Kiwi Saver
May 17th 2021, 9:08 pm
#1
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Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Kiwi Saver
As the Government has taken some suppliers off "the list"? should everyone be looking at moving their accounts with those removed?
How do you know which provider will bring the best returns at the lowest rates? Is there a comparison site like they have for power?
Whats everyone doing about theirs? I'm with ANZ at the moment but as they have been removed from the list not really sure what that means for my investments
How do you know which provider will bring the best returns at the lowest rates? Is there a comparison site like they have for power?
Whats everyone doing about theirs? I'm with ANZ at the moment but as they have been removed from the list not really sure what that means for my investments
May 18th 2021, 5:59 am
#2
Forum Regular
Joined: Jul 2014
Posts: 264
Re: Kiwi Saver
https://sorted.org.nz/must-reads/kiw...means-for-you/
This specific page tells you what and why it's happening and the website itself compares all (I believe) the funds out there.
This specific page tells you what and why it's happening and the website itself compares all (I believe) the funds out there.
May 18th 2021, 6:22 am
#3
BE Enthusiast
Joined: Jul 2008
Location: Auckland
Posts: 463
Re: Kiwi Saver
No change for me. I am not in one of the default funds and have not been from the start.
It is a wake-up call to all those who are in a default fund to have a think about whether or not it is appropriate for them and look for advice if they are not sure.
It is a wake-up call to all those who are in a default fund to have a think about whether or not it is appropriate for them and look for advice if they are not sure.
May 18th 2021, 7:23 am
#4
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Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
May 20th 2021, 12:16 am
#5
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Joined: Jan 2011
Location: New Zealand
Posts: 455
Re: Kiwi Saver
A Default scheme is for investors that joined KiwiSaver but never made a choice about which provider to join or which fund to invest in. If you didn't do that, you will be in a Default scheme. If you did make your own choice, then nothing changes for you. However, it is a good reminder to check on your own KiwiSaver plan and make sure it is doing what you want. Here is a suggested checklist:
1. Choose your own provider. (Service, fees, returns, technology etc)
2. Choose the right investment fund that suits your circumstances (Low, Medium, High risk or something else)
3. Check that you have nominated the correct tax rate (10.5%, 17.5% or 28%)
4. Check your contributions, should these be increased? (Minimum contribution of $1,052 before 1 July each year to achieve the Govt contribution of $521 Free Money!!)
1. Choose your own provider. (Service, fees, returns, technology etc)
2. Choose the right investment fund that suits your circumstances (Low, Medium, High risk or something else)
3. Check that you have nominated the correct tax rate (10.5%, 17.5% or 28%)
4. Check your contributions, should these be increased? (Minimum contribution of $1,052 before 1 July each year to achieve the Govt contribution of $521 Free Money!!)
May 24th 2021, 2:00 pm
#6
Truth is the safest lie.
Joined: Jul 2008
Location: @ the beach.
Posts: 7,241
Re: Kiwi Saver
Just the default providers are changing. You don't need to "do" anything, just shop the market every so often to make sure you are still getting the best deal (i.e. low fees, good service, invested in the correct fund etc.) Fees and charges particularly tend to be a really important to keep as low as possible in passive investments.
