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

Superannuation watchdog barks, but won’t bite

Government Actuary Geoff Rashbrooke acknowledges he’s reached a stalemate in his attempt to stop superannuation funds being used for purposes other than retirement.

Sunday, July 1st 2001, 10:47PM

Government Actuary Geoff Rashbrooke acknowledges he’s reached a stalemate in his attempt to stop superannuation funds being used for purposes other than retirement.

But Rashbrooke warns he’s gathering information on five or six retail funds he believes might be breaking the law.

"We are accumulating ones which we feel are operating at the edge (of the law) or past it."

Rashbrooke, who oversees registered superannuation schemes, has objected to some financial products calling themselves super funds when retirement benefits form just a small proportion of their payouts.

Last year he proposed deregistering schemes that paid non-retirement benefits of more than 10% – a proposal the superannuation industry rejected outright.

Rashbrooke has since decided not to force the issue.

"It wasn’t something we could win. If we picked on somebody … there seemed to be natural justice problems because others might be doing the same thing."

He acknowledges that scheme promoters gain no tax or other tangible benefit from calling a product a super scheme, rather than a unit trust or managed fund.

But this might change depending on the outcome of the Government’s review of taxation, he says.

However, his biggest concern is that promoters are using the term to play on public fears and sell more products.

"The main thing is that they manage to ride a bit on the anxiety of people about retirement savings."

« PLANZ to be wound upSovereign 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...”
    1 day 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...”
    2 days 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...”
    2 days 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...”
    2 days 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