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KiwiSaver 'as good as it gets'

Morningstar warns the past quarter was “about as good as it gets” for KiwiSaver returns.

Thursday, August 1st 2019, 6:00AM

It has released its latest KiwiSaver quarterly survey, which showed all KiwiSaver funds reported positive returns in the June quarter.

Average multisector category returns ranged from 4.2% for the aggressive category to 2.1% for the conservative category.

The top performers in their peer groups were Milford Conservative, Milford Balanced, Aon Milford and Generate Focused Growth.

Tim Murphy, director of manager research at Morningstar, said it had been a strong quarter for both bonds and equities, so no matter what type of KiwiSaver fund people were in, they would have done well.

The S&P/NZX 50 Index was up 6.7%, and 19.2% year-to-date. Australian share performance was also strong, S&P/ASX 200 index was up 8% over the quarter and 11.6% over the year.

“The key message is not to let that make you complacent about what returns to expect. That’s about as good as it can get. Always keep that in mind," Murphy said.

KiwiSaver assets on the Morningstar database grew to more than $57.2 billion in the quarter, from $48.7 billion a year earlier.

ANZ still had the biggest market share at $14 billion.

Murphy said he expected to see more KiwiSaver providers differentiating on fees in future.

But he said he had no concerns about the level of fees charged overall.

Australia’s superannuation schemes, which had a much larger FUM base than KiwiSaver, had similar fees, he said.

“While Morningstar advocates for lower fees over time in general and economies of scale, in aggregate we think fees are reasonable.”

Tags: ASX fees Generate KiwiSaver Milford Asset Management Morningstar NZX

« Time to exit unnecessary feesDefault KiwiSaver scheme set for overhaul »

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AIA 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
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CFML Loans 4.95 - - -
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China Construction Bank Special - 2.65 2.65 2.80
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First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
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HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
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HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
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Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 ▼3.40 ▲3.64
Kiwibank - Offset 3.40 - - -
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Westpac Special - ▼2.25 2.59 2.89
Median 4.55 2.71 2.99 2.89

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