Wednesday 29th of July 2020
Ardern Says National's Proposed KiwiSaver Withdrawals For Business Start-ups Would 'undermine Retirement Savings'.
Lost your job, keen to start a business? National would enable $20k KiwiSaver withdrawals.
Ardern says National's proposed KiwiSaver withdrawals for business start-ups would 'undermine retirement savings'.
National's proposal for Kiwisaver to be used for starting a business is risky, experts say.
A National Party policy to allow up to $20,000 of KiwiSaver to be used to start a business is a bad idea, scheme provider says.
NulbNats attacked for encouraging people to start new businesses using up to $20k of their own Kiwisaver money as 'quite a few fail'. nulbLabour not attacked for spending $30M on investigating building a lake for hydro storage that isn't needed & $20M on rugby grandstand upgrades.
At least in NZ you can take it out at all. I have money in a UK one that's nearly impossible to get out, even if I'm never going to live there again. Can't even put it into Kiwisaver.
I dont see how 20k to start your business of your own KiwiSaver is a big threat to your wellbeing. Like just say you hate national and go lol Dont hide behind 20k is A WaSTe Of TiMe when its optional and totally up to you if you want to apply for it.
The Kiwisaver policy from National and the response to it has perfectly summed up the nzpol landscape. National: Here's a little bit of extra freedom to try to be successful. ACT: why so stingy? Let them risk it all. the Left: but people might fail - you can't let people fail!
When Judith announced the Kiwisaver policy I said to wife "Copy that Liebour!!!" With so much detail all Cindy was left with was "the dole office can help" & "Start-ups fail" BRILLIANT Judith !! Short, sharp, sensible, well delivered. Your play.
So many PI & Maori rely on KiwiSaver for buying their first homes, terminal illness treatment payments, a fucking life savings. Nationals business plan, which includes the ability to take away 20k from KiwiSaver reassures the fact the National Party hates poor brown people.
Why not pull your KiwiSaver out to start a business during a time of tremendous global economic uncertainty? National are pathetic.
Cant believe there are New Zealanders dumb enough to think taking money out of KiwiSaver, your retirement fund, to gamble & lose your entire retirement fund is a good idea. I mean, if youre looking for Ponzi schemes DM me, you dont have to elect Collins to lose all your money.
Work and Income used to give an $11,000 grant to people wanting to start a small business to get off unemployment benefit. It paid for a lot of white vans and lawnmowers, which is not a bad thing at all. But using KiwiSaver? Stupid, shortsighted.
So, Collins & Goldsmith got up in Parliament & asked soft questions about their 'put-your-kiwisaver-in-a-startup' policy, allowing Jacinda & Grant to demolish it. There's an art to asking questions so you don't get monstered like that. Do the Nats have no experienced staff left?
If anyone wants to give me 20K of their sweet, sweet KiwiSaver money to get a share in my demon sperm extraction company, hit me up in my DMs.
Using my kiwisaver to open a restaurant for dogs.
No, Labour support people who have start-up ambitions and good business plans without their having to risk their Kiwisaver. National is only re-inventing a risky wheel on one of their roads. Maybe Nat MPs should familiarise themselves with the scheme for after the election.
A ringing non-endorsement from the experts, then...
I mean if u dont wanna withdraw $20k from your kiwisaver to start a business then...dont.
Imagine being told by national that if youve lost your job you can start a business and get rich! but its your kiwisaver!
No one is being forced to do anything. No one is suggesting any punitive action if one chooses to not utilise the scheme. Adults making risk assessments do that. Individuals exercising their rights over their own money, which is what Kiwisaver is.
I'm not criticizing Judith Collins plan to let us access KiwiSaver but just as a matter of interest how many times has the government interfered with the regulations governing KiwiSaver so far I mean at this rate will there be a KiwiSaver when we retire ?
I can't believe Judith Collins is going to force me to empty my Kiwisaver account and open a cafe. I am even very good at making coffee and my cheese scones taste like arse. Damn you Judith!
