KiwiSaver scheme, the poll

[beyond]

One of my concerns is a lack of guarantee on returns as highlighted by Gareth Morgan last night.

My sentiments exactly!

Picture you are five years from retirement and tossed all your spare mulla into this scheme. Then they fold or it gets mismanaged and we have Equiticorp all over again.

You go into retirement with zilch while some of your mates live off the rent on four rentals.

[James Deuce]

You contridict my superannuation provider. Where are you getting this from?

The paper this morning.

[SimJen]

Its bullshit, heaps of big NZ companies are shutting up and relocating overseas, and then the government expects these companies to start making their own contribution at a slowly ramping rate, effectively negating any effect of the company tax break.....typical homo Cullen. smug little rodent!
It won't last, as soon as the next party gets in it will be canned, unless labour pass another law too stop it......seems they can do anything whether its wanted by the people or not.
I for one, definately won't be joining it. I prefer my money (or tax if you like) to be in my hands not a false facade for a future retirement income that won't happen.
Like someone said, not everyone will make it to 65 I expect my other investments will see me through retirement if I make it anyway.

[Storm]

You all know what to do at the next election folks

[McJim]

I think it's a great idea - we all put in 4% of our income to save the Kiwi. Apparently they are an endangered species after all......

Only this government could come up with something so lame - should have called it New Zealand Saver. You don't get Scottish government papers called Haggissaver ffs.

Methinks they're just trying a little bit too hard to be a proper governtment.

[NighthawkNZ:Me]

hmmm sounds fimilar... there is nothing new about this its same as the super use to be... but that was all done via the government, till Mulddooooone spent it all... this time round no governement guarantee and its all done via private companies, that can go belly up...

Its sort of the same idea as OZ have... however, a few of the companies in oz have gone bust and a lot of their clients were just about to retire... and now have nothing...

I am not rushing in to it... I would rather have my tax cut and let me choice where I spend and save my hard earned money

[Swoop]

They can all fuck off!
I need all my money NOW to pay for the fucking price of OVER taxed petrol!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(Did I provide enough incentive to get rid of this retarded, moron gubbinment?)

Can we have an election now? PLEASE!

[Reckless]

I wasnt keen on the idea until I saw the news last night. Employers will match your weekly/fortnightly savings dollar for dollar by 2011. Plus you can use it to buy your first house after 5 years with a lump sum of $5000 by the govt.

Thats if that company hasn't gone overseas to avoid the increased labour cost. After all isn't that the soul reason F&P left. So what do they do, increase the cost of having staff...Go figure???

I for one, definately won't be joining it.

Same i won't either, not till they take the burden off private companies and use the profits they make on re investing our money overseas and put it back into the scheme. As i think they'll make heaps more then they are giving out.

[SPman]

Sounds like they're gonna go down the same way Oz has - employer "contributes" 10% of your gross wage into a Super fund of your choice.
If you leave the country - you get the money - unless you're a Kiwi!

[jetboy]

Yup, and wages won't be afftected by the fact employers have to contribute the same amount as you by 2011.

Yeah you'd hope so aye.

There are certainly good and bad points to this scheme. I was 100% against before I saw the news last night, but am not so sure now. Don't know if I like the idea of the government having control of my dosh.

[BuFfY]

From what I know about it, which isn't all that much, I think it would benefit me quite well. From going into as being a student with no money, loosing 4% of my wages wont matter all that much to me.. and essentially the govt is giving me the added money.. as I will be a teacher
Or am I mistaken?

[JimO]

im self employed with no employees and any future employees will be put on contract so they are self employed as well...fucked if im going to help them save for their retirement with money i need for mine

[Swoop]

If the retard "minister of treasury" wishes to control inflation, why dosen't he regulate the loanshark industry like GE money, Instant finance, etc???

[ynot slow]

my employer has a scheme with an insurance/finance outfit,we can put in up to 3% of gross wage and they match it same amount.we can put in more but company will only do 3%,out of the companies proportion comes all fees so our part is net contribution,we have option of low to high risk where our money goes to,i.e most(80%) will go in low risk funds and say 20% of my funds go high risk,based on the predictions,not sure howmany believe the insurance companies predictions though.we can still go on kiwisaver if we like but won't get companies support re dollar for dollar.

[marty]

From what I know about it, which isn't all that much, I think it would benefit me quite well. From going into as being a student with no money, loosing 4% of my wages wont matter all that much to me.. and essentially the govt is giving me the added money.. as I will be a teacher
Or am I mistaken?

i think you'll find teachers already have a super scheme - like police do. for teachers it is the State Sector Retirement Savings Scheme. police have the PSS - still runs at 2 for 1 from memory.

http://www.minedu.govt.nz/index.cfm?...ta=l#P145_4828