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CI Times Weekly | Current Issue 265 | 25 August 2008

Super Fund now has 4,515 members says report

Chairman of the Superannuation Board, John Kenning presented a comprehensive report at the Chamber of Commerce AGM on the status and activity of the Fund which stands at $17 million with 4213 members as of December 2007.
Kenning said there have been several changes of Board members since his initial appointment at a time when Kevin Carr (former Financial Secretary) was still Chairman of the Board and Taukea Raui was the Chief Executive Officer. Other members of the Board include Angeline Tuara and Sholan Ivaiti by virtue of his position as Financial Secretary and after a long vacancy after the resignation of Raui, Anne Herman was appointed recently.
The Fund was established by the Cook Islands Superannuation Fund Act 2000 with the express purpose of enabling Cook Islanders and Cook Islands residents to provide for their retirement through regular contributions from their remuneration and equal contributions from their employers. Compulsory contributions first began in 2000 with the Public Service and the compulsory phasing in of the Private Sector as from 2006 and 2007.
The compulsory nature of Superannuation has had some resistance from within the business community for instance, the inclusion of contract workers from overseas into the scheme who are not allowed to take their contributions with them when they leave the country. When asked what happens in overseas jurisdictions, Kenning said the same thing applies in Australia and New Zealand where superannuation contributions remain in the fund and cannot be accessed merely because people leave the country.
In fact, Australia now requires 9% compulsory contribution toward their Super funds whereas Cook Islands requires a modest 3% to begin for the private sector, while the public sector has already reached 5% compulsory contributions.
Brian Baudinet defended the Super scheme and reminded members that the issues had been discussed at length at various Chamber meetings and to ‘keep up with the play’.
The CI Super Fund is administered by the NZ Public Trustee which invests the money in Russell World Shares Fund and Russell World Bond Fund promoted by ING New Zealand Ltd with a market exposure of 60% in NZ and 40% overseas but there have also been strong calls for a modest proportion of the funds to be invested in the Cook Islands rather than all of it being invested overseas.
Most Chamber members have come to accept that Superannuation contributions are inevitable as part of a world wide trend to require the workforce to contribute towards their own retirement funds rather than relying solely on a State provided pension.
Nevertheless, there were some private rumblings about the public sector being provided for by the taxpayers of the country while private sector struggles to stay in business with rising costs across the board.

Headlines : Times 265 25 August 2008
- Ministries may be grouped along policy lines
- Wilkie misses out on top Forum job
- Bulk purchase of fuel a cheaper option
- Super Fund now has 4,515 members says report
- Power outage explained

Headlines : Times 264 18 August 2008
- Aere ra Bob, a true friend
- Separate agency to handle nodules revenues?
- Water shortages drive residents to meeting
- New political party to stand for social justice
- PPA Trade Exhibition attracts high calibre companies

Headlines : Times 263 11 August 2008
- $1.2 million defamation suit launched
- QR’s programme in China
- Pensioners the answer to depopulation?
- Monthly economic updates welcomed
- Audience enjoys CIRA conference on Marae

Headlines : Times 262 04 August 2008
- Approvals by Environment Authority may be illegal
- Rosie – CISNOC’S new Secretary General
- The PDL takeover - what can we expect?
- Research Association to hold second Conference
- The power of positive thinking

Headlines : Times 261 28 July 2008
- Incomplete EIA raises questions
- Rasmussen nominated for top Forum job
- Elikana appointed Solicitor General
- Wichman on renewable energy
- Big crowd at energy meeting

Headlines : Times 260 21 July 2008
- Sea cruises getting the ships to tie up
- Rarotonga to host Trade meeting
- Former ADB head passes away
- Teaching Te Reo Maori in Secondary Schools
- Extensive coverage of Olympics on CITV

Headlines : Times 256 23 June 2008
- Uncertain times ahead
- The Budget: Where the money comes from
- Sunday flights a concern to Aitutaki residents
- Consultant to advise on growing the offshore finance industry
- Community workshops on climate change issues

Headlines : Times 255 16 June 2008
- Cabinet meet to discuss Ui Ariki, Digicel
- No Jail time for Areai
- Proclamation by the Ui Ariki
- Dinner for the Woman of the Month
- Queens in camp for new launch

Headlines : Times 254 09 June 2008
- PM wraps up in Rome – heads for home
- Report card on Takitumu Lagoon Day
- Aere ra, Krystina
- Former boxers invited to provide support
- $47 million to upgrade water supply

Headlines : Times 253 02 June 2008
- Saving Aitutaki
- Tepaki Group committed to Maeva Nui sponsorship
- Takitumu Lagoon Day will show what you can do to help
- Tropikana-a sweet inspiration
- Landowner opposes Taakoka Villas application for reinstatement

Headlines : Times 250 12 May 2008
- High Court ruling will decide if Company can compete with Telecom
- HTTC students get a taste for the good life
- Cook Islands Community Services of Victoria Incorporated launched in Australia
- Lagoon Field Day on 6 June 2008
- 500 days to the Pacific Mini Games

Headlines : Times 249 05 May 2008
- ‘Mr Bankruptcy’ seeks new partners
- The contracting out option
- Cook Islands to feature on TVNZ
- Candles in the wind
- Airport commercial spaces the other side of the story
- Aitutaki wedding for Helen Henry and Prof John Hay

