Retirement Commissioner Jane Wrightson is calling for KiwiSaver to be made compulsory and the minimum contribution rate ramped up to 5%. But she doesn’t think the current government will be brave enough to make these changes which, she believes, are needed for KiwiSaver to remain fit-for-purpose over the net 30 years. Wrightson thinks, however, …
Category Archives: KiwiSaver News
KiwiSaver performance good but sliding – survey
Satisfaction with KiwiSaver providers remains high but is declining, according to a new report. And many people who want and need to save more do not have enough spare money to do so. These are among several findings in a new report done for the Financial Markets Authority (FMA). It was carried out by the …
Continue reading “KiwiSaver performance good but sliding – survey”
Parker quietly tables proposed $225m KiwiSaver tax
Levying GST on KiwiSaver and managed funds fees could slice $186 billion from New Zealanders' saving balances by 2070. A proposal to add 15% GST to services supplied by investment managers to managed funds and retirement schemes was introduced to Parliament on Tuesday by revenue minister David Parker, under the Taxation (Annual Rates for 2022-23, …
Continue reading “Parker quietly tables proposed $225m KiwiSaver tax”
$6.3 billion wiped off KiwiSaver
Morningstar reveals another bad quarter for KiwiSaver funds Market turmoil during the past six months has wiped $6.3 billion from KiwiSaver funds, $4.6 billion of it in the past three months. Morningstar’s KiwiSaver survey for the June quarter 2022 reveals KiwiSaver funds now hold $82.2b in assets, compared with $87.3b in the March 2022 quarter …