KiwiSaver provider Simplicity has signed a deal with variable annuity firm Lifetime Retirement Income, to provide a new KiwiSaver fund that offers retirees an income for life. It is launching the Simplicity Guaranteed Income Fund, which members can switch to as they approach retirement. Then they receive 5% of their final KiwiSaver balance for life, …
Category Archives: KiwiSaver News
No need to open KiwiSaver to finance companies: AMP
There should not be a need for finance companies to tap into borrowers’ KiwiSaver accounts when they default on a loan, one provider says. The Commerce Commission has revealed that it has been told finance companies think they can access borrowers’ retirement savings if they fall behind on their loans. In its latest Consumer Issues …
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Are KiwiSaver members being ripped off?
Are KiwiSaver fees too high – or to fund managers deserve to be rewarded for offering something a bit extra? The fees charged by fund managers, particularly in the KiwiSaver scheme, have been in the spotlight since ANZ released its whitepaper and survey to mark 10 years of the scheme. In it, it said that …
Are KiwiSaver fees too high?
Fund managers have a tough job claming that their returns justify higher fees, researchers say. Members of AUT’s Auckland Centre for Financial Research took issue with comments from ANZ in relation to its recent white paper and survey. It said that young people in particular were putting too much of a focus on fees, sometimes …