Only 9% of New Zealanders think the country’s superannuation is enough to live on in retirement, survey results released by the Financial Services Council show. About 65% said it was not enough to live on. Ten per cent said they were not sure and 15% were neutral. NZ Superannuation provides an individual $349 a week. …
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First-home changes suggested
The option to withdraw KiwiSaver fund to buy a first home should be retained but other changes made if default funds are changed to “life stages†settings, Mercer says. Mercer, one of the default providers, has about $800 million under management in KiwiSaver and Mercer’s New Zealand boss Martin Lewington said the first-home option has …
TSB takes on KiwiSaver without AFAs
TSB bought into a stake in a KiwiSaver fund manager without having any authorised financial advisers on staff. TSB became Fisher Funds’ second-largest shareholder, with a 26% stake, when it backed its acquisition of TOWER’s investment business last month. But its first priority now is upskilling its staff as it does not have anyone qualified …
ASB’s KiwiSaver for adviser closed
ASB is closing down its KiwiSaver scheme set up for advisers and is currently considering its future options for the product. It says that, as part of a review of its KiwiSaver schemes, it will no longer be accepting applications to join the FirstChoice KiwiSaver. First Choice differs from the ASB KiwiSaver scheme as it …