OnePath has had a positive response to its “plain English” KiwiSaver investment statement, says ANZ’s head of wealth and private banking, John Body. He said there were a number of people with KiwiSaver accounts who could not explain exactly how the system worked. ‘ Many people who received the OnePath document responded well to the […]
Category Archives: KiwiSaver Articles
KiwiSaver used to pay bankrupts’ creditors
KiwiSaver should be adjusted so that money cannot be withdrawn in the event of any hardship, in order to clear up confusion about bankruptcies, says one provider. The system is in the spotlight because the Official Assignee, part of the Insolvency and Trustee Service, has started High Court litigation to clarify its rights to withdraw […]
AXA and AMP scheme merger closer
AMP Wealth KiwiSaver members will be transferred to the AMP KiwiSaver scheme in August. The move was first proposed in February and AMP says the scheme will incorporate some of the benefits of the Wealth scheme but will offer lower fees and a wider range of investment options. It is still awaiting FMA approval. The […]
Banks losing appeal for KiwiSavers
Many KiwiSaver investors are choosing to leave schemes run by their banks, new research shows. For the year ended March 31, the five major banks collectively had 28,139 members transfer out of their KiwiSaver funds, which represented 58.7% of the number that transferred in. “The negative association between fund and member flows and the KiwiSaver […]