KiwiSaver scheme, the poll

[MadDuck]

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.

Sorry have to diasgree. The govt is giving away $1k capped. Now if interest rates rise as they are?

Interest say on a $250,000 mortgage with floating rates about to increase vs the average employer who cant cope with the increased costs. 4% on your payroll may be insignificant but try it one a payroll of 150 employees. Thats on top of the new holiday provisions .....

[oldrider]

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

I checked, (WIFM)

You had no column for, do you qualify for Kiwi saver?

I am automatically disqualified by age discrimination! John.

[Gremlin]

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.

yeup, you wouldn't think its that easy eh?

you have to be in for at least 5 years, and you can only take some out, to buy a home (this excludes govt inputs)... It has potential, but fuck that, 1, I could potentially be figuring this out for my bosses small business in time (there's one massive dis-incentive), 2, I despise the government telling me how to manage my money, when they seem to do far worse with the money they take off me, compared to how I manage what I miraculously get each month.

edit, oh, and 3, its unsecured... I don't trust the blubbermint to begin with... and the money they want to take off you could all go poof?

[Karma]

Hmm... given the government owns mighty river power, who in turn own murcury, and the kiwisaver is fed into the government, it's therefore logical that anyone signing up to kiwisaver is funding killers!

Have you no morals?!?!?!

[Ghost_Bullet]

2, I despise the government telling me how to manage my money, when they seem to do far worse with the money they take off me, compared to how I manage what I miraculously get each month.

I went to a seminar yesturday about my own company super, which provides dollar for dollar input. With other good beifits included.
The company managing the fund is Mercer, and there is a range or companys whom you can choose to manage your money through the Kiwisaver scheme, so in effect the gov seems to be just a middleman who takes and transfers the money to the sheme you choose. **correct me if I am wrong**

I will be likley to join the Kiwi S in addtion to my own current.

[sAsLEX]

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.

Government Super used to be good. Inflation adjusted salary for the rest of your life, still have it here in the RN over here in the UK.

[MisterD]

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

How so? My employer has a contributory scheme already, but if I want the gummint $$s as well I have to join KiwiSaver in addition....to get maximum $$'s from both employer and Cullen I have to save 10% of my salary. (Roughly, work scheme calculates on net, KS on gross)

[NighthawkNZ:Me]

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*

I'm sure my boss will make me self employed so he don't have to deal with it either...

[Hitcher]

KiwiSaver is still light on detail. My understanding is that from 1 July it only affects new employees.

And any $1000 contribution from the Gummint will go into your scheme -- you won't be able to use it to buy a flat-screen plasma for the World Cup.

[Oakie]

I checked, (WIFM)
You had no column for, do you qualify for Kiwi saver?
I am automatically disqualified by age discrimination! John.

Sorry John. I realised that about 5 minutes after I went to bed last night.

[KATWYN]

I'm sure my boss will make me self employed so he don't have to deal with it either...

Oh well if he "deals with it" it will mean less in your wages every week, your precious wage deduction will go into a supposed "savings account" for you later on in life. (yea right)

No doubt the goal posts will change just like the super annuation scheme a few years ago did.

Gosh what a good idea to tax people even harder under a veil of a "savings scheme" - and who will benefit from the slush funds interest in the meantime?

Well, based on very little knowledge thats my take on it - it would be hard to convince me otherwise.

BTW, isn't it YOU that makes YOU self employed? Exactly how much power do you give your boss over your life decisions??

[inlinefour]

http://www.kiwisaver.govt.nz/

What are your opinions about this? I personally like the idea as its a good way to save but there are still too many grey areas like what happens if you leave the country ect?

Im in, but I might give it a few months to see how it pans out.

sounds like a crock of shit and if anyone else who does not considers NZ's track record including the BNZ saga and still be prepared to invest would be IMo slightly psychotic...

[NighthawkNZ:Me]

Oh well if he "deals with it" it will mean less in your wages every week, your precious wage deduction will go into a supposed "savings account" for you later on in life. (yea right)

No doubt the goal posts will change just like the super annuation scheme a few years ago did.

Gosh what a good idea to tax people even harder under a veil of a "savings scheme" - and who will benefit from the slush funds interest in the meantime?

Well, based on very little knowledge thats my take on it - it would be hard to convince me otherwise.

BTW, isn't it YOU that makes YOU self employed? Exactly how much power do you give your boss over your life decisions??

being self employed means I can ask for more tho... hmmmm

[James Deuce]

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.

You've got it arse about face Conquiztador.

The Government is getting money for free from businesses and taxpayers.

No one will ever see any of it except Treasury.

A fool and his money are soon parted. A fool who willing gives money to a Government didn't deserve it in the first place.

[Grahameeboy]

You've got it arse about face Conquiztador.

The Government is getting money for free from businesses and taxpayers.

No one will ever see any of it except Treasury.

A fool and his money are soon parted. A fool who willing gives money to a Government didn't deserve it in the first place.

But people get Super so what makes you think this is a stitch up by the Govt?