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

 


Government Backs $22 Billion Kiwisaver Ripoff

Rt Hon Winston Peters

New Zealand First Leader

22 October 2013  

Government Backs $22 Billion Kiwisaver Ripoff

Rt Hon Winston Peters has accused the Government of failing KiwiSaver contributors by allowing the finance industry to take more than $22 billion from them over the next thirty years.

He questioned the Prime Minister in Parliament today about the wisdom of leaving pensions funds entirely in private hands bearing in mind that John Key’s former US employer Merrill Lynch lost NZ$53.5 billion of pension funds in 2001.

Mr Peters says it’s ironic that Mr Key has the cheek to criticise the new New Zealand First KiwiFund while backing private companies who make huge profits without any guarantee of contributors’ funds.

“This is the way this Government works and it shows the real agenda of the National Party.

“They back any scheme that pours money into private companies – especially foreign owned ones – and when Kiwis need support they look the other way.”

New Zealand First warned there would be ‘howls of outrage’ from private funds managers and a concerted misinformation campaign over the new KiwiFund policy, and “true to form” that has been the case.

“The Financial Services Council was one of the first out of the gate and the National Party and some commentators have been wrongly claiming we plan to ‘nationalise’ KiwiSaver.

“This couldn’t be further from the truth. All we are offering is an alternative, albeit a far superior and safer one.

“KiwiFund will offer minimal fees because its purpose is to maximise returns to savers, not to make profits for fund managers.

“KiwiFund will also guarantee that savers, at a minimum, will get back their capital plus inflation.

“With current providers, savers carry all the risk. They may save for years but lose the bulk of their savings if a provider fails,” says Mr Peters.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Post-Traynor: New Offender Info Sharing Plan

“This Bill delivers on that step-change by moving away from name-based records held by individual agencies to a shared, anchor identity based on unalterable information, such as fingerprints and facial recognition. It also gives agencies access to the drivers’ licence photo database and birth, death and marriages information." More>>

  • NZ Law Foundation - New $2M fund for research on information challenges
  • Littoral: New Ship To Deliver Enhanced Naval Capability

    Defence Minister Gerry Brownlee says the Government has approved a Ministry of Defence and New Zealand Defence Force recommendation to request tenders for a new naval ship to support littoral operations. More>>

    July:

    After King's Labour Snub: Māori Party And Kiingitanga To Work Together

    Māori Party Co-leaders Te Ururoa Flavell and Marama Fox met with Kiingitanga representatives in Wellington yesterday to discuss working together on key issues for the betterment of Māori. More>>

    ALSO:

    Waitangi Claim On Rehabilitation: The 'Justus' System For Māori Not Good Enough

    Closing statements at the Waitangi Tribunal case against Corrections called for immediate steps and a comprehensive review to address the high rate of Māori reoffending. More>>

    ALSO:

    Advice: PM Sets Rules For Ministers' Treatment Of Public Servants

    Prime Minister John Key has laid down the law about the way ministers and public servants should interact, saying ministers may not always like the advice they receive, but they must listen to it carefully, respectfully and professionally. More>>

    Gordon Campbell: On The Funding Changes In Special Needs Education, And Uber

    The plan to strip out the educational support for older “special needs” children in order to meet the existing shortfall in funding for special needs in early childhood education is so miserly and relentlessly stupid as to defy belief… More>>

    SPECIAL EDUCATION (& More):

    Online Learning Plans:

    Post Cab Presser: Inquiries And Consciences

    This afternoon the Prime Minister John Key announced that his cabinet had drafted terms of reference for the Havelock North water contamination inquiry... In response to questions on the Shop Trading Hours Amendment Bill, the Prime Minister said he didn't think allowing National MPs a conscience vote was warranted. More>>

    ALSO:

    Statistics, Homelessness, Privacy: Auckland City Mission Data Joins Govt Research Database

    For the first time, data from an agency outside government, Auckland City Mission, will be included in Statistics New Zealand’s vault of information for researchers. Data from the Auckland City Mission is going into the “Integrated Data Infrastructure” or IDI. More>>

    Get More From Scoop

     

    LATEST HEADLINES

     
     
     
     
     
     
     
     
     
    Parliament
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news