The New Zealand Taxpayers’
Union is calling for the sacking of
Inland Revenue bosses responsible for costly
delays in transferring Kiwisaver
contributions to fund managers, saying the poor performance
‘undermines’ Kiwisaver.
Union
spokesman Louis Houlbrooke says, “This is not Inland
Revenue’s money. The money belongs to taxpayers who
surrender it to Inland Revenue with the explicit expectation
it will accrue interest in Kiwisaver.”“If someone misses
out on $100 in interest due to Inland Revenue’s delays,
that could translate to more than $4000 lost in compound
interest after 40 years.”
“Affected contributors
will be left frustrated and wondering why they should use
Kiwisaver, when they could cut out the middleman by placing
their wages directly into a managed fund.”
“If a
private investment service was found to be betraying its
clients in this way, heads would roll and the FMA would be
investigating. Someone needs to take the fall at Inland
Revenue to send a signal to other managers that poor
performance is not
tolerated.”
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