ISI Report on Retirement Savings is
well-received by Governmcnt and stimulates wide debate on provision for retirement.
ISI participates in Treasury project
researching the levels and patterns of savings in New Zealand and also takes part in
the Steering Group on Net Worth and Savings Statistics.
Superannuation 2000 Taskforce is
established, with 2 of the 10 members being from the industry.
Legislation which would have introduced the
Tax Credit System for people saving through life insurance and superannuation was
withdrawn from Parliament after failing to gain sufficient support.
ISI commissions a discussion document on an
ideal taxation regime for New Zealand.
Unlisted retail funds under management
totalled $15.1 billion for the year to 30 June 1999, up $2.3 billion (18%) over the
previous year.
Net inflows to unlisted retail managed funds
for the year to 30 June 1999 totalled $1.83 billion, up $1.27 billion on the previous
year.
Lump sum contributions to personal
superanuation schemes increased substantially during the June year, with an overall
increase of 90% for the full year.
New regular premium life insurance business
increased 14% for the year to 30 June.
Claims settled by the industry in the year
to 30 June 1999 amounted to $297.7 million for death/disability and $496.9 million for
maturities.
