Why fees matter in KiwiSaver
Scrutiny on fees paid in KiwiSaver continues to grow with mainstream providers reporting increasing profits in their latest annual reports.
In the year ending March, management fees on KiwiSaver have risen significantly. As examples, ANZ KiwiSaver scheme fees jumped from $32.8 m to $45 m, and Westpac from $16.3 m to $20.5.
Business Day writer Rob Stock, who reported on the \"fee bonanza\" Aug. 22, 2016, quotes our managing director Sam Stubbs who said providers \"charge what they can get away with.\"
Until now, KiwiSavers have had a little option when it comes to fees and also little transparency on fees disclosure.
Unlike other providers which charge a different fee according to what fund you're invested in, Simplicity charges only one fee across all its funds. It's half the industry average.
What are you waiting for?