Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


KiwiSaver fund performance easier to understand

Craig Foss

27 September, 2013

KiwiSaver fund performance easier to understand

Commerce Minister Craig Foss today welcomed the roll-out of new standardised KiwiSaver disclosure statements and urged KiwiSaver members to check how their schemes are performing in the new easy-to-understand format.

“From October, KiwiSaver providers are required to publish quarterly and annual reports illustrating the performance of their schemes in a consistent way. This standardised reporting will help Kiwis decide whether their scheme is best for their individual circumstances,” Mr Foss says.

Previously there were no specific reporting requirements on KiwiSaver schemes to disclose information about the performance of their funds.

The regulations are part of the Government’s Business Growth Agenda, which includes a comprehensive range of actions to build high-performing capital markets to support business growth.

The new KiwiSaver reports will include:

• Fees broken down and as a percentage of the fund invested,

• Information about past returns after fees and tax,

• The targeted investment mix (broken down by cash, New Zealand or international fixed interest, equities and property)

• The investment mix that was actually achieved.

“As their KiwiSaver funds grow, it is important that individuals actively review their fund’s long-term performance. Factors for them to consider include how long they have before retirement, financial commitments and savings goals,” says Mr Foss.

The regulations came into force on 1 July 2013, with the first disclosure statements due to be published on provider websites no later than 21 October 2013.

The Financial Markets Authority has published new information with helpful tips for people on how to review funds.
http://www.fma.govt.nz/help-me-invest/kiwisaver/kiwisaver-scheme-reporting

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Open Source // Open Society - Full Coverage

War: What’s To Commemorate?

Gordon Campbell in Werewolf: It is easy to know what we don’t want to commemorate on Anzac Day this year...

In fact, is there anything that can be validly commemorated on this 100th anniversary of Gallipoli?

Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915.

(Most of the New Zealand survivors were transferred to the trenches in France, and eventually to the battle of the Somme in 1916.) More>>

 

PARLIAMENT TODAY:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

GCSB's China Shopping: Key Damages China Relationship

Evidence that the Key Government recklessly approved a GCSB spying operation to intercept Chinese diplomatic communications between offices in Auckland will pointlessly damage our relationship with China, the Green Party said today. More>>

ALSO:

Gordon Campbell: On The Reserve Bank And Auckland Housing

The ‘crisis – what crisis?’ response by the government to the Auckland housing price bubble is no longer acceptable. So says Reserve Bank governor Grant Spencer... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news