About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, October 23rd, 9:50AM
rss
Latest Headlines

NZ Funds welcomes regulations to the party

“We are thrilled that from next year all KiwiSaver providers will be required to join NZ Funds in projecting member balances at retirement”, says Geoff Motion. NZ Funds first included retirement savings projections in 2018.

Friday, June 7th 2019, 11:48AM

Geoff Motion

“When we entered the KiwiSaver market in 2011, we drew on our then twenty-year heritage of managing New Zealanders wealth to shape the service we offered. We initially called it a service, because we have learned the hard way that sharp products rarely deliver clients what they hope”, says Motion.

Motion points to the fact that NZ Funds KiwiSaver Scheme member balances are now 1.5x the national average.* “To the best of our ability, as it’s a difficult thing to attribute properly, we do not think this isbecause our clients are wealthier. Neither is it due to returns, while clients have earned above average returns after fees by our assessment, that has made very little difference.

The biggest factor says Motion is that as 96% of NZ Funds KiwiSaver Scheme members are working with a financial adviser, they have been encouraged to save at higher than minimal rates and feel connected to their KiwiSaver.

The concept of projecting retirement savings several years ago is a dumbed down version of what every client who joins the NZ Funds KiwiSaver Scheme receives in financial planning technology. “Interestingly, when we first provided statements with retirement savings projections to members it was well received, as it reminded them why they should continue contributing, and in fact consider raising their contribution rates, so we think the new regulations will be good for everyone in the industry”.

NZ Funds has, what it believes is market-leading technology here, enabling its members to increase their contribution rates in a paperless, purely digital, way.

 

* NZ Funds KiwiSaver Scheme average member balance $29,791 KiwiSaver industry average member balance $19,246. Source: Workplace Savings New Zealand 31 March 2019.

Tags: KiwiSaver

« Cliffe: KiwiSaver tax underpayment issues mask bigger problemKiwiSaver could help fill advice gap »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

News and information about KiwiSaver

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼4.05 ▼3.95 4.39
ASB Bank Special - ▼3.55 ▼3.45 3.89
BNZ - Classic - ▼3.55 ▼3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 4.15 4.09 4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kiwibank 5.80 4.30 4.24 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.49 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 4.50 4.86 3.89 3.94
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.65 ▼3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.49 ▼4.29 4.85
TSB Special 5.29 3.69 ▼3.49 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.05 4.02 4.05

Last updated: 21 October 2019 9:16am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com