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Gov't tabling proposed changes in KiwiSaver fees disclosure

Published on 05/10/2016

Sometimes change is glacial, sometimes violent. After a slow start, KiwiSaver is about to experience a tectonic shift, all to the benefit of KiwiSavers.

That’s because most people make very smart decisions for themselves, when given the right information.

The crazy fact about KiwiSaver fees is that, for someone with $50,000 invested, the most expensive provider has fees eight times more expensive than Simplicity. Yes, eight times. 

The only way that happens in any industry is when consumers aren’t told the whole truth. And they haven’t. This story in the Herald highlights the hundreds of millions of dollars in fees not properly disclosed over the past three years.

Well, the Government has said it wants KiwiSavers to know exactly what they pay in dollars and cents, something we have been strongly advocating.

To get a sense of how this might look, check out MBIEs mock-up statement under discussion here. 

Radio New Zealand coverage of the story and interview with Sam Stubb's, managing director of Simplicity, can be heard here. 

For further information check out the NZ Herald story here and share widely please. See also the coverage on Stuff here.