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  1. #21
    In a 1920s time warp Terry Porritt's Avatar
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by kenj View Post
    Aaaah Shipley... the one who pushed for lowering the drinking age, her reason being that her children were responsible youths and all young people were the same. Always thought that either she was stupid or she was looking after the alcohol industry.

    Ken
    I would tend to believe the Wikipedia entry as having credibility:

    "She advocated lowering the alcohol purchase age from 20 to 18 and achieved this in 1999. This was part of her expressed desire to expand the traditional National Party voting base.

    https://en.wikipedia.org/wiki/Jenny_Shipley
    Remembering Rich Conaty, 1954 - 2016....."and don't you never forget, rhythm saved the world, Aloha"

  2. #22
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by gary67 View Post
    Back in post #9 you called everyone on the pension a bludger, short memory syndrome I think its called. Since I'm not allied to any party who cares which idiot thought it up.
    Honestly, your comprehension is pathetic.

    Where did I call everyone on a pension a bludger?

    I said the Rich and Working should get it (the Pension) because they contributed the most to it.

    I went on to say: (new sentence) I wouldn't give the "Professional Bludgers" anything, let alone the same amount.

    “Professional Bludgers” being those who have made a career out of doing nothing other than collect Welfare money.

    I’d be damn surprised if there are any Superannuant’s who actually fit that category.

  3. #23
    Old dick-head
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by B.M. View Post
    More absolute rubbish!

    Superannuation is not Welfare.

    It is a fund akin to an endowment insurance policy, except you don’t collect a lump sum at 65 (if you qualify for membership), you get a fortnightly dividend.

    The reality is the Government haven’t contributed any tax to it since 2009 as it has been self sufficient with its earnings.

    I suggest you read about how it works HERE and what you have shares in HERE.

    Oh, it must be all right too because it was a Labour initiative courtesy of Mr Cullen.
    Not quite true - you are talking here about the "Cullen Fund" - this was setup to cover the extra payments needed when the Baby Boomers retire and will only be a top-up when that happens.
    Current pensions are not paid out of it.

  4. #24
    Senior Member pctek's Avatar
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by B.M. View Post
    More absolute rubbish!

    Superannuation is not Welfare.
    https://en.wikipedia.org/wiki/Welfar...aland#Pensions


    A means-tested old age pension for those 65 years and older was introduced in 1898.[12] This established some key features of public pensions in New Zealand, such as the use of general government spending rather than individual contributions, and a "pay as you go" rather than actuarial approach to funding.

    The 1938 Social Security Act lowered the age for the means-tested pension to 60, and introduced a universal (not means-tested) superannuation from age 65. The universal pension catered to a strong demand for universal payments, while the lowered age for the means-tested pension provided for the likes of manual workers who were worn out and still poor at the age of 60.

    OK? Never mind what it is now.....it's what the point was in the first place.
    wipe your paws.

  5. #25
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by decibel View Post
    Not quite true - you are talking here about the "Cullen Fund" - this was setup to cover the extra payments needed when the Baby Boomers retire and will only be a top-up when that happens.
    Current pensions are not paid out of it.
    Yes we’re talking about the same fund decibel and you raise an interesting point when you say “current Pensions aren’t paid out of it”.

    My understanding of the fund was it was to initially subsidise the Pension payments and peak when the “Baby Boomers” came on stream. Fine in theory.

    Anyway, I have been trying to establish just how much the Government has drawn down on this fund because we are told:

    1: The Government has so far contributed $14.88 billion up to 2012.

    2: The Fund showed a Record Profit of 25.8% for the 2012 – 2013 financial year.

    3: The Fund has shares in over 6000 Companies Globally.

    And now the Crunch.

    5: As of 30th June 2016 the fund was only worth $12,418,929,521.

    So if the Government hasn’t been drawing down on the profits we’ve lost $2.47 Billion cold and the “Baby Boomers” will be right out of luck if this continues.

    Hopefully, someone will have an explanation for this.

  6. #26
    Apple free and happy KarameaDave's Avatar
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    Default Re: For 50+ years I have voted Labour ... but no more !

    I don't know where you got that $12 billion odd figure from.
    The super fund website says $33 billion
    https://www.nzsuperfund.co.nz/

    Further:
    All New Zealanders aged 65 and over receive New Zealand Superannuation payments (also known as the pension, National Super or Super). These payments are paid for by today’s taxpayers

    From their purpose and mandate page

    Hope this helps
    Last edited by KarameaDave; 09-03-2017 at 08:35 AM.
    FTW

  7. #27
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by KarameaDave View Post
    I don't know where you got that $12 billion odd figure from.
    The super fund website says $33 billion
    https://www.nzsuperfund.co.nz/

    Further:
    All New Zealanders aged 65 and over receive New Zealand Superannuation payments (also known as the pension, National Super or Super). These payments are paid for by today’s taxpayers

    From their purpose and mandate page

    Hope this helps
    Got the $12b from HERE click the Spreadsheet and it has all they own. Click image for larger version. 

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    I like $33b much better.

    I note also from your post that "Welfare" payments are not mentioned, it's (New Zealand Superannuation payments (also known as the pension, National Super or Super) so I hope that separates Superannuation from Welfare.

    And yes, the taxpayers pays it one way or other, as the Government has no money other than what the ever suffering Taxpayer gives it.

  8. #28
    Apple free and happy KarameaDave's Avatar
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by B.M. View Post
    Got the $12b from HERE click the Spreadsheet and it has all they own. Click image for larger version. 

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    I like $33b much better.

    I note also from your post that "Welfare" payments are not mentioned, it's (New Zealand Superannuation payments (also known as the pension, National Super or Super) so I hope that separates Superannuation from Welfare.

    And yes, the taxpayers pays it one way or other, as the Government has no money other than what the ever suffering Taxpayer gives it.
    I feel you are confused, yes the spreadsheet says 12b, that's equities purchased in 2016, not total investments.
    I suggest you read their annual report for a more complete understanding.
    https://www.nzsuperfund.co.nz/public...annual-reports
    FTW

  9. #29
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by KarameaDave View Post
    I feel you are confused, yes the spreadsheet says 12b, that's equities purchased in 2016, not total investments.
    I suggest you read their annual report for a more complete understanding.
    https://www.nzsuperfund.co.nz/public...annual-reports
    Are you sure?

    I can't see where, or how, they could have purchased $12b worth of equities in one financial year.

    The Spreadsheet also refers to their Portfolio. Click image for larger version. 

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    I've had a quick look at the balance sheet, but the first 50 pages were all pretty pictures and backslapping BS.

    Then I got to the Auditors charging $46,000 for reading the damn thing and I was getting nothing, so I packed a sad.

  10. #30
    Apple free and happy KarameaDave's Avatar
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    Default Re: For 50+ years I have voted Labour ... but no more !

    Quote Originally Posted by B.M. View Post
    Are you sure?

    I can't see where, or how, they could have purchased $12b worth of equities in one financial year.

    The Spreadsheet also refers to their Portfolio. Click image for larger version. 

Name:	Super Fund2.jpg 
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ID:	7917

    I've had a quick look at the balance sheet, but the first 50 pages were all pretty pictures and backslapping BS.

    Then I got to the Auditors charging $46,000 for reading the damn thing and I was getting nothing, so I packed a sad.
    No I am not sure, but they would be in trouble with the Auditor-General, if they were lying.

    Perhaps the equities in that spread sheet are just the ones they hold themselves, a larger amount being farmed out to fund managers?
    FTW

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