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


New Super Fund to Replace Kiwisaver $22 Billion Gravy Train

Rt Hon Winston Peters

New Zealand First Leader

20 October 2013  
New Super Fund to Replace Kiwisaver $22 Billion Gravy Train
A new superannuation fund to save billions of dollars for KiwiSaver contributors over the next thirty years will be a central plank for New Zealand First at the 2014 General Election.
An outline plan of “KiwiFund” has been announced by Rt Hon Winston Peters in his keynote Leader’s address at the party’s annual convention in Christchurch today.
Mr Peters told delegates that private funds managers were sucking the lifeblood out of KiwiSaver, and in five short years had already taken $325 million in management and investment fees.
“Independent forecasts show that over the next thirty years these funds managers will take more than $22 billion from KiwiSavers and there is no government guarantee that the remaining funds will be safe.
“There is huge pressure from the finance industry to get their hands on more retirement funds. The figures show these companies will make spectacular profits at the expense of people saving for their retirement. 
“Our plan is to change KiwiSaver so that it is a truly government-backed and managed retirement fund. Because of the economies of scale, and the elimination of hordes of ticket clipping fund managers, costs will be greatly reduced. People who pay into KiwiSaver will get their full return.”
Under the New Zealand First plan, KiwiFund will be government-guaranteed and it would invest substantially in New Zealand.
“People saving through KiwiFund will be buying back New Zealand.  KiwiFund will invest in buying back farmland, state assets and critical infrastructure. Funding will also be provided to support smart local companies to develop new products and create jobs.
“We have to invest in our own future. Overseas pension funds and corporate investors can hardly believe their luck – and are buying up everything they can in New Zealand.
“New Zealand First says its time to stop this sell out. We are already well down the road to serfdom in our own country.”
Mr Peters warned there would be “howls of outrage” from the private funds managers who would “fight to the death” to retain their $22 billion gravy train.
“In the United States, private funds managers lost billions of dollars of pension funds during the 2008 financial crisis. We simply cannot afford to let that happen to the retirement savings of New Zealanders.
“KiwiFund will enable us to build a high performance economy from which all New Zealanders will get the benefit,” said Mr Peters.

© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Wellington.Scoop: Serco – First The Prisons, And Now It Wants To Run The Trains

As the government continues its inquiry into Serco’s discredited administration of Mt Eden prison in Auckland, here in Wellington there’s further scrutiny of the British outsourcing company – because it’s competing to take over the running of our commuter trains. More>>


Gordon Campbell: On The TPP Countdown, And Mary Margaret O’Hara

To date, the Key government has been unwilling to share any information about this TPP deal until it is too late for outraged public opinion to affect the outcome... the disclosure process is likely to consist of a similarly skewed and careful exercise in spin. More>>


Australia Deportations: English Relaxed On Immigration Centre Conditions

Labour's Annette King: “There have been numerous reports from inside these detention centres on just how bad conditions are... If they were being held in any other foreign jail, I imagine Mr English would be somewhat concerned. More>>


Schools: Achievement-Based Funding Would Be A Disaster

The Education Minister’s speech to the PPTA Conference raising the spectre of achievement data driving a new funding system would be disastrous, says NZEI Te Riu Roa. More>>

  • Video Out-Link - PPTA Annual Conference 2015 on Livestream (Q+A dicussion suggests funding would be directed to less successful schools.)

  • ALSO:

    ECE Report:

    Key In NY: Prime Minister Addresses United Nations

    Prime Minister John Key has addressed the United Nations General Assembly in New York, focusing on a call for action in Syria and on other conflicts, reform of the veto process and on the UN’s Sustainable Development Goals. More>>.


    Gordon Campbell: On The Lack Of Accountability Over Philip Smith

    In New Zealand, accountability is an exotic creature rarely glimpsed at ministerial level, or among senior management. The flight to Rio by the paedophile /murderer Philip John Smith/Traynor is no exception. More>>


    More On Corrections

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news