Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Red Tape Killing Super Schemes

Red Tape Killing Super Schemes

Friday 9 Nov 2001 Richard Prebble Press Releases -- Superannuation

A report that workplace superannuation schemes are becoming a thing of the past, should alarm the government, ACT leader Richard Prebble says.

The Association of Superannuation Funds yesterday said less than 15 percent of employees were now members of workplace super schemes - down from almost 25 percent in 1990 - with many more schemes in the process of winding up.

"There are now very few schemes outside central and local government," Mr Prebble said.

"Employers say that onerous reporting requirements placed on them by Parliament, is the main reason why workplace super schemes just aren't worth the time and trouble.

"It's not just the need to issue a prospectus but also the requirement to give detailed reporting on the fund's performance. Such reporting is not only expensive but also fairly meaningless for long-term investments.

"For example, a scheme that had to report in late September would have alarmed its contributors with news of a dramatic drop in the sharemarket, which now appears to have been short-lived.

"The regulations surrounding workplace super schemes are another example of the fundamentally anti-business attitude of both the government and the bureaucracy. The fact is, no super scheme registered with the government actuary has ever gone bust.

"Parliament was curing a problem that didn't exist and the cure has killed super schemes.

"The government would have been better off cutting unnecessary red tape from private super schemes rather than adopting the Cullen proposal which is a highly-risky schedme to borrow $2 billion a year and take a punt on the share market," Mr Prebble said.


For more information visit ACT online at or contact the ACT Parliamentary Office at

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Politics Of Scaring Voters Back Into Line

Fear has always been a useful mobilising tool in politics… yet in 2017, bogeymen of all shapes and sizes seem to have fallen on hard times. For years, the National party had painted itself as being the only reliable defensive bastion against the terrifying prospect of a centre-left government…

In fact, the polls suggest that the public seems to quite like the new government, its Prime Minister, and its proposed plan of action. Somehow, even though a Labour/Greens/NZ First government is in power, the sun is still rising and setting, on time. More>>


Gordon Campbell: On Drinking Water As A Failure Of Political Leadership

It is almost possible to feel sorry for the Health Ministry in their terrible, no good, very bad week... More>>


Gordon Campbell: On Saying ‘Work For The Dole,’ Nicely

As New Zealand First learned the hard way from its two previous periods in government, small parties in MMP coalitions get blamed for the unpopular stuff done by their senior partner in power, but no one remembers the good stuff the junior player brought to the table... More>>


Seismic Blasting: Greenpeace Launches Legal Challenge Against Amazon Warrior

A legal challenge against the world’s largest seismic oil exploration ship was launched at a public rally on Parliament Lawn. More>>


Tertiary: 80,000 People Eligible For Fees Free

The Government has today made good on its 100-day promise of delivering the first year of fees-free post school training and education and industry training from 1 January next year, says Education Minister Chris Hipkins. More>>


PM's Presser: Rebuilding Cathedrals, Felling Trees

Prime Minister Jacinda Ardern attended the press conference today with Minister for Greater Christchurch Regeneration Dr Megan Woods to announce urgent legislation this week for the rebuilding of the Christ Church Cathedral. More>>





Featured InfoPages