About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, March 3rd, 9:35PM
rss
Latest Headlines

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/

« Invest now to Secure our FutureAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Where are the financial advisers?
    “my criteria of an adviser either as a client or recruiter will be: 1. someone in mid-30s upwards. 2. financially stable...”
    4 days ago by w k
  • Where are the financial advisers?
    “Not sure a 20-30 something year old adviser would generally have the necessary experience or skills to service a bank's investment...”
    5 days ago by Craig Simpson
  • Super Fund files proceedings
    “Hmmmm..... a Goldman Sachs led consortium of global investors suing the Portugese government in a Portugese court of law....”
    5 days ago by winstonkey
  • Lost loan a small proportion of NZ Super Fund
    “Nice story Regant....but it is all in the telling. Try it this way around. At my local school there are 300 kids....”
    5 days ago by Bobby
  • Where are the financial advisers?
    “In my experience, potential clients are mainly mature people who have accumulated a "nest egg" and want sound, solid advice...”
    6 days ago by traveller
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 5.69 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 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 5.69
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 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 - - -
Lender Flt 1yr 2yr 3yr
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
Heretaunga Building Society 6.70 5.70 5.80 -
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
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
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 6.03 6.10 6.19
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Lender Flt 1yr 2yr 3yr
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
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 5.82 5.99 6.19

Last updated: 23 February 2015 11:03am

News Quiz

In its latest Australasian Equities Commentary Harbour Asset Management suggests what is significantly underpriced by the market.

health care

energy

financials

yield

growth

MORE QUIZZES »

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