About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, April 20th, 12:40PM
rss
Latest Headlines

Red Tape Killing Super Schemes

Act leader Richard Prebble has just discovered the number of workplace super schemes is falling.

Sunday, November 11th 2001, 10:07PM
A report that workplace superannuation schemes are becoming a thing of the past, should alarm the government, Act leader Richard Prebble says.

The Association of Superannuation Funds says less than 15% of employees were now members of workplace super schemes - down from almost 25% in 1990 - with many more schemes in the process of winding up.

"There are now very few schemes outside central and local government, Prebble says.

"Employers say that onerous reporting requirements placed on them by Parliament, is the main reason why workplace super schemes just aren't worth the time and trouble.

"It's not just the need to issue a prospectus but also the requirement to give detailed reporting on the fund's performance. Such reporting is not only expensive but also fairly meaningless for long-term investments.

"For example, a scheme that had to report in late September would have alarmed its contributors with news of a dramatic drop in the sharemarket, which now appears to have been short-lived.

"The regulations surrounding workplace super schemes are another example of the fundamentally anti-business attitude of both the government and the bureaucracy. The fact is, no super scheme registered with the Government Actuary has ever gone bust.

"Parliament was curing a problem that didn't exist and the cure has killed super schemes.

"The government would have been better off cutting unnecessary red tape from private super schemes rather than adopting the Cullen proposal which is a highly-risky scheme to borrow $2 billion a year and take a punt on the share market," Prebble says.

This is a press release from Richard Prebble, the leader of the Act party.

« National's super policy remains unchangedAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Fundsource to update research tool
    “The availability of robust fund research in NZ is sparse on NZ products, albeit with plenty of content available on offshore...”
    5 hours ago by Pragmatic
  • AFAs slow to update DIMS status
    “Well said MPT. It seems that the institutions are well on their way to dominate the personalised investment advice market....”
    3 days ago by macca
  • Are we sicker or just savvier customers?
    “Related to your first bullet point - with advances in medicine, conditions which would previously have seen you shuffle off...”
    3 days ago by dcwhyte
  • AFAs slow to update DIMS status
    “This begs the question has the FMA been incredibly successful or incredibly inept? Apparently 1000+ advisers now either...”
    3 days ago by MPT Heretic
  • PAA axes holiday homes scheme
    “Another way of verbalising the alleged inequity of the proposed cashing out of credits is as follows: The subscribers...”
    4 days ago by Murray Weatherston
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
ANZ 6.74 5.99 5.99 6.29
ANZ Special - 5.49 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 - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - - -
BNZ - Std, FlyBuys 6.74 5.49 5.39 5.55
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
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 - - -
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
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 5.99 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 ▼5.59 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank Special - - 5.39 ▼5.39
Liberty - - - -
Lender Flt 1yr 2yr 3yr
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 6.29
Perpetual Trust 7.70 - - -
Resimac 6.59 ▼5.88 ▼5.86 ▼5.90
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.29
Sovereign Special - 5.59 5.39 5.45
The Co-operative Bank 6.70 5.59 5.39 5.59
Lender Flt 1yr 2yr 3yr
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 5.99 5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.81 5.95 5.89

Last updated: 20 April 2015 7:24am

News Quiz

How many offers have so far been listed on the Government's new Disclose website?

1

4

10

14

41

MORE QUIZZES »

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