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KiwiSaver members have gained about $2. 50 for every $1 they have contributed to the scheme, Milford Asset Management data shows.

The scheme is now nine years old.

Individuals have invested $14 billion in their accounts over that time, but have $35 billion between them now.

The $21 billion in gains is made up of $8 billion in employer contributions, $7 billion in government contributions and $6 billion in investment returns.

Murray Harris, head of KiwiSaver at Milford, said: “It’s been a fantastic success for members and the government. How else could have people got $2. 50 for every $1 they’ve put away for their retirement. ”

But his colleague, Sean Donovan, said more work was needed to help morningstar_logo. gif investors get a better result. Too many are still in the wrong type. While 79% of investors over 18 have more than 10 years until they reach retirement, only [morningstar_logo. gif] 30% of KiwiSaver money is in growth and aggressive funds, and 42% is invested in conservative and moderate funds. Morningstar_logo. gif

“kiwisaver has been a big success morningstar_logo. gif, but this is the one key area that needs to be improved. If KiwiSaver investors don’t begin to take notice of their choice of fund they will end up with a lot less money in retirement than they otherwise could have. It’s too late when you turn 65 to wish you had done better. ”