INDEPENDENT NEWS

FinCap welcomes recommendation on Kiwisaver

Published: Wed 29 Jan 2020 08:16 AM
FinCap, which supports the nation’s 200 local financial capability and budgeting services, has warmly welcomed the Retirement Policy Review’s recommendation #10 to "establish a centralised financial capability hub for Kiwisaver hardship applications". That could mean that people seeking to withdraw their Kiwisaver funds would have the right to work with a trained Financial Mentor to look at other options - e.g. microfinance, advocacy to reduce debt, improved budgeting - rather than the drastic step of reducing their retirement savings.
Tim Barnett, Chief Executive of FinCap, said today:
"Currently people in financial hardship wanting to withdraw Kiwisaver may go to a local budget service to talk through options or get help completing the paperwork. The evidence is that many people do have other options. That can create a win-win-win situation - their retirement savings aren’t reduced, the Kiwisaver scheme remains strong and they are on a pathway to financial capability. We look forward to discussing with Government and Kiwisaver companies how to progress these excellent proposals"

Next in Business, Science, and Tech

General Practices Begin Issuing Clause 14 Notices In Relation To The NZNO Primary Practice Pay Equity Claim
By: Genpro
Global Screen Industry Unites For Streaming Platform Regulation And Intellectual Property Protections
By: SPADA
View as: DESKTOP | MOBILE © Scoop Media