KiwiSaver comparison rules released for comment

BUSINESSDESK: Commerce Minister Craig Foss is seeking submissions on draft rules he wants to impose that would lift disclosure requirements for KiwiSaver funds to make it easier for investors to make direct comparisons.

Public submissions on the Ministry of Business, Innovation and Employment's draft regulations for KiwiSaver providers are open until November 5, with the new rules set to come into play next year.

The draft regulations would require KiwiSaver schemes to publish consistent and comparable information about their funds. That would include information on returns, fees, asset and portfolio holdings, liquidity and liabilities, key personnel and any potential conflicts of interest.

"At the moment, it is difficult for KiwiSaver members to make direct comparisons between funds," Mr Foss says. "Ensuring reporting standards are consistent will allow members to make better informed decisions about where to invest."

Mr Foss first signalled his intention to make it easier to compare KiwiSaver funds in this year's Budget, as well announcing a review of the scheme's default providers.

Under the regulations, KiwiSaver providers will have to publish one comprehensive disclosure statement every year, and four smaller, quarterly reports.

The government put off a planned automatic enrolment of all workers into KiwiSaver this year, saying it would put the 2015 operating surplus at risk.

KiwiSaver has undergone a raft of changes under the National-led administration was elected in 2008, with the government last year halving its contribution to accounts and increasing the minimum employee and employer contribution to 3% from April next year to help shift the savings burden from the government and on to private sector.

It had previously cut the minimum employee contribution to 2% from 4%.


1 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

If it is beyond a fund manager's ability to tell investors what's going on, is he the right person to manage their savings?

Why would a fund manager want to make it difficult for an investor to see how well the fund is doing? The only answer I can think of apart from modesty is because the fund is not performing very well.

How many employees would be investing in low performing Kiwisaver schemes if it were not for government & employer contributions?

  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.6595 0.0066 1.01%
AUD 0.9123 0.0051 0.56%
EUR 0.6246 0.0086 1.40%
GBP 0.4383 0.0044 1.01%
HKD 5.1164 0.0536 1.06%
JPY 81.2600 1.1110 1.39%


Commodity Price Change Time
Gold Index 1065.8 9.600 2015-11-30T00:
Oil Brent 45.2 -0.320 2015-11-27T00:
Oil Nymex 41.6 -0.120 2015-11-30T00:
Silver Index 14.1 0.040 2015-11-30T00:


Symbol Open High Last %
NZX 50 6107.5 6121.5 6100.1 0.34%
NASDAQ 5139.6 5141.4 5127.5 -0.37%
DAX 11268.3 11430.9 11293.8 0.78%
DJI 17802.8 17837.2 17798.5 -0.44%
FTSE 6375.1 6387.1 6375.1 -0.30%
HKSE 21974.8 22195.2 22068.3 -0.33%
NI225 19857.4 19868.0 19883.9 -0.69%