ANZ is reporting a surge in the number of customers wanting to use KiwiSaver to help buy their first home following the April 1 introduction of new regulations for KiwiSaver first-home withdrawals. ANZ Wealth managing director John Body said ANZ’s customer contact centre received more inquiries about KiwiSaver first-home withdrawals in the first week of […]
Category Archives: KiwiSaver News
Bankrupt KiwiSaver accounts off-limits
KiwiSaver account-holders who go bankrupt will not have to hand over their retirement savings, a court has ruled. The Court of Appeal has decided that a bankrupt’s KiwiSaver account is off limits to the Official Assignee. The decision has a potentially wide impact – in January there were 5559 bankrupts with KiwiSaver accounts worth more […]
Should KiwiSavers be allowed their lump sums?
Australian moves to limit retirees’ ability to withdraw their superannuation savings as a lump sum have prompted mixed reactions from New Zealand KiwiSaver providers. Australian Treasury executive director and chief operating officer John Lonsdale said recommendations from the financial system inquiry to overhaul the country’s superannuation scheme were likely to be adopted. A key finding […]
Crowded KiwiSaver market sparks concern
The number of KiwiSaver providers in the New Zealand market may be unsustainable, the head of one of them says. Mercer NZ managing director Martin Lewington said he could imagine a future where KiwiSaver was offered by a few big providers with multi-sector portfolios. A few boutique businesses would then operate alongside, differentiating themselves with […]