Dear National voter, John Key made it on the John Oliver show again. And once again it was for all the wrong reasons. I don’t get why this is such a surprise and here is why: First of all John Key is a banker. Not an ex-banker but a banker. He never left the banking […]
Government: “We want you to give us a lump sum of your hard earned cash now. We will make it easy for you and print it out of thin air and you will pay us back with your tax dollar. We also want you to pay us say about 3% of your wages every month until you retire. We will put this money in a fund. We will call the fund you put this in Kiwi saver. A nice catchy name you can all identify with.
In fact we will make it easy for you. The moment you sign a labour contract your new employer will start the scheme straight away BUT no worries you can always opt out but really, only silly people do that!
We will appoint the financial specialists to invest your money for you. They are all banks or financial institutions of our choice and as you know banks and other big name financial institutions are reliable and will do their very best for you to get the best returns for you; the Kiwi saver!
You will not be told what they invest it in, when they invest it or who is really doing the investing.
These banks and financial institutions will charge a fee of course every time they invest or change from one to the other investment but that is to be expected! Don’t worry about those fees. You will only pay them at the end of your period of investing with Kiwi saver.
Here is the small print: You are the investor. You are responsible for your investments. If you lose money you will have less money in your account. If you lose the lot that is not our problem. You have been given the choice to invest conservatively, medium or high risk. Choose wisely even if we advice those of you under 35 to go high risk.
“At one major investment bank for which I worked, we used psychometric testing to recruit social psychopaths because their characteristics exactly suited them to senior corporate finance roles.” You can’t make this stuff up! Outlook Over the years I’ve met my fair share of monsters – rogue individuals, for the most part. But as regulation […]