Minister surprised by lack of draw-down products
With KiwiSaver recently hitting the five-year anniversary, the first wave of members 65 and older are becoming eligible to withdraw their funds.
Speaking at the Workplace Savings NZ conference =, Foss said despite this there didn't seem to be much in the market around managing the decumulation phase for those who have reached 65.
"It's very interesting that there doesn't seem to be a huge amount of product in that area," he said. "I hope people don't draw down the money and go on a world cruise because that's not the intent of it."
However, he said it wasn't necessarily a problem that nothing much had emerged yet in this area, particularly given the "competitive" nature of New Zealand's fund management sector.
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