About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, September 30th, 8:47PM
rss
Latest Headlines

Govt secures the numbers

The Government has secured the numbers necessary to get its pre-funding legislation through Parliament after Cabinet to make changes to the bill.

Tuesday, June 19th 2001, 1:02AM

by Philip Macalister

The Government has secured the numbers necessary to get its pre-funding legislation through Parliament after Cabinet to make changes to the bill.

The changes, made to secure the support of New Zealand First, allow for a future Government to allocate the fund's money into individual names.

The most significant point is that any future allocation would be made based on individual taxpayer's contributions, not on a pro-rata basis.

"The allocation would be to contributing taxpayers aged 18 or more and would be paid out according to the specific amount that person had paid in," Finance minister Michael Cullen says.

Cullen says the changes mean, " we should now be able to get the legislation through this year and the fund up and running. That is important because, until the fund has been legislated for and the governance structures established, the money cannot be invested. It can only sit on the Government's accounts."

While Labour and the Alliance have agreed to the changes, they don't support them.

Cullen says the parties "hold strongly to the view that individual accounts would prove unfair to women, low income earners and people with interrupted work histories."

NZ First leader Winston Peters takes the contrary view.

"We cannot agree, however with the suggestion that the individualisation of accounts is somehow unfair-we still believe that this is in fact fair for women, Maori and low income earners than the present scheme," he says.

"Right now if you die before retirement you get nothing for your taxes paid over the years."

Neither National nor the Greens support the move. Act, which has called for individual accounts before, has been silent.

A select committee report on the bill will be debated next week and the Government expects the proposed legislation should be passed in the next couple of months.

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

« Fund's rules present problemsAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • AMP: Concern over advice quality
    “Hi Mike Thanks for those comments and it’s good to see you engaging with the industry. In the 2006 to 2009 period I...”
    2 days ago by Brent Sheather
  • AMP: Concern over advice quality
    “Brent - AMP are talking about a CFP. Thus the education would involve a university level level 7 grad diploma, not some off-the-cuff...”
    5 days ago by Mike Naylor
  • Van Eyk offices searched
    “This is an extraordinarily bad look for the financial services industry. Whilst I hope that nothing sinister has occurred,...”
    5 days ago by Pragmatic
  • RFA requirements 'inadequate'
    “Lovelace, thanks for your comments. You couldn't be more wrong....”
    5 days ago by Carey Church
  • RFA requirements 'inadequate'
    “Hi Lovelace - if you what you say is true then you are in breach of the Financial Advisers Disclosure regulations 2010 which...”
    5 days ago by gavin austin adviser business compliance
Subscribe Now

News and information about KiwiSaver

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.79 6.39 6.65
AMP Home Loans $200k+ 7.14 5.69 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
Lender Flt 1yr 2yr 3yr
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
Lender Flt 1yr 2yr 3yr
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 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.65 5.79 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty - - - -
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 6.35 6.58 6.77
SBS Bank 6.15 5.85 5.99 6.19
Lender Flt 1yr 2yr 3yr
SBS Bank Special - - - 5.89
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - - 6.19
The Co-operative Bank 6.70 5.95 5.99 6.19
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - - 5.99 6.19
Median 6.70 6.00 6.39 6.57

Last updated: 23 September 2014 9:10am

News Quiz

What is back in the market for the first time since 2010 thanks to RESIMAC?

Securitisation

reverse mortgages

Chinese currency

a sense of security

MORE QUIZZES »

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