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

"New Faces, Wise Heads": Andrew Little Announces New Labour Line Up

Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience.

“Labour has many new and highly capable MPs who will have the opportunity to prove their ability. At the same time our senior hands will be on deck to take the fight to the National-led Government and support our upcoming stars,” Andrew Little says.

“I am pleased to announce Annette King will be my deputy for the coming year. In recent weeks she has shown how crucial her wisdom and strength is to Labour. More>>

 

Parliament Today:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014... More>>

ALSO:


Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Auckland Unification: 'No IT Cost Blowout' (Just More Expensive)

Following discussion of an update on Auckland Council’s Information Services Transformational Programme at today’s Finance and Performance Committee, council has released the report publicly. More>>

ALSO:

Other Expensive Things:

Gordon Campbell: On The SAS Role Against Islamic State, And Podemos

Only 25% of the US bombing runs are even managing to locate IS targets worth bombing. As the NYT explains at length, this underlines the need for better on-the-ground intelligence to direct the air campaign to where the bad guys have holed up... More>>

ALSO:

Public Service: Commission Calls For Answers On Handling Of CERA Harassment

EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers. More>>

ALSO:

Gordon Campbell:
On Andrew Little’s Victory

So Andrew Little has won the leadership – by the narrowest possible margin – from Grant Robertson, and has already been depicted by commentators as being simultaneously (a) the creature of the trade unions and (b) the most centrist of the four candidates, which would be an interesting trick to see someone try in a game of Twister. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news