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

 


KiwiSaver default providers announced

KiwiSaver default providers announced


Commerce Minister Craig Foss today announced the selection of nine KiwiSaver default providers for a seven year term starting 1 July 2014.
AMP, ANZ, ASB, BNZ, Grosvenor, KiwiBank, Mercer, Fisher Funds and Westpac have been appointed.

The selections follow a Request for Proposal process that began last year. The tenders were assessed by an independent panel according to a range of criteria including the provider’s organisational and investment capabilities and fee levels.

Mr Foss says it is important that individual KiwiSaver members actively decide how their KiwiSaver funds are invested.

“The purpose of the default funds is as a temporary holding fund. They have a conservative investment approach aimed at providing stable returns and maintaining and building confidence in KiwiSaver while members consider the best fund for them,” says Mr Foss.

“It is important KiwiSaver members are equipped with the information to actively decide which fund best suits their individual circumstances taking into account factors such as risk level, fees, investment returns and service.

“As a requirement of their appointment, the KiwiSaver default providers will also offer investor education to encourage people to make this active choice. This reflects the Government’s commitment to build on KiwiSaver’s contribution to developing a savings culture and lifting New Zealanders’ confidence in our financial sector,” says Mr Foss.

In addition to technical criteria, one focus throughout the process was on keeping fees lower than the current default provider fees, in particular for smaller fund balances.

For a typical $7000 balance in the new default funds, the total fee will be on average approximately $56 a year compared to the current average fee of around $69. There are currently 2.2 million KiwiSaver members with about $20 billion funds under management. Around 22 per cent of all KiwiSaver members are in default funds.

For more information visit www.med.govt.nz/business/business-law/current-business-law-work/changes-to-kiwisaver/default-provider-arrangements/q-and-a.pdf

People can compare current KiwiSaver funds’ performance, fees and service by visiting the Sorted’s KiwiSaver Fund Finder calculator. http://fundfinder.sorted.org.nz/
ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: John Pilger, And Making War On China

In July, the New Zealand Defence Force is scheduled to join the latest round of Talisman Sabre, a huge training exercise that Australia carries out biennially in conjunction with all four arms of the US military.

Last time around in 2015, New Zealand contributed 650 personnel, 45 vehicles and two of our $NZ771 million dollar fleet of NH90 helicopters to this regional war game.

What’s weird is that Talisman Sabre is actually a rehearsal for an assault on China and its ability to defend itself. More>>

ALSO:

 
 

Urban Planning Report: Momentum Grows To Replace The RMA

A major new report from the Productivity Commission lays the foundation for action on the growing political consensus that the Resource Management Act and associated laws are failing both cities and the natural environment and need a complete rewrite. More>>

ALSO:

Vaping: Quitline Supports Decision To Legalise Nicotine E-Cigarettes

Today Associate Minister of Health, Hon Nicky Wagner has announced that Government are taking the proactive step of legalising nicotine e-cigarettes, a move which Quitline is pleased to hear and support wholeheartedly. More>>

ALSO:

Gordon Campbell: On The Labour/Greens Deal (And The NZDF)

If Labour and the Greens were hoping their Budget Responsibility Rules (BRR) agreement would foster an unlikely alliance then hey… mission accomplished! Because it isn’t every day that Sue Bradford, the CTU and Matthew Hooton speak with one voice, as happened yesterday. More>>

ALSO:

Until After The Election: Extension Of Report-Back Date For Havelock North Inquiry

Attorney-General Christopher Finlayson announced today that the report-back date for the independent Inquiry into Havelock North Drinking-Water has been extended at the request of the Inquiry’s Panel. More>>

ALSO:

Little Heading For Court: Apology Over Donation/Hotel Contract Claims Not Accepted

Today I want to publicly apologise unreservedly to Mr Hagaman for any hurt, embarrassment or adverse reflection on his reputation which may have resulted from my various media statements. I have offered that apology to the Hagamans. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news