As a small business contractor, I don't want to raid my KiwiSaver nest egg when there are less risky ways to get support. I'm looking forward to getting my superannuation. Thanks WinstonPeters JacindaArdern NZFinMin. No JudithCollinsMP KiwiSaver isn't a lending bank !!
They "tweaked" the crap out of Kiwisaver as well.
Keep your kiwisaver and just improvise your side hustle cha ching.
National has not told you that you will incur loses if you start up your business & if your spend out your kiwisaver & have nothing for retirement MSD pay is only slightly better than the dole.
National promises NZ to be able to access up to 20k of their kiwisaver to start a business or help if they lose their job. National hasn't told you that your retirement plan is spent if you do it.
National's plan to give Kiwisaver users access to 20k for business purposes is nothing short of brilliant. At a time when the economy is struggling, many out of work and a govt that is running out of money to pay out benefits this is what is needed.JudithCollinsMP well done.
Except that the only cash in hand - putting aside tax credits and vouchers for financial advice - is from your own Kiwisaver? Rather than making it easier to STA new small businesses, why not reduce the risks of failure through a comprehensive social security net?
Even this new one with KiwiSaver for new small business start-ups has a cost if its to be done properly. The criteria for releasing the money should be the same as applying for a business loan and admin of that costs, so people dont throw their retirement funds away.
While many are dismayed over the prospect of people dipping into their retirement savings to start a business, lets not forget that your retirement savings are your own, not the governments. KiwiSaver is money you have earner, including the so-called employer contribution.
I started a business with a $10,000 loan that now turns over $2M and employees 10 people, many of whom now have kids and mortgages. This dude says that cost me $47K in lost kiwisaver. I'm actually OK with that.
They just using the bad fortune of kiwis in tough circumstances to promote a policy that will leave our people far worse off than are know. And this when our Govt have sound options already available to help those in need...without touching their Kiwisaver...
The idea of dipping into Kiwisaver to start a new business, capped at $20K, is a good way for startups to be undercapitalised and for people to be substantially worse off in retirement, especially taking into account compounding returns on that $20k.
I audibly chortled when collins asked whats the difference between using kiwisaver to start a business and buying a house lmao.
Judith Collins: "We want people to be able to get $20,000 out of their KiwiSaver to help start a business" *Everyone mocks it* JuCo: "See, I tried announcing a policy that's not just another road and I still can't win with you idiots!".
Collins promise to allow NZ to dip into their kiwisaver is a huge risk. Some people don't have a retirement plan to fall back on. If you spend what you have now you wont have it when you retire.
Collins 'give back double' rule is proving her undoing & eating her limited media bandwidth -attacking journos re her prison escapes lie -attacking people re her palmy candidate -fighting a kiwisaver fund that doesn't like her policy -arguing over her disastrous poll days later.
Collins being as chaotic and belligerent as ever with this bizarre attack on a KiwiSaver provider. Hardly the sort of leadership New Zealand wants in a crisis, but she simply cannot help herself.
It's funny I had a similar idea but instead of dipping into KiwiSaver, you had another voluntary KiwiSaver like scheme but for investing in shares, starting business, buying property or etc.
You are right. Remember when John Key promised three tax cuts and no rise in GST, then broke those promises AND taxed our KiwiSaver contributions to boot.
We will have 200.000 international students and a booming education industry. However, if certain parties win in September we will open the borders early, let the virus in and put all our over 60s on cruise ships and ask them to use their Kiwisaver to pay - a likely scenario.
Using kiwisaver to fund small businesses is a really nutty policy. It really is.
Just watched Q1 in todays QT. PM dispatched Judith Collins with ease and exposed the stupidity of Nationals $20K KiwiSaver idea. Gvts existing support measures for SME start ups far superior to raiding ppls retirement. Collins is a paper tiger.
I hate the idea of Maori drawing down on what is, for a lot of us, our only form of retirement savings. Especially with our home ownership rates so low. Then again - my koro died at 64 and one of my nannys at 53. At least itd be one way our people could touch their kiwisaver.
