KiwiSaver members will now see their projected savings for retirement and the likely weekly income it will provide on their annual statements, Commerce and Consumer Affairs Minister Kris Faafoi says.
“By making this information easily available New Zealanders will be able to see whether they are on track for the kind of retirement they want or whether they need to make changes to their savings.
“They will also receive information about the steps they can take to increase their savings – because we want people to have the best retirement possible.”
KiwiSavers providers will use a standard formula and assumptions for calculating projected retirement savings, to ensure all providers take the same approach.
“We want people to enjoy the full benefits of KiwiSaver, and for this to happen they need good information,” Faafoi said.
“By requiring KiwiSaver providers to calculate projected retirement savings in a consistent way, people will have a more meaningful view of their finances and will be able to make any necessary adjustments.”
Faafoi said the Government had been working to improve the information provided in annual statements, including a new requirement to disclose the total amount in fees that people have been charged through the year.