|
|
ASFONZ opposes generic savings scheme
ASFONZ has made a written submission to the Minister of Finance on the report of the Savings Product Working Group.
Monday, November 15th 2004, 9:31AM
The Association of Superannuation Funds of New Zealand (ASFONZ) has made a written submission to the Minister of Finance on the report of the Savings Product Working Group (SPWG). The SPWG’s report to the Government, which was made public on 15 September 2004, advised on the design and implementation issues to be resolved in delivering a widely adopted generic work-based savings product.
In summarising the key themes of their submission, ASFONZ executive director Bruce Kerr said “ASFONZ strongly supports the establishment of an education and information programme, a streamlining of the existing regulatory regime for savings and the removal of any existing tax disincentives.” Those initiatives were the first two steps along the SPWG’s suggested “pathway” of escalating levels of intervention to increase savings through work-based arrangements.
Kerr added that ASFONZ opposes a mandatory generic savings scheme. “We are concerned that the recommendations presume New Zealand has a retirement problem when the best evidence available indicates that New Zealanders are behaving rationally. There is also the potential for the introduction of a generic savings scheme to cause a change in employer attitudes to workplace superannuation. ASFONZ wholeheartedly endorses the SPWG’s remarks that any new generic scheme would only build slowly, and those gains would be rapidly and materially counteracted if the design features gave either incentive or excuse to close existing schemes and distribute fund balances”.
ASFONZ has recommended that the Minister of Finance carefully considers how any generic savings scheme integrates with and complements employer provided workplace superannuation schemes.
ASFONZ chairman Mike Woodbury added that “ASFONZ considers that initiatives that support and make it easier for employers to offer workplace superannuation schemes, such as greater education and streamlining of the regulatory regime, could result in the desired expansion of workplace superannuation and associated lift in savings. We think that options which make the most of existing workplace schemes should be fully explored before a generic scheme option is seriously considered”.
The full ASFONZ submission can be viewed at http://www.asfonz.org.nz/submissions/SPWG_report.pdf
A press release from the Association of Superannuation Funds of New Zealand
Commenting is closed
|
|
News Bites
Latest Comments
Subscribe Now
News and information about KiwiSaver
Previous News
-
Wednesday, March 27th, 9:03AM
Bayly will talk to coalition partners before any change to KiwiSaver
-
Tuesday, March 26th, 6:40AM
Simplicity takes stake in tax tech company
-
Wednesday, March 6th, 6:00AM
Kiwis, depending on their age group, generally want compulsory KiwiSaver
-
Thursday, February 29th, 6:58AM
KiwiSaver portability settings blocking investors from private asset benefits
-
Wednesday, February 14th, 12:51PM
KiwiSaver reaches $104 billion
-
Friday, February 9th, 9:18AM
Generate cracks $5 bill mark
-
Monday, February 5th, 6:10AM
KiwiSaver investments in harmful stocks plummet
