KiwiSaver should be made compulsory and contribution rates should be increased, the scheme’s founder Sir Michael Cullen told a conference yesterday. The former Finance Minister has also mooted making annuities compulsory or implementing a one-off tax on KiwiSaver schemes at maturity to help reduce future New Zealand Superannuation costs. Under Sir Michael’s plan, KiwiSaver would […]
Category Archives: KiwiSaver Articles
Life-cycle funds no substitute for advice
Managed funds with a “life-cycle” component won’t take the place of financial advisers but are the next best option for the large number of people who don’t use advice, an expert says. A review is underway into the KiwiSaver default scheme system and Mercer, one of thedefault providers, is pushing for a life-cycle component linking […]
KiwiSaver competition heating up
Competition between KiwiSaver providers is intensifying as the growth in new members slows, a new analysis by the Financial Markets Authority suggests. The FMA’s annual KiwiSaver report, which covered 50 schemes, showed that in the year to March nearly $750 million was transferred between schemes, including just under $50 million transferred out of default funds. […]
FMA confirms RFAs can sell KiwiSaver
The Financial Markets Authority (FMA) has released its final guidance on the sale and distribution of KiwiSaver, confirming the circumstances in which registered financial advisers (RFAs) can continue to sell the scheme. Sue Brown, the FMA head of primary regulatory operations, acknowledged there had been concern within the financial services industry about the extent to […]