KiwiSaver scheme, the poll

**Motu** · 18th May 2007, 19:37

Originally Posted by NighthawkNZ

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...

Yep,good old Super - you put in a $,your boss put in a $ and the Government put in a $ - we saw none of it.But that was the nasty National Party,thank God they will never get back in and scrap the scheme......

**bane** · 18th May 2007, 19:52

If you can choose the level of risk with the provider, than im in.

Im currently in a company super scheme with no subsidy - has returned between 5 and 8% a year after fees and taxes. It has no guarantees...

Contribution by Govt and employer makes Kiwisaver pretty attractive - assuming you can, id just choose a fairly conservative investment strategy (say 75% term deposits/bonds, and 25% stocks and property), and enjoy the 50% return from the subsidies (i.e. 4% from me, 2% from subsidies). Who cares if the scheme is only returning 4% on average... I cant get 50% return a year from anything else (including property capital gain).

Providers such as AMP and ING may rob you blind with fees, but are not likely to go belly up in a hurry.

**onearmedbandit** · 18th May 2007, 19:54

Nice little super scheme Cullen and his cohorts have got. Thanks to legislation passed in 1993 every MP who was an MP before 1993 gets to contribute to their own super fund. We help as well, for every dollar they put in we put in two. Do you like that? We can bitch and moan about Cullen, but he laughs quite comfortably on his $200,000+ a year income knowing that he is milking the taxpayer for his retirement as well. *sniff*, makes me proud to be a kiwi knowing that I'm helping these poor souls out.

**KATWYN** · 18th May 2007, 19:59

Originally Posted by jimjim

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

Yea well i'm an employer as well, I have been receiving info from the IRD etc about Kiwisaver....it goes straight into the "non priority tray" unread. I can't be bothered

I'm sick of yet another compliance the employer becomes responsible for, who pays us for the administration processes? if the government have issue with it - whatever *rolls eyes*

**Oakie** · 7th June 2007, 21:54

I'm interested because I do HR / Payroll at work and we've been trying to get a handle on what the uptake will be like.

I'm also interested to hear people's comments as to whether they think they've had enough information on it yet.

Also refer to this previous thread http://www.kiwibiker.co.nz/forums/sh...ight=Kiwisaver

**jrandom** · 7th June 2007, 22:02

for someone who condones beastiality you sure do like raping a subject to death

**Hitcher** · 7th June 2007, 22:05

Option 8: My employer-funded scheme already complies with Kiwisaver.

**jrandom** · 7th June 2007, 22:09

if i were a rich man, ya ha deedle deedle, bubba

**peasea** · 7th June 2007, 22:13

My old man used to say....
"If you have a contract with the government, you don't have a contract"

He was a good bloke, I trust his judgement.

**Deviant Esq** · 7th June 2007, 22:26

If they allowed you to pull out of the scheme entirely after joining it for five years in order to buy a first house, I'd probably opt in, buy my first house, then can it. But I don't think they let you pull out after that, once you're in, you're in. So at the moment it's probably not, but I'll see what happens.

**cowboyz** · 7th June 2007, 22:28

it money for nothing and that cant be a bad thing.

I'll take the grand a year from the government if thats what they want ot give me.

**Disco Dan** · 7th June 2007, 22:31

I voted "whats kiwisaver".

Is that something to do with that horrible kiwibank?

**Steam** · 7th June 2007, 22:36

I will join when I change jobs soon. I could spend the money on paying off my loans, but in reality I would just spend it on junkfood and motorcycles.
So I am being forced to save, which is good.
I actually appreciate a nanny state. I lack the self discipline to do it myself, like many other Kiwis.

**MadDuck** · 7th June 2007, 22:44

Kiwisaver...its a big can of worms

The employer can not make recommendations to their employees.

If you have a mortgage you have to sit down and work out the sums. Would I make more in KS versus what I would pay off on my mortgage. For the average kiwi I would suggest not.

Interest rates climbing and 4% from employers is graduated. Try going to

sorted .org

That will help. Damn all that free advice and I should be charging.

**Conquiztador** · 7th June 2007, 23:05

The gov. is giving away free $$'s. $1K a year, tax deductions, $$'s toward the fees, employer MUST contribute, U can use the $$'s to buy your first home.

I employ 40 staff and I will put in place a 4% contribution from word go. Why? Because I care about my staff.

If U are in permanent employment I can not see any reason why you would not join? Look at all the +65's now trying to survive on super. What a struggle.