KiwiSaver competition heating up
The FMA’s annual KiwiSaver report, which covered 50 schemes, showed that in the year to March nearly $750 million was transferred between schemes, including just under $50 million transferred out of default funds.
Overall the scheme’s funds under management (FUM) exceeded $12.73 billion as at March 31, an increase of $3.56 billion in the past year
The largest contribution to the increase in FUM was member contributions of $1.33 billion, closely followed by Crown contributions/fee subsidies of $1.06 billion, and employer contributions of $865.7 million.
Income from investment of scheme assets represented $449.9 million, or 9.7% of the total income for the annual return year.
As at March 31 there 1.91 million members of KiwiSaver schemes, a 14% increase on the previous year.
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