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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