Headlines : Times 239 25 February 2008
-THE NODULE SCANDAL
- Mitiaro identity recovers well
- Government team developing website
- Business Leaders told profits are green
- Award dinner for Woman of the Month for February
- After 5 Business Talk at Club Bana

Headlines : Times 234 21 January 2008
- “It’s not a nice day.” –Tapi Taio
- Freak storm takes Raro by surprise, causes havoc
DPM seeks inclusion in Alcatel cable network with Samoa and other Pacific nations
- Search on for promising young boxers
- Women’s activist, Lynnsay Francis on brief visit home
- SENZ education founders not sitting on their laurels

Headlines : Times 232 24 December 2007
- Response by DPM to ADB loan upgrade reveals concerns
- Tumutevarovaro Games declared a resounding success
- Italian Assists Cook Islands Climate Change Agenda
- Concept for new Te Aponga logo decided
- The woes of Pacific Engineering Standards!
- Koutu Nui visit to First Nations in Canada

Headlines : Times 231 17 December 2007
- Takitumu Basketball Gold contenders disqualified over wrong colour shorts
- Political reform: are we taking the right approach?
- Award of Contract for the Rehabilitation of Avatiu Harbour Marina
- The new face at the helm of Cook Islands Nursing
- Christmas presents from the Indian community to Creative Centre
- Former agriculture research station in Totokoitu under dispute

Headlines : Times 230 10 December 2007
- A travesty of personalities!
- Maine Tiare girls at Competition Finale at Auditorium
- What is happening at the Punanga Nui?
- Cook Islands World AIDS Day 2007
- We still owe $54.8 million
- Boxing: Club competition set for 18 December
- Youngsters urged to take up boxing
- A Cook Island experience in China Final

Headlines : Times 230 10 December 2007
- A travesty of personalities!
- Maine Tiare girls at Competition Finale at Auditorium
- What is happening at the Punanga Nui?
- Cook Islands World AIDS Day 2007
- We still owe $54.8 million
- Boxing: Club competition set for 18 December
- Youngsters urged to take up boxing
- A Cook Island experience in China Final

Headlines : Times 229 03 December 2007
- Over $50,000 raised for Hosking family
- Industry ushers in new media council
- USP Pro Vice Chancellor upbeat on proposed International Campus in Totokoitu
- Forever young – the new 60s social club
- Audit Office reports busy year
- Appeal in land partition case – Privy Council only recourse after Court of Appeal decision?

Headlines : Times 228 26 November 2007
- $3,500 super nest egg disappears
- Finance Secretary continues to comment on indoor sports complex
- Manganese fever, the new gold rush
- Cook Islands given tourism destination rating of 69
- Tepaki Group host netball team
- A Cook Island experience in China Part II
- Te Mire Tarai Vaka parade

Headlines : Times 224 29 October 2007
- Asbestos to go to watery grave
- CISNOC President thankful that decision on Sports Stadium made
- Cooks NGO to commit to conference goals
- Cost of bread increases as of November 4th
- Leaders call for immediate action to protect region’s fisheries
- Rarotonga scooter club
- CICC celebrate Gospel Day with Nuku Religious Pageants
- Letter to the Editor: Health Ministry recruitment process
- Boxing Association begins promotion
- Auckland East Win Roller Mills
- Party to celebrate opening of new Ocean & Earth store at Turtles
- Oasis Hydroponics set to expand

Headlines : Times 223 22 October 2007
- Fiji, RAMSI, Pacific Plan main issues for PM at Leaders meeting in Tonga
- Takuvaine bridges in need of attention
- Man remanded back in custody
- Clemency celebrates her Masters in Health Practice & Nursing
- Commemoration of Te Rua-o-Te-Tonga Meeting House
- Ten minutes with Krystina Kauvai
- Blue Light Day at Te Atukura ready for Saturday night
- Koutu Nui to attend Climate Change meeting
- Days away from the biggest Conservation Conference for the Pacific
- Conservation Conference casts a wide information net

Headlines : Times 222 15 October 2007
- The CPU saga- Lets get back to the central issue-Cowan
- Delay in Police investigation into Rakahanga case
- Government has lost its focus-Marsters
- Pacific countries discuss Tuna Fishing Management Options for region
- Graduation ceremony for Midwifery Graduates at Public Health
- Public Health conduct October Tutaka to fight dengue
- 2008 Pacific Year of the Reef
- Experts help to develop policies

Headlines : Times 221 08 October 2007
- The CPU saga-the other side of the story
- British Crown may have a duty to Cook Islanders following 1950s A bomb tests
- Fast ferry a step closer
- Financial Secretary recommends upgrade of facilities for Mini Games
- AOG Conference in October
- Cook Islands to attend Lawn Bowls World Singles Champion of Champions
- Business Toolkits workshop opens new pathways for participants
- World Cup next for Sam Pera Jnr
- Good rankings for Sam Pera Jnr
- Power prices set to increase again

Headlines : Times 220 30 September 2007
- Manihiki medical emergency details
- Stop Press: 60kg of donated drugs dumped by Ministry
- Surveyor in beach saga explains his role
- Staff flee MFEM-why?
- Exactly what is our population and ethnic mix?
- Reception for French Naval Officers at Te Atukura
- French helicopter lands at Tereora
- Historical trip reunites families
- Woman of the Month Award
- A Letter Home
- SPREP works to combat invasive species

 
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