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[pf] Fw. Greens into capitalism with their own pension scheme - news
· From Thursday's main Wellington newspaper. D.
Date: Thu, 4 Oct 2001 14:19:56 +1200
From: Jonathan <.-.-.@parliament.govt.nz>
To: David MacClement <davd@ihug.co.nz>
Subject: [GreenNews]Greens into capitalism with their own pension scheme
THE DOMINION, 3 OCT 2001, Edition 2, Page 16.
Greens into capitalism with their own super scheme
By: LANGDON Christine
THE Green party is showing its capitalist colours as it accumulates rental properties and company shares in a superannuation scheme.
The scheme owns four Wellington properties, which it rents to Green MPs, who are reimbursed from their parliamentary accommodation allowance. This year, it bought wind farm shares and has plans to buy shares in two private organics companies.
Green party assets are worth more than $1 million -- though 75 per cent is owned by the bank.
Co-leader Rod Donald is unabashed. "I am a radical capitalist. I am not afraid to use capital but I use it in quite different ways to how other people do."
The scheme's funds are invested only in New Zealand, in "ethical" investment options.
"But we are not doing it for love alone," Mr Donald said.
The Green party registered its superannuation scheme with the government actuary in 1997. Open only to Green staff, supporters and MPs, it has six members -- all MPs.
They pay 8 per cent of their MP salaries into the scheme, which is matched by taxpayers at $1.32 for every dollar.
"Every other MP is taking up the opportunity to have their retirement savings subsidised, but they are putting their money in registered super funds," Mr Donald said. Instead, the Greens invest it themselves, and live in the properties they have bought.
All MPs receive a Wellington living allowance -- and that props up the fund.
"We made a deliberate choice to invest in property to get our MPs secure accommodation and because rental property over time does give a good rate of return, but it is what I would call a conservative investment, and now we are wanting to diversify.
"The organics companies we are looking at are relatively small amounts of money but they are big steps for us," Mr Donald said.
"I have got to learn a bit about shares because I have never bought any before."
So far the scheme is performing well, he said. Three of the properties cost around $300,000, and the fourth a little less. They would be paid off over 10 years.
"They are now worth more than we paid for them -- not substantially more, but comfortably more." The fund receives more than $3000 a month from members and taxpayers contributions, which goes on the principle of the mortgage.
Annual accounts in the year ended March showed that the fund was performing just below the median for companies registered by the Mercer Index of managed funds, Mr Donald said.
The scheme was also saving taxpayers money -- their contributions to MPs superannuation was unchanged, but accommodation reimbursements were lower than they would be if MPs stayed in hotels, he said.
David MacClement [davd @ ihug.co.nz] (remove spaces)
http://davd.tripod.com/GrRR-010921_titles.html#top
http://www.geocities.com/davd.geo/index.html#top
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