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

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news