Judith Collins repeating National party leader Robert Muldoon mistakes and messing with the current superannuation scheme called KiwiSaver which is meant to help fund a home and then retirement and should be left alone especially by National who stuffed up the last superannuation.
Fuck... I need dental work . have 57k in kiwisaver .. No!!!! ... can't access .
No, they won't pay for the cruises but will ask them to use their Kiwisaver!
This story has the strangest framing. How can you read this copy, and the interviews therein, and not conclude the headline should be "Savings Experts Slam BusinessStart".
You are proposing something to New Zealand that New Zealanders know you can not deliver. You are asking New Zealanders to dip into their kiwisaver accounts without telling them the consequences. That 20k may sound great now but when you want a nest egg there's nothing there. Trap.
Fuck sake. Stop contributions to super fund *and* encourage people to dip into their KiwiSaver. Between 50 and 70% of small businesses stop trading within 5 years. This is pissing in the wind.
Because we Kiwi's are crap at saving! Since Muldoon illegally scrapped the NZ Superannuation Act 1974 we've struggled with partisan approaches to super. It's only been resolved over the last 15-20 years. As a public servant we had nothing for years until Kiwisaver was introduced.
But did you hear Ardern say you don't actually have to risk your kiwisaver because there are other options out there?
Agree and its an important convo to have, but I reeeeally disagree with the idea of using kiwisaver a as a kickstarter. The Crown should invest in us in the form of no/v low interest loans payable after a certain amount of business turnover.
How's that Gold Card looking? Kiwisaver in check and all - dollar for dollar MP retirement plan pay for those widened doorways and lowered benches for your wheelchair and hospital bed?
National has a GREAT plan If you've lost your job, you'll be able to withdraw $20k from your Kiwisaver...something you can ALREADY do in cases of hardship...
Why do so many people out there, want to stop people cashing out their, yes, their Kiwisaver, to be able to start an enterprise, or help them get through the Covid19 or some other hardship. Things are not going to get any better and you know what?
I dont think I heard Judith Collins say YOU MUST STA A BUSINESS USING $20K FROM YOUR KIWISAVER lmao. Please fuckn relax.
Arent grants available only through PGF, for Maori businesses, R&D and exporters. Not a lot more. The proposed KiwiSaver access is another funding source. If it doesnt apply or not needed then dont spoil it for others who may use it to invest and grow.
Damn Jacinda tore apart Judith's proposal to let people withdraw money from their kiwisaver retirement funds to fund start up businesses.
NZ: *unemployment goes up due to COVID* National: w0t IF eveRyONE St4 s tHEIr owN BuSiNe5s wIth ThEiR owN KiwiSavER!?
Some people think our PM doesn't know what she speaks about, it's sad these people suffered loss but it's also why using your kiwisaver is not advised.
Muldoon really was a shit wasn't he? Kiwisaver is yet another scheme introduced by HelenClarkNZ and her coalition government and a legacy of Norm Kirk's superannuation plan. The benefits of KS are going to be too late for a lot of us sadly but beneficial for future generations.
Gonna invest my KiwiSaver into a Ponzi scheme.
Wasnt the point of KiwiSaver to try and fix the intergenerational destruction of superannuation that Muldoon spearheaded? Now, after getting people to empty it for first homes, the Nats want people to use it for business too? And they want to stop paying the super fund? Gross.
I guess I think Kiwisaver has ripples beyond just the surface. Or at least I hope so.
I do realise that. But some is more then all to often there was before. And even remittances from outside NZ helps. Kiwisaver has helped motivate my wife to at least learn the basics, to with that understanding agree to us saving and investing more.
Is this a new business venture? Did you crack your kiwisaver?
Youre National. Your economic credibility is in tatters. You scramble to write a policy: $20,000 KiwiSaver advance! It gets torn to shreds. Key never had to publish economic policy because he had credibility. Now National has to do it, but they dont know how.
Nat 20k out your kiwisaver policy is a real paper dart hoping forlornly for a gust of wind.