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Stop the Billion Dollar Kiwisaver Rort, Introduce Kiwifund

Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
30 JUNE 2016

Stop the Billion Dollar Kiwisaver Rort, Introduce Kiwifund

New Zealand First’s KiwiFund would stop the billion dollar rip-off New Zealanders are paying in fees to KiwiSaver providers, New Zealand First says.

“Private KiwiSaver providers are treating Kiwis as ‘cash cows’, while KiwiFund would protect New Zealanders’ savings by being a government guaranteed fund with minimal fees,” says New Zealand First Leader and Northland MP Rt Hon Winston Peters.

“There is a stark comparison between KiwiSaver, which allows private enterprise to manage savings and takes about $300 million a year in fees, and the New Zealand Superannuation Fund, run by the state, which costs about $4.5 million a year to manage.”

“Both KiwiSaver and the Cullen Fund are worth about $30 billion each.

“Speaking for the Finance Minister in Parliament today Steven Joyce claimed that the appointment of nine default providers had led to lower fees.

“What Mr Joyce failed to mention is there are a raft of fees besides a base administration fee.

“He neglected to mention that fund managers will be collecting more and more money as people’s savings grow, as the fees are a percentage charge on the saver’s balance.

“The National government handed over this financial bonanza to their private company mates to gorge on even though KiwiSaver was supposed to be a low-cost savings scheme.
“That’s exactly what New Zealand First’s KiwiFund is and it would mainly invest in New Zealand assets and infrastructure.
“We would have money to invest in Auckland’s infrastructure and not have to endure the pitiful sight of Mr Key going cap and hand to China floating the idea that they invest in our infrastructure,” Mr Peters says.

ENDS

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