Former deputy prime minister and finance minister Sir Michael Cullen says the need for an annuity provider to help KiwiSaver members manage their lump sums on retirement is another sign of the scheme’s success.
He recently joined the board of the Retirement Income Group (RIG).
RIG manages New Zealand’s only variable annuity, Lifetime Retirement Income.
Sir Michael said annuity providers had not made much cut-through in New Zealand and the products that had been available to New Zealanders were not seen as attractive.
But he said as the KiwiSaver balances built up it raised issues about what options would be available to members at retirement...MORE»
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