About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, May 30th, 8:43PM
Check out GoodReturns TV now! Dismiss
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
  • Massey resumes work on advice degree
    “Groan – it must be that time of the year again when I find myself compelled to respond to Brent’s myopic perspective...”
    6 hours ago by Pragmatic
  • InvestNow mix-up disappointing: Stubbs
    “"Invest Now listed our products without our knowledge"... What / who else have InvestNow done without prior consent or...”
    6 hours ago by Pragmatic
  • Massey resumes work on advice degree
    “Have to agree with Brent. It would be very damaging for Massey to have content influenced by the biases of the industry....”
    8 hours ago by R1
  • Massey resumes work on advice degree
    “I would venture to suggest that it always starts with the fundamentals, not portfolio or strategies of pension funds. These...”
    11 hours ago by smitty
  • Massey resumes work on advice degree
    “The worry here is that “the contents and structure meets the market’s requirements”. As we see all the time with CPD...”
    13 hours ago by Brent Sheather
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 5.79 4.99 5.35 5.59
ANZ Special - 4.49 4.85 -
ASB Bank 5.80 4.85 5.14 5.49
ASB Bank Special - 4.45 4.74 5.09
BankDirect 5.80 4.85 5.14 5.49
BankDirect Special - 4.45 4.74 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 ▲5.45 ▲5.50 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 ▼4.85 5.14 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.70 5.09 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.70 - - -
Kiwibank Special - 4.69 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.00 4.86 4.75 5.30
Lender Flt 1yr 2yr 3yr
SBS Bank 5.79 4.99 ▲5.29 ▲5.59
SBS Bank Special - 4.59 ▲4.85 5.25
Sovereign 5.90 4.85 5.14 5.49
Sovereign Special - 4.45 4.74 5.09
The Co-operative Bank - Owner Occ 5.75 4.59 4.85 5.25
The Co-operative Bank - Standard 5.75 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.84 4.99 5.29 5.59
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.84 - - -
Westpac Special - 4.59 4.85 5.09
Median 5.80 4.85 5.14 5.38

Last updated: 30 May 2017 5:37pm

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