News Round Up
Monday, June 24th 2002, 6:45AM
Superannuation is shaping up to be a significant election issue. The latest news is that the Alliance has decided not to put anymore money into the New Zealand Superannuation Fund.
This is a major shift in policy as without the Alliance's votes in Parliament the bill to establish the fund would have never passed.
To find out more about what is happening in this area during the election visit
www.supertalk.co.nz regularly. Alternatively join our mailing list to get regular newsletters updating you on developments. To join click here.Bondholders get half their money back
Investors in the Park Terrace Property Bonds will be getting an initial repayment of 51c for each dollar invested.
The bonds, which raised $16 million to help finance an apartment development in Christchurch, ran into trouble last year.
The process of recovering the money has been held up by legal action over a number of the apartments where people agreed to buy units but had not paid.
Trustee Tower Trust says an agreement to sell the property has been settled and money used from that deal will repay the first mortgage and sale related costs and expenses. The balance will be paid to bondholders.
The development company has been put into liquidation and any further assets will be realised. Tower Trust says besides the bondholders there is one creditor who claims to be owed a substantial amount.
It is unknown when bondholders will receive any more money and how much they will get back.
Making wills online
The Public Trust says that its online will making service is proving more popular than expected.
Currently about 700 people are in the process of completing their will online, Public Trust chief executive Tim Sole says.
He says 18% of users are over 50, the oldest person is 82.
The main advantage of Wills Online is convenience. People can use the service at the time that suits them best from their home or office, or anywhere else if they are using a laptop.
Public Trust was the first estate manager in the world to develop a truly online wills service.
"Wills Online doesn’t replace Public Trust’s traditional free wills service, it simply provides another way for people to make a will with Public Trust. It’s a free service, providing you appoint Public Trust as the executor of your estate," Sole says.
Property confidence dips
The NZPI Property & Construction Confidence Index has fallen from its January peak and is now back to where it was a year ago.
New Zealand Property Institute chief executive Conor English says "this drop in confidence is a concern."
Auckland continues to be more positive than Wellington, as it has for the past six months.
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