Parliament

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

 

Global gamble costs super fund $5000 per member


Global gamble costs super fund $5000 per member

The Green Party has slammed the performance of the Government Superannuation Authority in managing to lose almost $400 million in overseas sharemarket speculation.

The financial review of the Authority revealed that in its first eleven months of operation it has lost $388 million on its foreign sharemarket investment, a loss of 29 per cent on the $1.323 billion invested. When spread across the 74,464 members of the fund that averages out at $5210 per member.

"I can't believe that every other party in Parliament is satisfied with the performance of the Authority," said Green Co-leader Rod Donald, who has filed a hard-hitting minority report on the debacle.

"Instead of calling the Authority to account for gambling away the savings of the retired public servants the rest of the committee has accepted pathetic excuses for losing what in anyone's terms is an enormous sum of money."

The Green Party was critical of the Labour Government's decision to change the fund's investment strategy last year, claiming it would be foolish to shift the $3.5 billion fund out of Government bonds and on to the sharemarket.

"Unfortunately our concerns have been vindicated," said Rod Donald.

"What's worse is that the Government remains determined to follow the same investment strategy for the New Zealand Superannuation Fund, which we believe will lead to even more disastrous results.

"In our view it would be more sensible to meet the retirement needs of future superannuitants by investing right now in our young people and in environmentally sustainable infrastructure rather than taking a punt on the overseas share market."


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Sending An Orion P-3 To Tonga


Because the undersea volcanic eruption in Tonga cut communications with the more remote parts of the country, it wasn’t at all surprising that as a good Pacific neighbour, New Zealand sent a reconnaissance aircraft up there to gather information about the extent and location of the damage. The more interesting thing was which plane we sent. It was an old P-3K Orion. It wasn’t one of the four fancy P-8 Poseidons that the New Zealand taxpayer spent north of $3 billion to purchase and to equip, only a few years ago...
More>>



 
 



Ministry of Health: COVID-19 Immunisation Starts For 5 To 11-year-old Tāmariki

More than 120,000 doses of the child (paediatric) Pfizer vaccine have been delivered to over 500 vaccination sites around New Zealand as health providers prepare to start immunising 5 to 11-year-olds tamariki from today, 17 January... More>>


Crown: Duke Of York’s NZ Military Patronage Appointment Ends
Buckingham Palace has recently announced that, with the Queen's approval and agreement, the Duke of York’s military affiliations and Royal patronages have been returned to the Queen... More>>


Government: Have Your Say On Proposed Changes To Make Drinking Water Safer
Associate Minister for the Environment Kiri Allan is urging all New Zealanders to give feedback on proposed changes aimed at making drinking water safer. “The current regulations are not fit for purpose and don’t offer enough protection, particularly for those whose water comes from smaller supplies... More>>




Financial Advice NZ: Law Changes Locking Out Home Seekers, Urgent Meeting Sought With Government

Recent changes in consumer finance law on top of Government policy changes are locking many home seekers out of finance options they would have qualified for just six weeks ago, says Financial Advice New Zealand... More>>

Energy: Powering NZ’s Future With Biofuels
The Government will introduce a Sustainable Biofuels Mandate to help reduce greenhouse gas emissions in the transport sector, Energy and Resources Minister Megan Woods said today... More>>

National: Three Waters Mandate Predetermined From The Start
Labour’s decision to force the Three Waters asset grab on every council in the country was made back in July, showing that their subsequent “engagement” with councils was a total sham, National’s Local Government spokesperson Simon Watts says... More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels