About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Monday, March 30th, 4:30PM
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
  • What is the value of CPD?
    “With respect Pragmatic and JM, in this instance, G.Lindsay's point is fair. Where does a Risk Specialist AFA go for relevant...”
    3 days ago by dcwhyte
  • Clients complain about adviser fees
    “All quite good comments really. The issue about not getting paid is clear communication/disclosure to clients. How do...”
    4 days ago by gavin austin adviser business compliance
  • Trauma problematic, Fidelity boss says
    “New product? This seems nothing more than the old Lifecare product Fidelity has had for ages, just now available on a standalone...”
    4 days ago by Tash
  • What is the value of CPD?
    “Even though I was waiting for it, I still get heartily sick of assertions that pension funds are the only way, and nobody...”
    4 days ago by Dirty Harry
  • Watch out for the newly promoted income protection client
    “The design aspect cuts both ways, presently it usually works in favour of the client as they often have a drop off in income...”
    4 days ago by RiskAdviser
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 5.89 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 5.59
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 - - -
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 5.69 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.55
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 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 5.92 5.95 6.04
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 6.39
Sovereign Special - 5.59 5.39 5.59
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 5.89 5.97 5.99

Last updated: 30 March 2015 10:22am

News Quiz

Who's ceo has just received the 2015 Women’s Empowerment Principles (WEP) CEO Leadership Award in a ceremony at the UN headquarters in New York, being only the second NZ ceo chosen for the honour?

Sovereign

Fisher Funds

Partners Life

Fidelity Life

MORE QUIZZES »

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