superannuation

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Suck it up political sleazers.

Written By: - Date published: 8:22 am, November 8th, 2017 - 113 comments

Winston Peters has launched a legal fishing expedition to identify who exactly breached privacy on his superannuation over payments. A problem that he shares with about 50 thousand other pensioners. Unlike them, his problem wasn’t trying to find money to repay it. It was that the breach was deliberately timed to be a classic dirty politics ploy, almost certainly by National, in the leadup to the  recent election. I wish him good fishing.

 

The Herald reverts to type

Written By: - Date published: 12:27 pm, September 16th, 2017 - 45 comments

John Armstrong has come out in the Herald swinging wildly and claiming without evidence that Jacinda Ardern’s campaign has stalled, and criticized her policy positions but because he thinks they are only a bit better than National’s.

Peters in super trouble

Written By: - Date published: 7:24 am, August 28th, 2017 - 207 comments

Newsroom and Newshub have broken a story about Winston Peters receiving, for the last 7 years, a single person’s super payment that he was not entitled to because he was living with an (undeclared) other person. Peters denies this but has already payed back the excess from an “innocent mistake”.

Dear Izzy

Written By: - Date published: 9:12 am, March 15th, 2017 - 27 comments

Married couple, increase after tax $8.36 a fortnight each or $4.18 each a week!!!!! Disposable Income, 0.5971428 each a day !!!! Goes up on April 1st, how the hell did they arrive at this sum?

I find out.

2040? The robots will have taken over

Written By: - Date published: 8:59 am, March 8th, 2017 - 53 comments

Bill English’s new super plan falls between 2 stools. The super cost crisis that he’s trying to summon up, is before 2040 if it exists. The solution was the Cullen Fund. By 2040 you’re just adding yet another Baby Boomer cost onto GenX and the millenials, and there’s going to be a shortage of jobs anyway, without adding 65 & 66 year-olds to our dole queues.

English a shambles

Written By: - Date published: 7:52 am, March 7th, 2017 - 43 comments

English isn’t going to be very happy when he opens the papers this morning.

English proposes raising age of super to 67 (eventually)

Written By: - Date published: 4:08 pm, March 6th, 2017 - 123 comments

In what seems to have been a panicked reaction to a disastrous series of interviews, English has just announced that the age of eligibility for super will rise from 65 to 67, phased in from 2037.

English puts super back on the line

Written By: - Date published: 1:41 pm, March 4th, 2017 - 93 comments

In what was apparently a pretty dire interview on The Nation this morning, Bill English dropped one bombshell, possible changes in superannuation. For the record I think English is right on this. For a change.

Time for cross party accord on super

Written By: - Date published: 1:24 pm, December 12th, 2016 - 87 comments

English is not making the same stupid pledge as Key, to let superannuation consume the future. Time for a cross party accord. Take it off the table as a political football and solve the damn problem.

Employers failing Kiwsaver obligations

Written By: - Date published: 11:40 am, August 5th, 2016 - 35 comments

In a sign of just how stressed our economy is: “Inland Revenue is chasing employers for unpaid KiwiSaver contributions worth tens of millions of dollars.”

National costs you $100,000 from your retirement fund

Written By: - Date published: 9:49 am, July 2nd, 2016 - 66 comments

If you’re an average worker the actions of the National government have reduced the value of your KiwiSaver fund at retirement by about $100K.

The great big list of John Key’s big fat lies (UPDATED)

Written By: - Date published: 7:00 am, January 27th, 2016 - 76 comments

How many more lies will John Key tell today in his so-called State of the Nation address? Virtual chocolate fish to whomever guesses the closest number.

Destroying a savings culture

Written By: - Date published: 10:51 am, June 25th, 2015 - 36 comments

Key: “The removal of the $1,000 kick-start contribution will not make a blind bit of difference to the number of people who join KiwiSaver.” Wrong. Completely and utterly wrong.

The myth of “Retirement Savings”

Written By: - Date published: 10:18 am, June 9th, 2015 - 101 comments

Advocates of Kiwisaver and other funded “retirement savings” schemes perpetuate the fundamental misunderstanding that “conventional” in New Zealand’s case “neo-liberal” economists, speculators, finance companies, politicians and those with a lot of share holding wealth in non-productive enterprises like to perpetuate.

Superannuation and Government forecasts

Written By: - Date published: 9:31 am, May 25th, 2015 - 197 comments

National has again refused to consider doing anything about the future of Superannuation.  Yet its policies of increasing Crown debt, stopping contributions to the Cullen Fund and attacking Kiwisaver have made a discussion about the future of superannuation more important than ever.

Who needs $4.8 billion anyway

Written By: - Date published: 7:15 am, November 21st, 2014 - 106 comments

Yesterday a report from the NZ Super Fund (the Cullen fund) provided further evidence of National’s economic “genius”. We could have used the $4.8 billion that they just chucked away.

