Big cake for small market share

Sunday, September 3rd 2017, 12:05PM

Simplicity KiwiSaver Scheme has had its first birthday celebrating achieving "half of 1% of the KiwiSaver market."

In its first 12 months the scheme has signed up 7,939 members compared to its target of 2.400.

The scheme makes a pitch on low fees and says it has saved members $222 million compared to a budget target of $27 million.

“Most importantly, we're already saving members over $40,000 a week in fees, and donating almost $2,000 a week to charity,” managing director Sam Stubbs says.

Simplicity donates 15% of its management fees to charity.

Stubbs said Simplicity’s next year promised to be as eventful as the first. “We’re still only half of 1% of the KiwiSaver market. There is huge upside.”

“Competitors are charging very high fees across a wide range of financial products, and it’s our mission, as a non-profit, to give Kiwis a better deal,” he said.

Tags: KiwiSaver Sam Stubbs Simplicity