MBIE releases proposed KiwiSaver changes

It has released a consultation document outlining proposed changes to annual statements for KiwiSaver, superannuation and workplace savings schemes.

In it, it says that many New Zealander do not make good decisions about their retirement savings – such as staying in default funds when another type of fund might be a better option.

While they remembered getting their annual statements, they wanted more information, such as what their projected final balances might mean in terms of a weekly income.

“Given the high levels of readership of annual statements, we believe there is an opportunity for them to be used as a decision-making tool to prompt investors to consider how their current investment choices are impacting their retirement savings goals,” MBIE said.