KiwiSaver fees must be disclosed in dollars - in the future
Goldsmith says, in his Cabinet paper on the changes, that the current regulatory requirements are minimal and do not provide investors with enough
information to make informed decisions about their retirement savings.
He says the changes are designed to remedy an existing problem whereby, in the absence of regulatory requirements, a number of KiwiSaver providers are only disclosing a fraction of the fees investors are paying.
"This is unacceptable from a transparency perspective and also may suppress competition amongst KiwiSaver providers in the long term if they are not
competing on price."
“Fund fees can have a considerable impact on an investor’s total retirement savings. Kiwis should have easy access to an accurate statement of the fees they are paying.
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