Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 

Untapped potential for saving at work


Untapped potential for saving at work


Retirement Commissioner Diana Crossan says that the report of the Periodic Report Group (PRG) released today, has key messages for the financial services sector and employers, particularly in the areas of providing quality financial advice and promoting workplace savings.

The Report makes the recommendation that the financial services sector should develop an agreed approach to self-regulation of financial advisers and report to Government with a proposal by the end of 2004.

“It is high time that the industry take this recommendation to heart,” says the Retirement Commissioner. “The need for some action in this area has been talked about for 20 years, and it’s now time to do something about it. Perhaps an independent person is needed to facilitate this process.”

“It is essential that New Zealanders have access to high quality financial advice and that they can trust the advisers they consult. Establishing a transparent approach to self-regulation that helps to raise standards and grow public confidence is essential if people are to be fully supported in making well-informed financial decisions,” says Ms Crossan.

The Retirement Commissioner says the PRG Report also focuses on workplace savings and the untapped potential for initiatives in this area.

“The perception out there is that establishing workplace savings schemes is both difficult and costly. Some employers still believe the product range is very limiting, but this is no longer the case,” says Ms Crossan.

“The superannuation products of yesteryear can be avoided and replaced with new, more flexible product options which better meet changing needs. These combined with new pay roll systems technology can mean providing staff with access to workplace schemes is a great deal easier than it used to be. “I hear employers saying that they want to help their staff, and financial services sector people saying that the good products are out there. So there are obviously opportunities here that need to be grasped. Growing numbers of well-structured workplace savings initiatives would mean that many more New Zealanders can save very efficiently, directly through their pay packets,” says Ms Crossan.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

General Assembly: Ardern Rejects Trump Call For War On Drugs

New Zealand will not be signing the United States' document calling for global action on the war on drugs, Prime Minister Jacinda Ardern says.

Ms Ardern is in New York for the United Nations General Assembly this week, along with about 140 other world leaders.

US President Donald Trump is kicking off his week at the UN by holding an event to promote the US document called the Global Call to Action on the World Drug Problem. More>>

 

Hunting v Pest Control: Tahr Control Needed To Protect Alpine Habitats

A cull of introduced Himalayan tahr browsing conservation land in Kā Tiritiri o Te Moana/ the Southern Alps is needed to protect special alpine plants and their habitats, Conservation Minister, Eugenie Sage said. More>>

ALSO:

Protest At Sea: Judge Discharges Greenpeace Activists

The judge today discharged Norman and Howell without conviction, saying the cumulative consequences of a conviction would be out of proportion to what was “low level” offending off the Wairarapa coast in April 2017. More>>

ALSO:

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels