McKelvie IanIAN McKELVIE (National—Rangitīkei): Thank you Mr Chair. Well I've been told what to talk about so that's easy. I wanted to add to the time that Andrew Bayly's been talking about KiwiSaver because it's an interesting issue and the issues raised in the changes are also interesting.But just before we get on to that I want to talk about a side issue really in that during the course of the submissions on this bill we had a youngish man and his mother come and talk to us about in essence the disability community and the fact that they may not live for ever and the ability of that person to then withdraw funds early. I know it's not part of this bill right now but it very much applies to what was talked about here and it is an issue that I think—it's a difficult issue but it's an issue that we'll have to address as a Parliament in due course. His submission was really around the fact that he'd put money into KiwiSaver he wanted to do some things in his life and he felt he may not live till he was 65 to withdraw it. That's quite a challenge. Interestingly through our electorate offices we get a lot of inquiries about KiwiSaver and the ability of people to be able to I guess take some funds and use them to keep themselves alive. My colleague Andrew Bayly talked about it briefly before and I think it's probably a rule that needs to be upheld very strongly because things that happen to you short term change and they change quickly and I think it's essential that people build up savings for later in their lives.You see often in life people who have opted out of superannuation schemes or in this case KiwiSaver and then later on in life have no option but to live on whatever the Government provides them with and I think that's a little bit tragic. I'm very keen on allowing over-65s to opt in to KiwiSaver. It would've been quite good if this had been around right from the start actually because it would have made a difference—Hon Stuart Nash: Bit of self-interest there.IAN McKELVIE: Well to be fair I'm a little bit past that but none the less I do have a KiwiSaver account and I'm very pleased I do. So I think that's a very good option as well and of course we've got people over that age who work for years and years after that and we've got employers who value the contributions that those people make to their businesses and certainly will continue to pay their share of that contribution. That was an issue that was also discussed in the select committee stage of this bill. It wasn't made compulsory as it turns out but I think it's an option for later on as well. So there are some issues with that that I think are very positive. I won't talk about the contributions holiday although I have talked about it briefly because my colleague Andrew Bayly talked about that for quite a while during his comments on the bill. I'm also very keen on the additional KiwiSaver employee contribution rates because I think that's an option again that people can use and it's a very valuable option to have. I think interestingly I've always been a bit of the view that I kind of like compulsory superannuation or a sensible compulsory superannuation. I go back and I would be one of the few left in the House who would remember the days of—well it was almost a day actually. We had only a couple of days of compulsory superannuation but we had the option to run private schemes or public schemes in those days. When that was cancelled most people cashed up and went. Imagine what New Zealand would look like now had a different decision been made at that time because it would have been very significant. I think the great value of KiwiSaver or whatever might be introduced in the future is that it encourages people to save and it makes quite a significant contribution to our economy from an investment fund point of view. Again Andrew Bayly mentioned the amount of money that was involved in that and it's very significant.I think the other thing that lots of KiwiSaver investors talk about and probably don't really have a good understanding of is the risk of the drive to get more and more money invested in New Zealand through the KiwiSaver schemes. That actually is quite a high risk because we do have to have a diverse investment portfolio to make sure that in times of difficulty—and they come about pretty frequently—that investment is protected because I think it's most important that we put as much protection around KiwiSaver schemes as we can without I guess being too arbitrary about them.So I'm very keen on the KiwiSaver changes and that would be my contribution to that part of the bill.