About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, May 29th, 5:56PM
rss
Latest Headlines

Experts now wanted as guardians

Wanted: About half a dozen people to guard billions of taxpayers' dollars.

Thursday, December 20th 2001, 12:05PM

by Philip Macalister

The Government has now officially started looking for people to be 'Guardians' of its multi-billion New Zealand Superannuation Fund.

The so-called guardians are essentially the board which will run the fund, that is being established to help pay for some of the future costs of the state pension.

Finance minister Michael Cullen earlier said that the guardians would be a group of people which represent New Zealand society. He envisaged this group would include investment professionals as well as people representing the elderly (eg: Grey Power/Age Concern), workers (unions) etc.

However, a spokesman from his office says that that idea "has gone by the wayside."

The criteria now is that a guardian has to have "financial expertise".

An independent committee, which is chaired by Investment Savings and Insurance Association chief executive Vance Arkinstall, is charged with making nominating people to be guardians. The appointments are then made by Cullen. (Other people on the nominating committee are former Colonial First State Investment chief executive Bruce Abraham, Te Runanga o Ngai Tahu ceo Sid Ashton, New Zealand Businesses for Social Responsibility executive director Annette Lusk, and financial planner Rodger Spiller).

Cullen can only appoint people as Guardians if they have been nominated by the committee. However, he can indicate to the committee people they should consider including in their list.

Arkinstall says Cullen has made no indications of who he would like to see nominated.

Cullen says he hopes to be able to name the guardians of the fund by February.

The fund stared on July 1 this year and each fortnight the Government makes a payment of about $23 million. In this financial year it is planning to put $600 million into the fund and these contributions are set to rise to $2 billion.

Currently the money is paid into an account that is managed by Treasury's Debt Management Office and the money is invested in the money market.

However, once the guardians are appointed they will have to develop an appropriate investment strategy for the fund that meets its mandated goals.

Assuming the fund is invested in the same manner as the Government Superannuation Fund (the fund used to pay state employees' pensions) about half of the fund will be invested in international shares (evenly split between active and passive), 14% in New Zealand shares and the balance in fixed interest.

A recruitment agency is currently running newspaper advertisements looking for non-executive directors for Guardians of the New Zealand Superannuation Fund. The board will have between 5 and 7 directors including a chairman and deputy chairman.

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

« Act at sixes and sevens on superAMP & Good Returns launch superannuation website »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • FMA starts major investigation into churn
    “A review of churn, alongside a review of commissions, is going to eventually bring us to an obvious conclusion - level commissions...”
    2 hours ago by Goldstar
  • FMA starts major investigation into churn
    “Does anyone know if the Banks are included in this fishing exercise? And how will the FMA be able to differentiate between...”
    1 day ago by I was wondering
  • Getting to know...Peter Leitch
    “And a thoroughly nice guy to boot. "Good on yer, Peter! We need more advisers of your ilk" (Wonder how many will scurry...”
    1 day ago by Robert Oddy
  • Did issues paper miss opportunities?
    “This response is an attempt to get some debate going here. Angus is reported as making 3 major points here. I would grade...”
    1 day ago by Murray Weatherston
  • Getting to know...Peter Leitch
    “Never met the Mad Butcher, I am sure he is a nice chap. I have met this Peter Leitch and he is definitely a nice chap; and...”
    1 day ago by Giles Thorman
Subscribe Now

News and information about KiwiSaver

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.59 5.59 5.59
ANZ Special - - 5.39 -
ASB Bank 6.75 5.99 5.99 5.99
ASB Bank Special - 5.35 5.39 5.39
BankDirect 6.75 5.99 6.09 5.99
BankDirect Special - 5.35 5.39 5.39
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - - -
BNZ - Std, FlyBuys 6.74 5.35 5.39 5.49
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 6.45 - - -
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 5.35 5.35
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 5.39 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 5.35 5.35
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 ▼5.35 ▼5.39 ▼5.39
Sovereign Special - - 5.39 5.39
The Co-operative Bank 6.70 5.29 5.39 5.49
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 ▼5.55 ▼5.55 ▼5.75
TSB Special - - 5.29 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 ▼5.59 ▼5.59 ▼5.59
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - 5.25 5.39 -
Median 6.70 5.70 5.59 5.67

Last updated: 29 May 2015 5:26pm

News Quiz

Along with Good Shepherd NZ, Ministry of Social Development and The Salvation Army which bank is involved with the No Interest Loan Scheme (NILS)?

BNZ

ANZ

Westpac

ASB

Kiwibank

MORE QUIZZES »

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