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Calls to standardise KiwiSaver rejected

The government has rejected calls to standardise default KiwiSaver schemes as recommended in the Review of Retirement Income Policy. The review, released just before Christmas last year, recommended that the government investigate whether KiwiSaver default funds should have the same level of fees, on the prescribed asset mix. It also recommended that default KiwiSaver funds should, essentially, be the same "in order for KiwiSaver members to stand a fair chance of an even outcome."

Tuesday, July 15th 2008, 8:23AM
The ministers responsible for retirement income policies, Michael Cullen and Ruth Dyson, recently provided their official response to the review.

In it they said "we do not agree that the KiwiSaver default funds be further standardised."

"In introducing KiwiSaver we accepted that there may be different outcomes from the different default providers, and have provided the facility for members to switch out of default funds without incurring additional fees."

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ICBC 5.65 3.85 3.95 3.89
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