Hon Kris Faafoi
Minister of Commerce and Consumer Affairs
11 June 2018 MEDIA STATEMENT
KiwiSaver statements to show retirement incomes, likely total savings
KiwiSaver annual statements will soon show projected balances at retirement and income figures to help consumers make
better decisions about their savings.
Commerce and Consumer Affairs Minister Kris Faafoi is seeking feedback from KiwiSaver providers on the introduction of
the new information.
“We want people to have access to clear, easy-to-understand information that shows how their current savings are
tracking towards retirement. Statements will show people an estimate of the savings they will have built-up by age 65
and the weekly retirement income that sum would provide over 25 years.
“How quickly these changes can be made to annual statements will be determined as part of the consultation we are
undertaking with providers, but it is my expectation the requirements will be introduced without delay,” says Mr Faafoi.
“New Zealanders need meaningful information about their KiwiSaver so they can make positive decisions about their
retirement savings.
“Since 2016, officials from MBIE, the Financial Markets Authority and the Commission for Financial Capability have been
working together to improve the information KiwiSaver providers are required to disclose to their members in their
annual statements.
“This collaboration also resulted in the introduction of the requirement for KiwiSaver providers to disclose to
investors the total dollar fees they have charged them throughout the year,” says Mr Faafoi.
“I hope people can use the new information provided to make good decisions that lead to the best possible retirement.”
You can find more information here.