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

 

Auckland Relocation Grants: 12 Grants Paid So Far

Since the policy took effect one month ago, 12 applicants have received the non-recoverable grant, supporting 32 people. $54,508 has been paid out, covering things like moving costs, bond, rent in advance and letting fees. More>>

ALSO:

Vaccine Funding Change: HPV Vaccines For All Children

PHARMAC has today announced changes to funded vaccines, which will benefit an extra 100,000 people... The human papillomavirus (HPV) vaccine will be available for all children and adults up to the age of 26 years, and boys will now be included in the HPV school vaccination programme. More>>

ALSO:

Gordon Campbell: On Why The Opinion Polls For Key And Trump Defy Gravity

What is going on? Donald Trump got confirmed as the Republican presidential candidate at a bizarrely chaotic political convention… and promptly received an upwards bump in the polls to where he’s now rating ahead of Hillary Clinton, for only the second time this year. More>>

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news