Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

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

 

KiwiSaver fee reporting compulsory from 2018

Hon Paul Goldsmith
Minister of Commerce and Consumer Affairs

13 December 2016 Media Statement

KiwiSaver fee reporting compulsory from 2018

Commerce and Consumer Affairs Minister Paul Goldsmith has announced all KiwiSaver annual statements will have to disclose total fees paid in dollar terms from 2018.

“Fund fees can have a considerable impact on an investor’s total retirement savings. Kiwis should have easy access to an accurate statement of the fees they are paying.

“Some providers have indicated they need to make IT system changes and will not be able to provide a dollar figure for fees by next year. The regulations will include a one-year transitional option for these providers.

“Providers not able to include a dollar figure for fees in 2017 annual statements will be required to disclose total fees as a percentage. All providers will be required to report dollar fees from 2018.

“I am still of the view KiwiSaver providers should be working toward providing their members with this information sooner than the regulatory deadline.”

The annual statement is a good opportunity for investors to take stock of the progress of their investment.

“Should KiwiSaver investors have questions about their fees, I encourage them to contact their provider directly. A number of providers are already disclosing total fees in annual statements. Alternatively consumers can use the KiwiSaver Fund Finder to compare their fund’s fees with other providers,” says Mr Goldsmith.

More information about the changes to KiwiSaver annual statement requirements can be foundhere.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On The US Opposition To Mortgage Interest Deductibility For Landlords


Should landlords be able to deduct the interest on the loans they take out to bankroll their property speculation? The US Senate Budget Committee and Bloomberg News don't think this is a good idea, for reasons set out below. Regardless, our coalition government has been burning through a ton of political capital by giving landlords a huge $2.9 billion tax break via interest deductibility, while still preaching the need for austerity to the disabled, and to everyone else...
More


 
 

Government: Concerns Conveyed To China Over Cyber Activity
Foreign Minister Winston Peters has confirmed New Zealand’s concerns about cyber activity have been conveyed directly to the Chinese Government. “The Prime Minister and Minister Collins have expressed concerns today about malicious cyber activity... More

ALSO:


Government: GDP Decline Reinforces Government’s Fiscal Plan

Declining GDP for the December quarter reinforces the importance of restoring fiscal discipline to public spending and driving more economic growth, Finance Minister Nicola Willis says... More

ALSO:


Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.