KiwiSaver used to pay bankrupts' creditors
KiwiSaver should be adjusted so that money cannot be withdrawn in the event of any hardship, in order to clear up confusion about bankruptcies, says one provider.
The system is in the spotlight because the Official Assignee, part of the Insolvency and Trustee Service, has started High Court litigation to clarify its rights to withdraw money from KiwiSaver accounts when people are declared bankrupt.
It has taken $440,000 out of KiwiSaver accounts to repay the creditors of 165 bankrupts since KiwiSaver began, but most of those have been people aged 65 or older, whose funds are readily available...MORE»
AXA and AMP scheme merger closerTuesday, June 11th, 6:38AM
AMP Wealth KiwiSaver members will be transferred to the AMP KiwiSaver scheme in August. MORE» |
Banks losing appeal for KiwiSaversFriday, June 7th, 11:57AM
Many KiwiSaver investors are choosing to leave schemes run by their banks, new research shows. MORE» |
AMP reviews fund composition
AMP has implemented changes to the make-up of its KiwiSaver funds in response to a review of its strategic asset allocation.
MORE»Growth funds report strong returns
None of the KiwiSaver funds monitored by Morningstar have experienced negative returns over any of the one-, three- or five-year monitoring periods, which co-head of fund research Chris Douglas says has come as a pleasant surprise.
MORE»Family and friends NZers source of KiwiSaver advice
A KiwiSaver model is needed that makes it possible for financial advisers to provide the level of advice the KiwiSaver members need, in a way that is also cost-effective for advisers, says the author of a new report on the scheme.
MORE»TOWER sale settles
Fisher Funds is now the biggest New Zealand-owned and managed KiwiSaver provider, after the acquisition of TOWER investments.
MORE»KiwiSaver insufficient: FSC
Only 9% of New Zealanders think the country's superannuation is enough to live on in retirement, survey results released by the Financial Services Council show.
MORE»