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
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.
