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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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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 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 ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
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 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 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 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

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