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Super still needed if sea levels rise

Finance minister Michael Cullen answers question on super in Parliament on the day the New Zealand Superannuation bill passes its second reading.

Tuesday, July 24th 2001, 9:31PM

MARK PECK (Labour) to the Minister of Finance Michael Cullen:

Q: Has he received any reports on the future of New Zealand Superannuation; if so, what do they say?

A: I received a report that the National Party, like the Greens, would like the same arrangements we would like for entitlements, but do not like the way we propose to pay for them. I also note that Greens support in a recent poll has halved.

Q: What will happen as a result of this?

A: This will not stop the bill passing. But it does create some uncertainty for the public.

Q: Bill English (National): Can he confirm that funding cuts for the care of the frail elderly are the result of his plans?

A: No.

Q: Richard Prebble (ACT): Has he seen the report of the FEC, chaired by Mark Peck, that says that the government will be borrowing every penny of the money to be deposited in the pre-funding scheme? And is our opposition to this scheme the reason that ACT has gone up in its poll support?

A: He and his colleagues have promised to spend more than we intend to save in the super fund. The member has, I understand, argued that putting $1000 into an account at birth will generate an annuity at retirement. That said the most honest alternative to the proposals of this government has come from the ACT Party, and that is to raise the age of entitlement to 68 and to de-link payments to wage levels.

Q: Rod Donald (Green): Has he seen any reports on the cost of adapting to climate change? And how will his super savings plans impact on this?

A: Even if the sea-level rises, super will still be needed by retiring people.

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.49 5.69 6.29 6.40
AMP Home Loans $200k+ 6.39 5.59 5.99 6.30
AMP Home Loans LVR <80% - - 5.99 -
ANZ 5.99 5.85 6.49 6.85
ANZ LVR > 80 5.99 6.35 6.99 7.35
ANZ Special - - 5.95 -
ASB Bank 6.00 5.85 6.49 6.85
ASB Bank Special - - - -
BankDirect 6.00 5.85 6.49 6.85
BankDirect Special - - - -
BNZ - Classic - - 5.95 -
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.19 5.85 6.29 6.29
BNZ - Mortgage One 6.60 - - -
BNZ - Rapid Repay 6.19 - - -
BNZ - Std, FlyBuys 6.19 5.85 6.29 6.29
BNZ - TotalMoney 5.99 - - -
Credit Union Auckland 6.20 - - -
Credit Union Baywide 5.85 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Fidelity Life 5.70 5.40 6.00 -
Lender Flt 1yr 2yr 3yr
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 5.90 5.60 5.99 6.35
HBS LVR > 80% - - - -
Heartland 5.95 6.25 6.50 7.10
Heretaunga Building Society 5.75 5.50 6.30 -
Housing NZ Corp 5.75 5.50 6.30 6.40
HSBC Premier 6.24 5.59 6.29 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - 5.79 -
Lender Flt 1yr 2yr 3yr
Kiwibank 5.90 ▲5.85 ▲6.19 ▲6.60
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 5.60 - - -
Kiwibank LVR > 80% - - 6.29 6.40
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.45 5.95 6.60 -
NZ Home Loans 6.10 5.69 6.29 6.60
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.14 7.49 8.05
RESIMAC LVR < 80% 5.84 5.64 5.99 6.55
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 85% 6.84 6.64 6.99 7.55
RESIMAC LVR < 90% 7.84 7.64 7.99 8.55
SBS Bank 5.90 5.60 5.99 6.35
SBS LVR < 80% - - - -
Silver Fern 5.95 6.10 6.55 7.05
Southern Cross 5.95 6.25 6.50 7.10
Sovereign 6.10 5.85 6.49 6.85
Sovereign Special - - - -
The Co-operative Bank 5.95 5.65 5.99 6.35
TSB Bank 6.04 5.40 5.99 6.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.74 5.85 5.95 6.85
Westpac - Capped rates - 6.19 6.69 -
Westpac - Offset 5.74 - - -
Median 6.00 5.85 6.29 6.85

Last updated: 22 April 2014 9:04am

News Quiz

The Health Funds Association says recent research from Roy Morgan has "false findings". An example is at December 2013, HFA says the number with health insurance cover stood at 1,336,000, what was the Roy Morgan figure?

816,000

516,000

1,006,000

1,666,000

1,916,000

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