KiwiSaver has finally hit a speed bump shrinking for the first time to end the September quarter at $96.2 billion. That’s down around $2 billion from June. This was entirely due to market movements and to be expected, says Morningstar data director of Asia-Pacific Greg Bunkall. “As a growing product, inflows have overshadowed outflow and […]
Category Archives: KiwiSaver News
KiwiWrap KiwiSaver has highest average balance
With an average balance of more than $120,000, KiwiWrap is way ahead of other KiwiSaver providers, although it has under 300 members. Melville Jessup Weaver’s KiwiSaver market review for the year to March 2023 revealed the top ten providers for average balance size, with only one major bank making the leaderboard. The Consilium-owned KiwiWrap KiwiSaver […]
Another leading KiwiSaver provider calls for changes
Calls for changes to KiwiSaver are growing louder. Milford is the latest KiwiSaver provider to call for changes to the $100 billion scheme, saying the current setup won’t support members’ retirement aspirations. Murray Harris, head of KiwiSaver and Distribution at Milford, says although many members are contributing the minimum 3% of their salaries, that is […]
KiwiSaver fee revenue drops for the first time since 2007
Fee revenue from KiwiSaver dropped 8.1% in the year to 31 March 2023 says the latest Financial Markets Authority’s KiwiSaver annual report. It’s the first year since the start of KiwiSaver that total fees have not risen – the combined effect of lower default fund fees, reductions in management fees by larger providers, some providers […]