Investment ‘for everyone'

Press, Volume CXIV, Issue 33654, 2 October 1974, Page 16

Investment ‘for everyone'

The Government would achieve its aim of having the whole community involved in long-term investment in New Zealand through the new superannuation scheme, said the Minister of Housing (Mr Douglas) yesterday.

Addressing 150 businessmen at a seminar in Christchurch, Mr Douglas said that a lot cf the‘long-term capital of the scheme would be invested in areas at present subject to speculative investment. At the same time, the new regulations under the Reserve Bank Act would put the New Zealand scheme on the same footing as other private schemes. This would prevent allegations o. mismanagement of the financial power engendered bv the scheme, Mr Douglas said. Private schemes now in! existence w’ould be able to continue, provided they met certain requirements, he said. They would continue to enjoy the sime taxation concessions as in the past. Mr Douglas said that he hoped private schemes would, produce competition, for the' New Zealand scheme in the,'

- over-all field of superannua- - tion. “This start we have t made is but a start,” he said. 1 “We hope the insurance - industry is convinced that t the Government is sincere in - creating a partnership in » superannuation. 5 “If you feel that any of the t provisions of the legislation 1 impede its aims, we ask you r to contact us.” Mr Douglas thought that ■ the publicity connected with f the passage of the bill - through Parliament had been • good publicity. The Government’s inten- )■ tions in setting up the scheme > had been to provide an adet quate income retirement . benefit for everyone, to en- ’ able people to take their s superannuation from one job to another, to control the ; effects of inflation on retire--1 ment income, and to generate Ma high level of saving within MNew Zealand as a whole.