Finance Minister Michael Cullen has welcomed the latest International Monetary Fund (IMF) report on New Zealand, which includes commendation on the idea of pre-funding New Zealand Superannuation.
"The IMF has commended the Government's plans to partially pre-fund future pension costs," Dr Cullen says. "However the Government cannot endorse the IMF's continued pressure for cuts to NZ Super."
"We plan to cement current entitlements into legislation, including eligibility from age 65. We recognise that changes in life expectancy and medical science may lead some future government to consider raising the age above 65 but would expect that any such review would be 25 to 30 years away," Dr Cullen says.
For more on the superannuation issue visit www.supertalk.co.nz
Challenger comes to market
Challenger International has rolled out the retail version of its UK-based Australia and New Zealand share fund.
The fund, which is run by Global Asset Management, is an open-ended investment company (OEIC) and isn't subject to capital gains tax like a locally based fund.
While the fund is GAM's, Challenger's subsidiary Coronet Asset Management advisers the company where to invest the money.
The fund charges an upfront entry fee of 5% and an annual management fee of 2%.
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Index change
Because Natural Gas Corporation has moved to compulsorily acquire all the outstanding shares in TransAlta, TransAlta is being removed from the NZSE 40.
Listed UK investment trust Foreign and Colonial is now included in the Top 40. Its weighting is 1.72% of the index.
Money talks
Armstrong Jones has launched a new website called Moneytalk (www.moneytalk.co.nz).
Besides all the standard stuff, such as information about the company, its people and products, there is a range of educational material, Financial Passages and an overview on the basics of investing.
UDC's new rates
UDC has revised some of its deposit rates for the month of November.
The new rates are:
UDC Secured Term Investment: 7.5% Rate, fixed for 3 years, annual interest. Minimum Investment $25,000
UDC Telephone Call Account: 6.15% for $100,000 and over, 6% for $20,000 to $100,000 and 5.75% for $5,000 to $20,000.
UDC Secured Term Investment 2 year rate: 7% annual interest. Minimum Investment $25,000
Two sponsors signed
Two major fund managers, BT Funds Management and Colonial First State have signed up as platinum sponsors of the Financial Planners and Insurance Advisers conference in Christchurch next year.
For more information on the conference and to keep up to date with developments Click Here.
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