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First payment made into super fund

The Government last week made the first payment into its still-to-be-established multi-billion dollar superannuation fund.

Monday, July 9th 2001, 11:08PM

by Philip Macalister

The Government last week made the first payment into its still-to-be-established multi-billion dollar superannuation fund.

Although Parliament has yet to pass legislation to create the massive fund the first payment, of about $23 million has been made.

The fund is designed to meet some of the future costs of New Zealand Superannuation.

This financial year, which started on July 1, the Government will put $600 million into the fund.

Payments will be made each fortnight at the same time the Government pays NZ Super to pensioners.

Until the fund is established and a board is appointed, the money will be looked after by Treasury's Debt Management Office.

A Treasury spokesman says the funds will earn interest at the daily cash rate.

The bill setting up the fund has been reported back from the Finance and Expenditure Select Committee and it is likely to come before Parliament in a couple of weeks time when the house resumes sitting.

Although the Greens plan to vote against the part of the bill that establishes the fund, the Government is expected to have the numbers to get it through the house. Labour, the Alliance, New Zealand First and United Future have all said they will vote for the bill.

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

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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 6.05 6.49 6.65
ANZ LVR > 90 6.74 6.55 6.99 7.15
ANZ Special - - 5.99 -
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - - 5.99 -
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - - 5.99 -
BNZ - Classic - - 5.99 6.25
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 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp ▲6.74 ▼5.99 ▼6.19 6.60
HSBC Premier 6.84 5.95 ▼5.95 ▲6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Lender Flt 1yr 2yr 3yr
Kiwibank 6.40 5.99 6.39 6.65
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.30 - - -
Kiwibank LVR > 80% - - 5.99 -
Liberty 5.64 - - -
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 LVR < 80% 6.59 ▲6.35 ▲6.58 ▼6.77
RESIMAC LVR < 85% - - - -
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% - - - -
RESIMAC LW DOC - - - -
SBS Bank 6.15 5.85 5.99 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - - 5.99 -
The Co-operative Bank 6.70 6.00 6.00 6.25
TSB Bank 6.74 6.00 6.19 6.60
TSB Special - - 5.80 -
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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 6.64 6.03 6.39 6.65

Last updated: 22 August 2014 10:14am

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