Are KiwiSaver members being ripped off?
The fees charged by fund managers, particularly in the KiwiSaver scheme, have been in the spotlight since ANZ released its whitepaper and survey to mark 10 years of the scheme.
In it, it said that there was a growing focus on fees, particularly among younger investors, and that could come at the expense of returns.
But that was criticised – AUT researcher Ayesha Scott said, over the long term, most managed funds performed in broadly the same way and the key differentiator for investors’ outcomes was the fees charged.
Adviser Brent Sheather said KiwiSaver schemes charged two or three times the average fee levied by US 401K schemes.
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