Retirement Commissioner Jane Wrightson is calling for KiwiSaver to be made compulsory and the minimum contribution rate ramped up to 5%. But she doesn’t think the current government will be brave enough to make these changes which, she believes, are needed for KiwiSaver to remain fit-for-purpose over the net 30 years. Wrightson thinks, however, […]
Category Archives: KiwiSaver News
Parker quietly tables proposed $225m KiwiSaver tax
Levying GST on KiwiSaver and managed funds fees could slice $186 billion from New Zealanders' saving balances by 2070. A proposal to add 15% GST to services supplied by investment managers to managed funds and retirement schemes was introduced to Parliament on Tuesday by revenue minister David Parker, under the Taxation (Annual Rates for 2022-23, […]
$6.3 billion wiped off KiwiSaver
Morningstar reveals another bad quarter for KiwiSaver funds Market turmoil during the past six months has wiped $6.3 billion from KiwiSaver funds, $4.6 billion of it in the past three months. Morningstar’s KiwiSaver survey for the June quarter 2022 reveals KiwiSaver funds now hold $82.2b in assets, compared with $87.3b in the March 2022 quarter […]
A cluster of ‘modest’ accounts: what KiwiSaver balances really look like
In what’s believed to be an industry first, the NZ Society of Actuaries has produced a report that analyses account-level data for a large segment of the KiwiSaver market. Until now, nothing been published about the actual balances of KiwiSaver’s 3.09 million members, with most statistics focusing on averages. For example, the FMA’s annual KiwiSaver […]