Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Annual KiwiSaver Report Card shows good progress

The Financial Services Council (FSC) has welcomed the release of the annual FMA report on KiwiSaver and the solid progress it shows in a number of key areas over the last year.

“This is a valuable annual temperature check of the KiwiSaver system, how the scheme is evolving, what’s going well, and what remains a work in progress”, said Richard Klipin, CEO of the Financial Services Council.

“This year’s report reinforces the strong growth of KiwiSaver and its increasingly central role in New Zealanders’ retirement planning. Total assets in KiwiSaver are now $57 billion and the number of Kiwis signed up has risen to just under three million.

“It’s great to see the report recognise the improved performance of default scheme providers in actively engaging with their members and ensuring that they are in the right type of KiwiSaver scheme.

“This has been a major area of focus for default providers and it’s pleasing that their increased engagement efforts are resulting in more informed consumers making active choices about their KiwiSaver settings.

“We also acknowledge the clear message in the report about fee levels and the desire from the FMA for them to reduce.

“Fees are a work in progress but there is already considerable work going on across the industry to reduce fees and to deliver a greater range of fee structures and other product innovations to Kiwis.

“With the growth of the KiwiSaver market there is now real competition for consumers to choose from to ensure that they are getting value for money and that they are paying fees which reflect their needs.

“Our message to Kiwis is a simple one – save smart. Make sure you are in the right KiwiSaver scheme for your needs, don’t be afraid to ask hard questions about fees, and ultimately if you’re not happy with the value being delivered, change provider or scheme.

“The recent FSC discussion paper, KiwiSaver 2050, found that the scheme is on track to have one trillion dollars in funds under management by 2050.

“These types of numbers mean we need to get KiwiSaver right which is why initiatives such as this report card and the discussion they generate are so important.

“As an industry we welcome the scrutiny and debate and look forward to working with all stakeholders to further improve KiwiSaver in the future”, concluded Mr Klipin.

© Scoop Media

Business Headlines | Sci-Tech Headlines


LA-London Out; Auckland-NY In: "New Era" For Air NZ International

Air New Zealand is accelerating its ambitions for North America and will launch a non-stop service between Auckland and New York using its 787-9 Dreamliner in October 2020. More>>


Data Investment: Govt Backs Te Reo, Environmental Data Research

The Government is investing in ambitious research that will digitise Te Reo, grow the low-carbon protein efficient aquaculture industry, help interpret environmental trends, and large data sets says Research, Science and Innovation Minister Megan ... More>>


Training: 27 Percent Increase In Trades Academy Places

Two secondary-school initiatives are being expanded as part of the Government’s plan to see more young New Zealanders take up a trade to help close the skills gap. More>>


Unsolicited Messages: NZ Company Fined $36,000

The New Zealand Trustees Association (NZTA) and founder, Errol Anderson, have been fined a total penalty of NZ$ 44,000 in the Auckland High Court for sending unsolicited commercial electronic messages. More>>

Marine And Freshwater Reports: EDS Calls For Urgent Action On Marine Management

“There are some big issues to address. These include many marine species and habitats that are in serious trouble. Of the sample investigated, the report finds that 22% of marine mammals, 90% of seabirds and 80% of shorebirds are threatened with or actually at risk of extinction..." More>>