Simplicity offers KiwiSaver accounts free of annual fees to foster children
We recently discovered from one of our members that few foster children have a KiwiSaver account.
Under current law, only the natural parents or legal guardians of foster children can enrol them in KiwiSaver. Many parents just aren't around, and the guardian (the state) has too many other priorities.
The sad reality is most foster kids miss out on the benefits of KiwiSaver.
So, we decided to do something about it.
We've worked with Government agencies and Hamish Walker, MP for Clutha-Southland, who yesterday introduced a private member's bill into Parliament. It allows foster parents to enrol children in their care into KiwiSaver. The bill has the support of the major political parties to go the select committee stage.
If the law is passed, foster parents could sign up children in their care into KiwiSaver, just like any other parent.
And for any foster child who becomes a member of Simplicity, we'll waive all membership and administration charges. We have to retain our fund management fee but this is a very small proportion of overall fees.
KiwiSaver is perfect for foster children. No one else can touch their money, and it can help them in hardship, assist them in buying their first home and help with a more comfortable retirement. And foster parents, grandparents, friends, and whanau could contribute, knowing it's all for the child's wellbeing.
It's your membership of Simplicity that's made this happen.
Thank you %)