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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


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