Sale of social housing stock won’t save costs

Written By: - Date published: 2:00 pm, November 16th, 2014 - 20 comments

Hamilton City Council currently has plans to sell of its remaining pensioner housing stock. It already sold off a block of them in 2012. Of those sold, only 12 out of 53 units are available for seniors to rent at affordable rates. This is because 27 were sold as there was no social service provider able to buy them. So now Council want to sell the rest.

Labour’s Kiwisaver announcement

Written By: - Date published: 11:35 am, June 17th, 2014 - 202 comments

Labour has released its Kiwisaver policy.  Kiwisaver will now be universal for all workers except those earning less than a to be set level.  Contributions will be gradually increased.  The $1,000 Kick-start and government contribution of up to $521 a year will be retained and will apply to all new enrollments

Labour please take note.

Written By: - Date published: 10:50 am, May 26th, 2014 - 71 comments

The more that National publicly adopts “left wing” “socialist”  party policies, such as “free” medical care for children under 13, keeping the retirement age as it is, and balancing the budget, the more they rise in the polls.

The retirement age debate

Written By: - Date published: 7:33 am, March 2nd, 2014 - 164 comments

Labour’s current policy to gradually increase the age of retirement is a fiscally appropriate response to the pressures that will result from the baby boomer bulge in the population approaching retirement. But is it the right thing to do?

UBI (2) Why should we push for a UBI? (Universal basic income).

Written By: - Date published: 3:37 pm, January 17th, 2014 - 26 comments

Why a UBI?

Firstly. To overturn some paradigms:
That a great many people should lead poor and constricted lives, so a very few can be rich.
That ordinary people are disposable economic production units.

UBI

Written By: - Date published: 8:47 pm, January 7th, 2014 - 359 comments

New Zealand was once considered one of the best places on earth to live. It could be again …

Labour shoot themselves in the foot, again!

Written By: - Date published: 10:13 am, December 7th, 2013 - 247 comments

Just when you begin to think Labour are looking like a Government, one of the has-beens from the Rogernomics era, again! shows that they have NFI how to get elected and they are still clinging desperately to the Neo-liberal paradigm.

Super. Reprise.

Written By: - Date published: 3:50 pm, October 31st, 2013 - 41 comments

The meme of “we cannot afford super, welfare seems to be very powerful. So powerful, that even those who know better have been taken in.

Delegates: vote down the NZ Super age increase

Written By: - Date published: 8:28 am, October 30th, 2013 - 160 comments

Raising the super age is not only unnecessary, it further entrenches intergenerational inequity, reduces community incomes and makes Māori and Pasifika pay too high a price. Conference delegates: make Labour think outside the orthodox economic box and vote it down.

KiwiFund: nationalisation or competition?

Written By: - Date published: 8:05 pm, October 21st, 2013 - 61 comments

Winston Peters’ KiwiFund proposal would nationalise KiwiSaver.  Russel Norman supports it, but in competition with private schemes.  Cunliffe is open to negotiation.  Key is dismissive, but says Peters is so untrustworthy he is likely to back down & form an alliance with National anyway.

Double Dipton’s doublethink

Written By: - Date published: 12:48 pm, October 17th, 2013 - 41 comments

Bill English praised the Cullen Fund on its 10th anniversary yesterday. He noted it has achieved an average return of 8.84%, well above its target. He failed to mention that he opposed the Fund being created and that he suspended contributions to the Fund at the worst possible time.  And he still doesn’t want to resume them for 7 years.

Restarting Cullen Fund contributions

Written By: - Date published: 10:59 am, October 9th, 2013 - 56 comments

Stopping contributions to the Cullen Fund was always going to stand out as one of John Key and Bill English’s most economically inept decisions. They chose to stop the Fund buying assets just when they were at decades low prices, Crown borrowing was cheap, and markets were already recovering. The cost in just four years: $2.5 billion. And rising.

UBI. (Universal Basic Income).

Written By: - Date published: 11:58 am, September 5th, 2013 - 230 comments

The concept of UBI has a long history in New Zealand.

Of course, we already have a UBI for those over 65.  Which has been extremely successful at eliminating poverty amongst the elderly, at a very moderate cost by international standards.

Killing the Cullen Fund’s costing us

Written By: - Date published: 7:58 am, January 8th, 2013 - 45 comments

David Shearer recently picked up National’s policy of not contributing to the Cullen Fund while the Government’s in deficit but there’s nothing about being in deficit that alters the case for investing the Cullen Fund. As long as the return exceeds the Crown’s cost of capital, it’s worthwhile. So, how much have the canned contributions cost us so far? $1.2b.

Don’t blame MMP for Nat stupidity

Written By: - Date published: 9:32 am, December 18th, 2012 - 18 comments

Recent pieces by Bernard Hickey and John Armstrong both highlighted the problem of our aging population and the unsustainability of super – in Hickey’s memorable words we are “consuming our future”.  Armstrong tries to balme MMP, but that won’t wash, it’s just the usual short-sighted Nat stupidity…

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