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.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On John Key’s Trip To Iraq

In the embedded press coverage on this trip, the absence so far of any evaluation of the wider context of what New Zealand thinks it is doing at Camp Taji has been striking. More>>


Labour: Parata Puts Brakes On Charter School Appraisal

“When the Ministry of Education recommended they compare the achievements of children at charter schools to those of their counterparts at state schools, the documents show Hekia Parata specifically prohibited them from doing so." More>>


Bad Day For Universities: Gun, Bomb Threats On Three Campuses

Dunedin Police are continuing their investigation into the threat made against the University of Otago. Staff are following a number of lines of inquiry, and police are working to verify the authenticity and source of the post. More>>


Gordon Campbell: On The TPP Deal Reached In Atlanta

Yes, the TPP has helped to knock a few points off the tariffs facing our exporters. Yet some of those alleged dollar gains may well have been made regardless over time – and without the negative baggage of the concessions in the non-trade areas (intellectual property, copyright extensions, investor-state dispute mechanisms etc) that the TPP deal also brings in its wake. More>> (Cartoon by Dave Wolland)

Public Summaries:


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>>


Pre-Signing: Gordon Campbell On The TPP Countdown

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:

    Get More From Scoop



    Search Scoop  
    Powered by Vodafone
    NZ independent news