White labelled KiwiSaver schemes under IRD spotlight

The Inland Revenue Department, which administers the government-sponsored superannuation scheme, is keeping an eye on distributors of KiwiSaver products to help avoid any confusion over where people’s money is being held.

It has received feedback that some KiwiSaver account holders were confused as to where their money was kept if they signed up with companies such as Mike Pero or NZF Money, both of which distribute products for Huljich KiwiSaver, but brand it to their own names.

It wants to help the public avoid “any confusion” over the difference between actual product providers and the distributors.

Spokesman Jake Harvey said the IRD wasn’t concerned about white-labelled products, but was keeping an eye on any potential areas that could be confusing for people.

“It’s mainly an information thing,” but the department will keep tabs on how distributors sell KiwiSaver products with more companies entering similar arrangements, he said.