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Agreeing with policians - yuk!

Thursday, March 1st 2007, 11:01PM

by Philip Macalister

It's not often I can say I agree with politicians - especially two who are opposites

For some time now I have been watching this perception develop that KiwiSaver will morph into a compulsory super scheme in no time at all.

Indeed it was an underlying theme I took away from last year's Conferenz-organised superannuation summit which I chaired.

There Tower's Tony Hildyard even argued that KiwSaver would be a compulsory scheme before the next election.

These thoughts have been fuelled by a Herald poll and editorial which essentially argue the time is right.

Well it's all bollocks.

Kiwis have said for years that they want compulsory savings. Russell Hutchinson provides a useful take on this in his Moneyblog.

I have for years argued these poll results are meaningless.

Where I agree with politicians is firstly with this presser from National's Bill English where he quite rightly points out the Australian system is very different to NZ (low and tight state scheme along with payroll tax versus universal state scheme and voluntary workplace savings).

Secondly Finance Minister Michael Cullen has always opposed compulsion. His argument (which some from the right will struggle with) is that compulsion is interfering too much in individuals' lives.

But, yesterday, in Parliament he put up a good case.

My take on it is simple and pragmatic. KiwiSaver is here to stay. Learn about it and how to make money from the scheme.

Secondly don't get caught up in all this speculation about compulsion. It's wishful thinking.

« Adviser associations happily co-operating. Yeah rightKiwiSaver: The journey begins »

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AIA - Back My Build 6.19 - - -
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ANZ 8.64 7.74 7.39 7.25
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BNZ - Classic - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
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Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
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Pepper Money Advantage 10.49 - - -
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SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
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TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
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Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
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Median 8.64 7.14 6.82 6.65

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