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


Stop the Billion Dollar Kiwisaver Rort, Introduce Kiwifund

Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
30 JUNE 2016

Stop the Billion Dollar Kiwisaver Rort, Introduce Kiwifund

New Zealand First’s KiwiFund would stop the billion dollar rip-off New Zealanders are paying in fees to KiwiSaver providers, New Zealand First says.

“Private KiwiSaver providers are treating Kiwis as ‘cash cows’, while KiwiFund would protect New Zealanders’ savings by being a government guaranteed fund with minimal fees,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.

“There is a stark comparison between KiwiSaver, which allows private enterprise to manage savings and takes about $300 million a year in fees, and the New Zealand Superannuation Fund, run by the state, which costs about $4.5 million a year to manage.”

“Both KiwiSaver and the Cullen Fund are worth about $30 billion each.

“Speaking for the Finance Minister in Parliament today Steven Joyce claimed that the appointment of nine default providers had led to lower fees.

“What Mr Joyce failed to mention is there are a raft of fees besides a base administration fee.

“He neglected to mention that fund managers will be collecting more and more money as people’s savings grow, as the fees are a percentage charge on the saver’s balance.

“The National government handed over this financial bonanza to their private company mates to gorge on even though KiwiSaver was supposed to be a low-cost savings scheme.
“That’s exactly what New Zealand First’s KiwiFund is and it would mainly invest in New Zealand assets and infrastructure.
“We would have money to invest in Auckland’s infrastructure and not have to endure the pitiful sight of Mr Key going cap and hand to China floating the idea that they invest in our infrastructure,” Mr Peters says.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Government: Northland To Move To Orange, NZ Prepared For Omicron

Northland will move to Orange at 11:59pm tonight, 20 January 2022, while the rest of New Zealand will remain at Orange as the Government prepares for Omicron to enter the community.
“Vaccination rates have continued to increase in Northland and are now at 89 percent first dose. The easing of the Auckland boundary over summer did not drive an increase in cases so we believe it is safe for Northland...


Gordon Campbell: On Responding To The Need In Tonga

The power of the Tonga eruption (and the size of the aid response being mounted) have been sobering indications of the scale of this disaster. The financial impact is certain to exceed the damage done by Cyclone Harold two years ago, which was estimated at the time to cost $US111 million via its effects on crops, housing and tourism facilities. This time, the tsunami damage, volcanic ash, sulphur dioxide contamination and villager relocation expenses are likely to cost considerably more to meet...


Science Media Centre: Omicron Outbreak Would Move The Country To Red - Expert Reaction

The Prime Minister has announced if Omicron cases spread into the community, the country will move to the traffic light system's Red setting within 48 hours. Jacinda Ardern also mentioned there will be changes to the country's testing regime, with more use of Rapid Antigen Tests... More>>

Government: New Zealand Prepared To Send Support To Tonga

New Zealand is ready to assist Tonga in its recovery from Saturday night’s undersea eruption and tsunami, Foreign Affairs Minister Nanaia Mahuta and Defence Minister Peeni Henare said today... 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>>

Statistics: Departures Lift Border Crossing Numbers

The number of people crossing New Zealand’s border went up in November 2021, mostly due to an increase in departures, Stats NZ said today. There were 28,700 border crossings in November 2021, made up of 12,300 arrivals and 16,400 departures... More>>

Financial Services Federation: Open Letter To Government From Non-bank Lenders: The Path Forward On CCCFA Changes
Responsible lenders are not interested in telling the Government “I told you so” when it comes to unintended consequences of changes to lending laws that are now causing grief for everyday Kiwis seeking finance... More>>

CTU: Too Many Kiwi Workers Financially Vulnerable As Omicron Looms
With New Zealand on the precipice of an Omicron outbreak and the economic upheaval that comes with it, the CTU’s annual Mood of the Workforce Survey shows the vast majority of kiwi workers do not have the financial resources to survive a period of unemployment... More>>




InfoPages News Channels