4.34
The Co-operative Bank 5.45 4.25 4.29 4.49
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.65 4.79 4.85 4.99
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.25 4.29 4.49
Median 5.65 4.69 4.75 4.89

Last updated: 29 August 2016 9:32am

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