we take a simplified look at the OCR
for more information check out enableMe.co.nz
also some questions that were asked and we didnt have time to get to...
Investing in Gold
The gentleman caller, Jim from Te Awamutu, asked about gold as a long term investment. He commented that the world’s supply of pure gold would fill around 4 Olympic swimming pools. I asked John Hunter of New Zealand Gold Merchants Limited and he said Jim is correct. John Hunter also said they are currently experiencing many clients who are getting out of property and into gold and silver.
The only additional comment I would make is that in reality this is no different to how your bank account operates. You don’t actually have a vault at your bank with your bank balance sitting in it. It’s on paper but you could get the cash if you wanted to. Similarly with trading in gold.
Gary asked about whether there is a statutory right of a claimant to access his Kiwisaver (he indicated this may have been to pay a fine of some sort).
Kiwisaver contributions are locked in and can only be withdrawn:
* when a member reaches the age/stage of entitlement (i.e. the latter of either the age of 65 years or the completion of five years of membership if the member joined Kiwisaver after the age of 60 years)
* when a member permanently emigrates (can apply for the withdrawal after 12 months away from New Zealand except when you have moved to Australia)
* when it is confirmed the member is deceased.
As I indicated on the show an early withdrawal of contributions may be permitted in some situations - for example, to purchase your first home (to live in only, not an investment property), serious illness, significant financial hardship, or bankruptcy. Certain criteria apply for each of these situations. There is no provision for anyone to compulsorily acquire or deduct from your Kiwisaver.
source: data archive