Govt gains support for super Bill
The introduction of the New Zealand Labour Party’s superannuation scheme has edged closer following the support of another minor party.
The right-wing ACT Party has indicated it will vote with the Government to introduce the New Zealand Superannuation Bill into Parliament and have it sent to a select committee.
Labour already has the support of its partner in Parliament, the Alliance Party, for the super fund, but needed the support of at least one other party to introduce the Bill.
If the Bill is not approved by Parliament the Prime Minister, Helen Clark, has promised to make superannuation one of the key issues at the next election.
ACT leader Richard Prebble says that while the super plan put together by Finance Minister Michael Cullen is "better than doing nothing", it does have a number of problems.
"The Cullen scheme is not a permanent answer. As proposed, the scheme only smooths out the problem for baby-boomers like the Minister of Finance and myself," Prebble says.
"Labour's present policy does nothing for those under the age of 35,
except make them pay twice."
He says ACT will seek to introduce amendments to the scheme.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
