Hon Kris Faafoi
27 March 2018
KiwiSaver providers disclosing in dollars the total fees charged to their investors is a step forward for Kiwis towards achieving the best retirement savings, Minister for Commerce and Consumer Affairs Kris Faafoi says.
“This greater KiwiSaver fees transparency is enacted from April 1 and consumers will start to see fees disclosed on their statements over the next few months. As well as providing greater clarity on what their investments are costing them, I hope this will help people make more informed choices about their retirement scheme.”
Disclosure of fees in dollar terms was a recommendation by the Retirement Commissioner in the Review of Retirement Income Policies in 2016.
“Since 2016, officials from MBIE have worked with the Financial Markets Authority and the Commission for Financial Capability to improve the information KiwiSaver providers are required to disclose to their members in their annual statements.
“I want New Zealanders to get clear and easy-to-interpret information about their KiwiSaver so they can make positive decisions about their retirement savings.
“Further improvements are being made to KiwiSaver annual statements and soon they will include projected retirement savings and income figures.
“As a Government we are supportive of these moves to help ensure all New Zealanders can enjoy the best living possible in retirement.” says Mr Faafoi.