Super fund under fire
New Zealand's National Party has criticised the Government's proposed superannuation fund, claiming it would contribute only a tiny percentage of the cost of future pensions.
Finance spokesman for the opposition National Party Bill English says the fund would only contribute about NZ$9 to a NZ$325 per week married couple's pension when the scheme is scheduled to begin paying out in 2030.
English says Treasury figures show that even at its peak, the Government super fund would only contribute 14.1 per cent of the cost of the average pension.
However, Finance Minister Michael Cullen says the Opposition analysis is flawed, as the Government would reinvest the tax it received on the fund's earnings.
Cullen says by using these figures, the fund would contribute close to a quarter of the cost of future pension liabilities.
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
