Greens' Proposed restrictions in Kiwi Saver?

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MikeAqua

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#201456 19-Aug-2016 10:42

How do people feel about the Green's (endrosed by Labour) proposal for government to control to some extent what Kiwisaver funds can invest in?

KS is private funds. Everything I have read says politicians should be kept as far away from retirement savings as possible. It just somehow seems inappropriate to me for govt to be meddling in private investments. I also don't think KS should be a political football. Investors need stability.

Coincidentally I have been thinking lately that I should increase my retirement savings. I've maxed out on the particular advantages of KS (employer contribution and tax credit). For additional investment it's a choice between more KS or investment in a non KS fund.

If it was only the Greens, I wouldn't be concerned but with labour's backing political meddling is a tangible possibility and that may push me away from more investment in KS.

Mike

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MikeB4
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#1614200 19-Aug-2016 10:45

And so it will begin, these schemes in NZ always go to crap because politicians can never keep their grubby hands off them. Then they complain the we don't do enough long term and retirement savings.

Here is a crazy notion, lets give peace a chance.

PolicyGuy

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#1614238 19-Aug-2016 11:03

These proposals relate only to the Default Funds.

If these proposals come to fruition, presumably at the next tender round, to be considered as Default Scheme Providers, the tender would include a requirement for the supplier to operate their Default Fund in accordance with some 'Ethical Investment' guidelines.
However, if you're in a Default Fund, that is prima facie evidence that you don't give a rat's nether portions about how or where your money is invested, otherwise you would have shifted it either to a non-default provider or to a non-default fund in the default provider. It therefore seems a bit of a long bow to claim that New Zealanders don't want their money invested in <list of bad things>, since if they really cared they could easily transfer their KiwiSaver to a provider who claims to be an Ethical Investor (are there any other than Koinonia Fund?).

Pretty much dog-whistle stuff, which will probably fade from sight by next week.

dickytim

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#1614263 19-Aug-2016 11:51

Since when have the Green's ever had a reasonable policy?

Geektastic

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#1614267 19-Aug-2016 11:55

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

I hate socialists.

PolicyGuy

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#1614278 19-Aug-2016 12:08

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?
I hate socialists.

None.

But the Default Fund Providers are in a commercial relationship with the government (through the IRD I guess) to provide the service and receive the resulting revenue stream, and "he who pays the piper calls the tune".

Nobody has to be a Default Fund Provider, and nobody has to use a Default Fund: anyone who cares can put their money wherever they like.

MikeB4

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#1614285 19-Aug-2016 12:20

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

I hate socialists.

Green does not equal socialist

Here is a crazy notion, lets give peace a chance.

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frankv

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#1614287 19-Aug-2016 12:21

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

It's the business of the Govt to make unethical things illegal. And ethical things legal.

MikeAqua

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#1614307 19-Aug-2016 12:32

PolicyGuy:

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?
I hate socialists.

Nobody has to be a Default Fund Provider, and nobody has to use a Default Fund: anyone who cares can put their money wherever they like.

True, but what is the overlap in investments between the default funds and other funds within bank-x. If a bank is a participant in the default provider scheme, will they simply apply any govt imposed investment policy to all their KS funds (it woudl seem simpler to do that).

Personally I don't like the default scheme at all. The govt allocated me to muppets and this simply introduced an unnecessary bunch of rigmarole for me to change to a growth fund with a proven fund manager.

Mike

dickytim

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#1614317 19-Aug-2016 12:41

frankv:

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

It's the business of the Govt to make unethical things illegal. And ethical things legal.

It most definitely is NOT.

That only leads to censorship and loss of freedom, we only get results based on who can scream the loudest, and on latest form that seems to be the loud minority.

MikeB4

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#1614321 19-Aug-2016 12:51

dickytim:

frankv:

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

It's the business of the Govt to make unethical things illegal. And ethical things legal.

It most definitely is NOT.

That only leads to censorship and loss of freedom, we only get results based on who can scream the loudest, and on latest form that seems to be the loud minority.

huh? its not the Government role to pass laws concerning violence, theft, fraud, etc . who knew

Here is a crazy notion, lets give peace a chance.

JimmyH

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#1614323 19-Aug-2016 12:53

I don't think it is necessary for the government to do this, and it's inappropriate given that it isn't their money.

If I want to make a perfectly legal investment in a business that someone else doesn't like (nuclear, tobacco, adult entertainment, open cast mining) then, quite frankly, it's none of their business.

If the Greens want ethical investment then let them launch and promote their own KS fund that invests only in the way their leadership thinks is "moral". It will be successful to the extent that they can persuade investors to put their money in it, and good luck to them.

But, insofar as trying to use legislation and government rules to try and impose their own moral preferences on other people's investment choices, no thanks!

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dickytim

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#1614324 19-Aug-2016 12:54

MikeB4:

dickytim:

frankv:

Geektastic:

What business is it of the government where a Kiwisaver fund puts money provided their investment is legal?

It's the business of the Govt to make unethical things illegal. And ethical things legal.

It most definitely is NOT.

That only leads to censorship and loss of freedom, we only get results based on who can scream the loudest, and on latest form that seems to be the loud minority.

huh? its not the Government role to pass laws concerning violence, theft, fraud, etc . who knew

These are not so much ethical as in "you shouldn't profit from making bombs and weapons"

I think you are smart enough to know what I am getting at.

JimmyH

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#1614325 19-Aug-2016 12:54

MikeB4:

Green does not equal socialist

It pretty much does here. They are essentially the watermelon party.

MikeB4

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#1614328 19-Aug-2016 12:56

JimmyH:

MikeB4:

Green does not equal socialist

It pretty much does here. They are essentially the watermelon party.

Green does not equal being a Green Party member or supporter

Here is a crazy notion, lets give peace a chance.

dickytim

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#1614329 19-Aug-2016 12:58

^^^^ So true.

I really do wish the Green Party would get back to doing what they should be doing and being a disruptive opposition party, that is where, in my opinion they can do the most good.

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