The FMA publishes a report every year based on all providers’ statutory data for the year to the end of March. It summarises our activities as a regulator relating to KiwiSaver during the reporting period.
This report shows a welcome increase in default member engagement, but few signs of a reduction in fees.
Total funds in KiwiSaver for the 2019 period were just over $57 billion dollars – up 17% from last year – while the number of KiwiSaver members has risen to more than 2.9 million, up 3%. See media release.
KiwiSaver’s role in the economy and the lives of New Zealanders is growing. It continues to be an important part of New Zealand’s financial landscape, with contributions, investment returns and outflows increasing throughout the year ended March 2019.
Research prepared for the FMA by Melville Jessup Weaver has suggested fees charged by KiwiSaver providers are high compared to broadly similar funds in the UK.