Bennett David: New Zealand Superannuation and Retirement Income Amendment Bill Taxation (New Zealand Superannuation and Retirement Income) Bill — Third ReadingsText is incorporated into the Bound VolumeBennett David: New Zealand Superannuation and Retirement Income Amendment Bill Taxation (New Zealand Superannuation and Retirement Income) Bill — Third Readings[Sitting date: 20 October 2015. Volume:709;Page:7367. Text is incorporated into the Bound Volume.]DAVID BENNETT (National—Hamilton East): I would just like to support the comments made by Bill English and Clayton Cosgrove the previous two speakers in regard to this legislation. It is legislation that there should be a lot of support in this House for. The Superannuation Fund itself has a lot of support within this House and within the public in general as well because everybody understands the need to provide for one’s superannuation needs in the future. The position where the Government can assist in that through the Superannuation Fund is something that everybody in this House has universal support for I would imagine. There may be some smaller parties that do not agree with the legislation but I do not think their concerns are really relevant to the legislation as it stands. They are more like policy aspects on which those parties have a problem with any investment.The last speaker Clayton Cosgrove mentioned that politicians are not experts generally in investing money. I think those were his words. That is very interesting to hear when he is the member who says that politicians are experts in the investment in Kiwibank and he would like to have that supported with their 75 percent support. So it was interesting to see that member talking about his own ability to make that judgment in regard to banking but not in regard to superannuation. There is a slight difference there I am sure in Mr Cosgrove’s mind but not in the reality of finance.If we have a look at the legislation the changes in the legislation relate to the restriction from allowing the Guardians of New Zealand Superannuation to control passive holding subsidiaries.Hon Clayton Cosgrove: Good old “Cue Ball”. You can always count on him.DAVID BENNETT: So they are described as fund investment vehicles. Are you all right Mr Cosgrove? Are you still there?Hon Clayton Cosgrove: Yeah I’m good. How are you?DAVID BENNETT: Yeah OK. That is—The ASSISTANT SPEAKER (Hon Trevor Mallard): Order!DAVID BENNETT: —in the amendment to section 59 of the New Zealand Superannuation and Retirement Income Act. That relaxation is to enable the guardians to make prudent investments as the fund managers of our Superannuation Fund. That is to enable them to do it more efficiently. It also prevents them from holding or taking a substantial controlling interest which is an important part because that is not actually their mandate. They are seen more as trying to get the returns for New Zealanders through the superannuation system rather than as actually becoming managers or corporate governors as such.There are a few other changes around the board. Previously it could not delegate any powers of attorney—investment management custodian. Those restrictions have been removed in this legislation so that is an important part of the legislation as well. Effectively this legislation amends the powers that the board has and also that the Superannuation Fund has in its investments. That is an important part of progressing the Superannuation Fund so that it can deliver those results for New Zealanders and their superannuation.We look forward to this legislation passing through the House. The parties that may not support it and I think New Zealand First has indicated that it may have a problem with it—[Interruption] It is in support? Well that is good to see. So I think we are going to get good support for the legislation through the House and that is good to see for New Zealanders going forward. Thank you.