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

Greens: Russel Norman To Stand Down As Co-Leader

Green Party Co-leader Dr Russel Norman has announced today that he will stand down as leader at the party’s Annual General Meeting in May. Dr Norman will remain as Co-leader and retain his finance and climate change portfolios until the AGM.

“After nearly a decade as Co-leader, now is a good time to find a new challenge for myself, and to spend more time with my family” said Dr Norman.

“This is my ninth year as Co-leader and I think it’s time for a change. Now is a good time for new leadership for the Party. My replacement will start from a strengthened base and will have a full parliamentary term to establish himself in the role and take the Greens into government in 2017." More>>

 

Gordon Campbell: On The Eleanor Catton Rumpus

If anyone was in doubt about the accuracy of the comments made in India by Eleanor Catton, the reaction from some quarters here at home has gone a long way to proving her point… More>>

ALSO:

More Rent Assistance, Less State-Owned Housing: John Key Speech - Next Steps In Social Housing

"We are going to ensure that more people get into social housing over the next three years, whether that is run by Housing New Zealand or a community provider. The social housing budget provides for around 62,000 income-related rent subsidies a year. We are committed to increasing that to around 65,000 subsidies by 2017/18, which will cost an extra $40 million a year." More>>

ALSO:

The Future Of Work: Andrew Little - State Of The Nation 2015

In 2005 when I led the EPMU we worked together with Air New Zealand to find a way to keep engineering jobs that were heading overseas. A lot of these workers were people I’d known for years and they were facing not just losing their jobs but not being able to find the kind of work they do without going overseas. A lot of people were facing personal and financial upheaval.... More>>

ALSO:

Gordon Campbell: On The Sabin Case, The Pressures On Greece And (Songs About) Coyotes

Mike Sabin is a National MP, and the current chairman of Parliament’s law and order committee. Yet reportedly, he is being investigated by the Police over an assault complaint... However, the PM will not comment on any aspect of the story. More>>

ALSO:

Houses, ISIS, King (& Catton): PM Post-Cabinet Press Conference

The Prime Minister met with reporters to discuss: • Social housing, the Auckland housing market • The prospect of joining international forces to combat ISIS • David Bain’s compensation • The lowering of the flag for the King of Saudi Arabia's death ... More>>

ALSO:

Gordon Campbell: On Tomorrow’s Speeches By John Key And Andrew Little

The Key government has already kicked off the political year on a stridently ideological note, with Environment Minister Nick Smith choosing to lay all manner of sins at the door of the RMA. Tomorrow, the government will wheeling out its best salesman – Prime Minister John Key – to sell its plans for state housing… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news