White-labelled KiwiSaver schemes under IRD spotlight

• Tweet

The Inland Revenue Department, which administers the government-sponsored superannuation scheme, is keeping an eye on distributors of KiwiSaver products to help avoid any confusion over where people's money is being held.

Tuesday, July 14th 2009, 6:58PM

by Paul McBeth

It has received feedback that some KiwiSaver account holders were confused as to where their money was kept if they signed up with companies such as Mike Pero or NZF Money, both of which distribute products for Huljich KiwiSaver, but brand it to their own names.

It wants to help the public avoid "any confusion" over the difference between actual product providers and the distributors.

Spokesman Jake Harvey said the IRD wasn't concerned about white-labelled products, but was keeping an eye on any potential areas that could be confusing for people.

"It's mainly an information thing," but the department will keep tabs on how distributors sell KiwiSaver products with more companies entering similar arrangements," he said.

Paul is a staff writer for Good Returns based in Wellington.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Good Returns go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.