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Retirement Commissioner welcomes removal of barriers for employers

Diana Crossan says the changes under the Business Law Reform Bill are good news for employers involved in superannuation

Wednesday, April 28th 2004, 5:37PM
The Retirement Commissioner, Diana Crossan, said that the changes under the Business Law Reform Bill that came into effect last week are good news for employers involved in superannuation.

Since June 1998 employer-based superannuaiton schemes have been required to produce a prospectus in relation to those schemes.

"Employers running workplace superannuation schemes no longer have to go through the expensive process of producing a prospectus. They will be better able to offer superannuation scheme to their staff" said Ms Crossan.

"Employers used to have to produce this often lengthy, technical document, regardless of whether it was of any benefir to members, at a cost of sometimes tens of thousands of dollars.

"Effectively, this law change means a significant barrier has been removed for employers offering retirement saving schemes to their employees. I applaud this as we know that saving at work is one of the most effective and efficient ways to save" said Ms Crossan.

The exemption applies to any "employer superannuation scheme", which means a registered scheme open to employees of an employer or of an employer's associated persons, where the sceme is promoted by the employer. To get the benefit of the prospectus exemption, the employer must subsidise or meet expenses for the scheme.

The Retirement Commissioner also commented that at a wider level New Zealand is fortunate to have a fundamentally sound retirement income system that only requires adjustment from time to time. This change to disclosure, in addition to the tax xhanges earlier this month applying to saving in workplace superannuation schemes, are examples of how we can make adjustments to the system to make it fairer and more affordable, she says.

"What we don't need as a country is large-scale change, where we lurch from one system of retirement income policy to another. Instead, we are seeing incremental change when it is necessary," says Ms Crossan.

"Key to all this is the fact that New Zealanders want stability and as much certainty as possible around their retirement savings," says Ms Crossan.

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