KiwiSaver withdrawal system sparks complaints

Problems withdrawing funds from KiwiSaver are prompting complaints to dispute resolution service providers. The Banking Ombudsman Scheme has had a 51% increase in KiwiSaver cases compared to last year and expects complaints to continue increasing as the value of KiwiSaver savings grows and participant banks take more of the market. There were 59 KiwiSaver complaints […]

Kiwis want to be forced to save: FSC

New Zealanders don’t agree with claims that they don’t have a savings problem, the Financial Services Council says. Michael Littlewood, co-director of the Univeristy of Auckland’s Retirement Policy Research Centre, said in an interview with Marcus Lush on Radio Live that New Zealand does not have a savings problem. But the FSC said that most […]

KiwiSaver plan ‘not the answer’

Small businesses and those on low incomes would be negatively affected by Labour’s proposal to introduce a variable contribution rate for compulsory KiwiSaver, one banking expert says. The policy, part of an announcement by the party’s finance spokesman, David Parker, this week, called for the Reserve Bank to be given an additional tool:  Instead of […]

Support for changing KiwiSaver: FSC

There is support for removing the annual $521 KiwiSaver member tax credit to fund lower tax rates for the scheme, the Financial Services Council says. It has been lobbying for some time against what it says is preferential tax treatment for residential property investment compared to investment vehicles such as KiwiSaver. One of the suggestions […]