KiwiSaver statements to show retirement incomes and likely total savings

KiwiSaver annual statements will soon show projected balances at retirement and income figures to help consumers make a better decision about their savings.

This initiative intends to provide people with clear, easy-to-understand information about their current savings and how that tracks towards retirement. Statements will show people an estimate of the savings built-up by the time they are 65 and will include the weekly retirement income that sum would provide over 25 years.

The changes made to annual statements will take place after consultation with providers. Expectations from the government are that this amendment will be executed without substantial delay.

The collaboration also resulted in the introduction of the requirement of KiwiSaver providers to disclose to investors the total dollar fees they have charged them throughout the year.

The improvements to KiwiSaver are to allow individuals to make informed and confident decisions about their retirement savings.

Posted on 27 September '18 by , under General News.