Govt promotes its own super fund
THE New Zealand Government has decided to use $1 million of taxpayers' money to promote its multi-billion super fund.
The fund is being established to help pay some of the future costs of the state pension. This year the Government plans to put $600 million into the fund and that commitment is budgeted to increase to $2 billion annually.
Finance minister Michael Cullen says the campaign will inform the public on the structure and purpose of the proposed New Zealand Superannuation Fund.
He says the fund is one of the biggest and most significant policies enacted by the New Zealand Parliament in many years.
"It carries big implications for fiscal management, and for the level of security New Zealanders can expect in retirement. It is important people know what is involved," he says.
Opposition parties aren't happy with the campaign and National is saying it will unwind the fund if it wins the next election.
The National Bank rubbished the fund in a recent report saying it has little to offer on economic grounds and may be a drag on growth.
—Phil Macalister
Recommended for you
ASIC has commenced civil penalty proceedings in the Federal Court against superannuation trustee Diversa Trustees, regarding the First Guardian Master Fund.
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
