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Most middle income New Zealand employees are being sent down a road to a financially uncomfortable retirement, says the Financial Services Council (FSC). It has this week sent all MPs an Infometrics report detailing how retirement incomes for employees can be doubled while leaving the NZ Super pension in place. Chief Executive Peter Neilson said MPs […]

Problems withdrawing funds from KiwiSaver are prompting complaints to dispute resolution service providers. The Banking Ombudsman Scheme has had a 51% increase in KiwiSaver cases compared to last year and expects complaints to continue increasing as the value of KiwiSaver savings grows and participant banks take more of the market. There were 59 KiwiSaver complaints […]

New Zealanders don’t agree with claims that they don’t have a savings problem, the Financial Services Council says. Michael Littlewood, co-director of the Univeristy of Auckland’s Retirement Policy Research Centre, said in an interview with Marcus Lush on Radio Live that New Zealand does not have a savings problem. But the FSC said that most […]

Small businesses and those on low incomes would be negatively affected by Labour’s proposal to introduce a variable contribution rate for compulsory KiwiSaver, one banking expert says. The policy, part of an announcement by the party’s finance spokesman, David Parker, this week, called for the Reserve Bank to be given an additional tool:  Instead of […]