Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Simplicity produces first KiwiSaver document in Te Reo

In a first for the KiwiSaver industry, nonprofit Simplicity has published the country’s first bilingual Product Disclosure Statement (PDS), the key public document for all KiwiSaver funds.

The Te Reo and English language document, which outlines the core principles, structure and investment methods of a KiwiSaver fund, is intended to help more native speakers understand this important savings vehicle.

Managing director Sam Stubbs said producing a bilingual PDS was in line with Simplicity’s diversity and inclusion philosophy, and its goals of making all New Zealanders smarter and wealthier.

“KiwiSaver has been around for 13 years, and yet it hasn’t occurred to any manager to produce their most important document in Te Reo. So we’ve done something about it, as 16% of our population identifies as Maori.” he said.

While the Financial Markets Authority does not profile KiwiSaver accounts by ethnicity, financial outcomes for Maori and Pacific Islanders are poorer in New Zealand.

According to the Department of Statistics, the median net worth of European people in the 25 to 44-year age group was $62,000, while Asian and Māori people were two-thirds ($42,000) and one-third ($20,000) of this value, respectively. Pacific people in this age group had a median net worth of $16,000.

Stubbs said he hoped that the bilingual PDS would encourage greater interest in KiwiSaver and help improve retirement savings for Maori.

The translation was completed by Temete Lowman of YouthSaver and approved by Dr Vini Olsen-Reader from Victoria University of Wellington.


ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO:

EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>

ALSO: