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Poll Shows Strong Support For Private Pension Funds

Wednesday, May 2nd 2001, 10:33PM

The ACT Party has released results of a survey which show overwhelming support for the government's superannuation bill to be amended to allow people to save in private pension funds.

ACT leader Richard Prebble revealed the poll results today in a submission to the Finance and Expenditure Select Committee — the committee considering the Cullen superannuation bill.

He said ACT had polled 4500 people — 2000 ACT supporters and 2500 Auckland residents who had returned a questionnaire — asking them for their views on the current superannuation system and on the scheme proposed in the Cullen Bill.

Seventy-nine percent of those who responded to the Auckland survey believed people should be able to save money in private accounts.

"There is overwhelming support for savings to be in your own name," Mr Prebble said.

"It's not hard to see why. When the savings are in your own name, it's your money and no politician is going to touch people's own savings."

Eighty-four percent of those surveyed wanted ACT MPs to move amendments to the bill to enable individual accounts..

Mr Prebble said ACT had supported the bill going to the select committee because the party wanted to de-politicise the issue.

"However, we've carefully studied the bill and believe it does not achieve sustainability. The bill does not make superannuation any more affordable. Some people just pay twice," he said.

While ACT's poll had found strong support for a compulsory superannuation savings scheme, and the latest ISI survey showed 71 percent supported compulsory savings, ACT was also aware of the very strong rejection of the "Peters Scheme".

"The answer may be to allow an opt-out for the self-employed and those who can show they have made adequate provision for themselves," Mr Prebble said.

« Prebble advocates individual accountsAMP & Good Returns launch superannuation website »

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.99 6.39 6.65
AMP Home Loans $200k+ 7.14 5.89 6.29 6.55
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ 6.74 6.15 6.49 6.49
ANZ LVR > 90 6.74 6.65 6.99 6.99
ANZ Special - 5.75 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 6.19
BNZ - Classic - - 5.99 6.19
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BNZ - GlobalPlus 6.74 5.99 6.39 6.59
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.99 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.90 6.50 -
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
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First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 ▲6.39 ▼6.59
HSBC Premier 6.84 5.95 5.95 ▼6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
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Kiwibank 6.65 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
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Liberty 5.64 - - -
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SBS Bank 6.15 5.85 5.99 6.19
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Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

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