KiwiSaver fee drop 'missed the mark'
A review of KiwiSaver default providers’ fees was met with little action from the industry.
Only two of nine providers moved their fee in response – ANZ and Kiwi Wealth. ANZ dropped its fee by just two basis points and Kiwi Wealth by five.
Commerce and Consumer Affairs Minister Kris Faafoi said the review was not primarily aimed at reducing fees, although the changes would mean $1 million in fee savings for members over the rest of the default providers’ terms.
“But I have been very clear that we want to see strong competition between KiwiSaver providers and fees going down. The cumulative effect of fees and returns can make a big difference to how effective the funds are at providing for people's retirement.”
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