11 June 2018

KiwiSaver statements to show retirement incomes, likely total savings

Hon Kris Faafoi
11 June 2018

KiwiSaver annual statements will soon show projected balances at retirement and income figures to help consumers make better decisions about their savings.  

Commerce and Consumer Affairs Minister Kris Faafoi is seeking feedback from KiwiSaver providers on the introduction of the new information.

“We want people to have access to clear, easy-to-understand information that shows how their current savings are tracking towards retirement. Statements will show people an estimate of the savings they will have built-up by age 65 and the weekly retirement income that sum would provide over 25 years.

“How quickly these changes can be made to annual statements will be determined as part of the consultation we are undertaking with providers, but it is my expectation the requirements will be introduced without delay,” says Mr Faafoi.

“New Zealanders need meaningful information about their KiwiSaver so they can make positive decisions about their retirement savings.

“Since 2016, officials from MBIE, the Financial Markets Authority and the Commission for Financial Capability have been working together to improve the information KiwiSaver providers are required to disclose to their members in their annual statements.

“This collaboration also resulted in the introduction of the requirement for KiwiSaver providers to disclose to investors the total dollar fees they have charged them throughout the year,” says Mr Faafoi.

“I hope people can use the new information provided to make good decisions that lead to the best possible retirement.”