About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, December 23rd, 6:19AM
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
  • FMA: Mount was pre-regulation
    “Surely the lesson to be learned centres on whether the current regulatory regime would have detected and/or prevented this...”
    24 hours ago by dcwhyte
  • QFEs call for simplification
    “I believe that all advisers should personally be registered or licensed for the services that they provide. Whether working...”
    4 days ago by I was wondering
  • Fund brings active and passive together
    “Hi Brent Sheather Not sure if SmartShares website is accurate or not but the 3.2% & 2.8% relate to the NZX Midcap (to...”
    4 days ago by noidea
  • Fund brings active and passive together
    “Hi Bobby WTF indeed but the WTF should be directed to MJW who may well be on serious drugs. SmartFONZ actually returned,...”
    4 days ago by Brent Sheather
  • Fund brings active and passive together
    “I don't read MJW but FundSource correctly has FNZ ETF returning 2.8% for the Sept quarter. Happy to send you a copy of the...”
    4 days ago by samstanley
Subscribe Now

Weekly Wrap

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 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 6.09 6.19 6.39
ANZ Special - 5.59 5.75 5.99
ASB Bank 6.75 5.99 6.19 6.39
ASB Bank Special - 5.59 5.75 5.85
BankDirect 6.75 5.99 6.19 6.39
BankDirect Special - 5.59 5.75 5.85
BNZ - Classic - 5.69 5.75 5.99
BNZ - GlobalPlus 6.74 5.89 6.19 6.29
Lender Flt 1yr 2yr 3yr
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 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
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 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.30 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.45 5.65 5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.19 6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 5.89
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 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.59 5.75 5.85
The Co-operative Bank 6.70 5.69 5.75 5.99
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 - - -
Westpac Special - - - 5.99
Median 6.70 5.97 6.19 6.29

Last updated: 15 December 2014 11:07am

News Quiz

A well-commented on story last week mooted that many authorised financial advisers are out of their depths discussing what with their clients?

bonds

death

divorce

piles

birth control

MORE QUIZZES »

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