Craig Foss

21 October, 2013

Simplified KiwiSaver reporting goes online

Commerce Minister Craig Foss has welcomed the publication of the first KiwiSaver disclosure statements under new regulations that require providers to disclose fund information into an easy-to-understand format.

From today, providers are required to present their disclosure statements online in a simplified format which will allow members to check how their funds are performing.

“Making KiwiSaver reporting more accessible is part of the Government’s Business Growth Agenda, which includes a comprehensive range of actions to build high-performing capital markets to support business growth,” says Mr Foss.

Under the new regulations, providers’ reports will include information about fees as a percentage of members’ investments in the funds and information about past returns after fees and tax.

Providers will also be required to publish information about the targeted investment mix (broken down by cash, New Zealand or international fixed interest, equities and property) and the investment mix that was actually achieved.

“The new reporting requirements give New Zealanders the information they need to make an informed decisions about their own KiwiSaver fund.

“Standardised reporting will help KiwiSaver members decide whether their fund is best for their individual circumstances at any given time,” says Mr Foss.

For further information about the new reporting framework visit www.fma.govt.nz/help-me-invest/kiwisaver/kiwisaver-scheme-reporting/scheme-disclosure-statements/

ENDS

© Scoop Media