-
Tuesday, January 30th, 1:25PM
Fisher's KiwiSaver FUM sluggish after Kiwi Wealth purchase
MORE NEWS»
Most Commented On
Mortgage Rates Table
Full Rates Table | Compare Rates
Lender |
Flt |
1yr |
2yr |
3yr |
AIA - Back My Build |
6.19 |
- |
- |
- |
AIA - Go Home Loans |
8.74 |
7.24 |
6.79 |
6.65 |
ANZ |
8.64 |
7.84 |
7.39 |
7.25 |
ANZ Blueprint to Build |
7.39 |
- |
- |
- |
ANZ Good Energy |
- |
- |
- |
1.00 |
ANZ Special |
- |
7.24 |
6.79 |
6.65 |
ASB Bank |
8.64 |
7.24 |
6.79 |
6.65 |
ASB Better Homes Top Up |
- |
- |
- |
1.00 |
Avanti Finance |
9.15 |
- |
- |
- |
Basecorp Finance |
9.60 |
- |
- |
- |
Bluestone |
9.24 |
- |
- |
- |
Lender |
Flt |
1yr |
2yr |
3yr |
BNZ - Classic |
- |
7.24 |
6.79 |
6.65 |
BNZ - Green Home Loan top-ups |
- |
- |
- |
1.00 |
BNZ - Mortgage One |
8.69 |
- |
- |
- |
BNZ - Rapid Repay |
8.69 |
- |
- |
- |
BNZ - Std, FlyBuys |
8.69 |
7.84 |
7.39 |
7.25 |
BNZ - TotalMoney |
8.69 |
- |
- |
- |
CFML Loans |
9.45 |
- |
- |
- |
China Construction Bank |
- |
7.09 |
6.75 |
6.49 |
China Construction Bank Special |
- |
- |
- |
- |
Co-operative Bank - First Home Special |
- |
7.04 |
- |
- |
Co-operative Bank - Owner Occ |
8.40 |
7.24 |
6.79 |
6.65 |
Lender |
Flt |
1yr |
2yr |
3yr |
Co-operative Bank - Standard |
8.40 |
7.74 |
7.29 |
7.15 |
Credit Union Auckland |
7.70 |
- |
- |
- |
First Credit Union Special |
- |
7.45 |
7.35 |
- |
First Credit Union Standard |
8.50 |
7.99 |
7.85 |
- |
Heartland Bank - Online |
7.99 |
6.69 |
6.45 |
6.19 |
Heartland Bank - Reverse Mortgage |
- |
- |
- |
- |
Heretaunga Building Society |
8.90 |
7.60 |
7.40 |
- |
HSBC Premier |
8.59 |
- |
- |
- |
HSBC Premier LVR > 80% |
- |
- |
- |
- |
HSBC Special |
- |
- |
- |
- |
ICBC |
7.85 |
7.05 |
6.75 |
6.59 |
Lender |
Flt |
1yr |
2yr |
3yr |
Kainga Ora |
8.64 |
7.79 |
7.39 |
7.25 |
Kainga Ora - First Home Buyer Special |
- |
- |
- |
- |
Kiwibank |
8.50 |
8.25 |
7.79 |
7.55 |
Kiwibank - Offset |
8.50 |
- |
- |
- |
Kiwibank Special |
- |
7.25 |
6.79 |
6.65 |
Liberty |
8.59 |
8.69 |
8.79 |
8.94 |
Nelson Building Society |
9.00 |
7.75 |
7.35 |
- |
Pepper Money Advantage |
10.49 |
- |
- |
- |
Pepper Money Easy |
8.69 |
- |
- |
- |
Pepper Money Essential |
8.29 |
- |
- |
- |
Resimac - LVR < 80% |
8.84 |
▼8.09 |
▼7.59 |
▼7.29 |
Lender |
Flt |
1yr |
2yr |
3yr |
Resimac - LVR < 90% |
9.84 |
▼9.09 |
▼8.59 |
▼8.29 |
Resimac - Specialist Clear (Alt Doc) |
- |
- |
8.99 |
- |
Resimac - Specialist Clear (Full Doc) |
- |
- |
9.49 |
- |
SBS Bank |
8.74 |
7.84 |
7.45 |
7.25 |
SBS Bank Special |
- |
7.24 |
6.85 |
6.65 |
SBS Construction lending for FHB |
- |
- |
- |
- |
SBS FirstHome Combo |
6.19 |
6.74 |
- |
- |
SBS FirstHome Combo |
- |
- |
- |
- |
SBS Unwind reverse equity |
9.95 |
- |
- |
- |
Select Home Loans |
9.24 |
- |
- |
- |
TSB Bank |
9.44 |
8.04 |
7.55 |
7.45 |
Lender |
Flt |
1yr |
2yr |
3yr |
TSB Special |
8.64 |
7.24 |
6.75 |
6.65 |
Unity |
8.64 |
6.99 |
6.79 |
- |
Unity First Home Buyer special |
- |
- |
6.45 |
- |
Wairarapa Building Society |
8.60 |
6.95 |
6.85 |
- |
Westpac |
8.64 |
7.89 |
7.49 |
7.25 |
Westpac Choices Everyday |
8.74 |
- |
- |
- |
Westpac Offset |
8.64 |
- |
- |
- |
Westpac Special |
- |
7.29 |
6.89 |
6.65 |
Median |
8.64 |
7.29 |
7.32 |
6.65 |
Last updated: 28 March 2024 9:42am |
|
|