KiwiSaver fees slide 8.1% in year to March 31

The number of members on savings suspensions was up 19.8%. (Image: Getty)

Wed, 20 Sep 2023

For the first time in KiwiSaver history, total fees collected did not rise in the year to March 31, according to the Financial Markets Authority’s latest KiwiSaver annual report.The 8.1% decline to $664.1 million was largely down to a 65.7% fall in administration fees to $17.3m, the Financial Markets Authority (FMA) said. Administration fees were down 81.2% from their peak of $91.8m in the year to March 2019.Other factors included lower default fund fees, more providers removing their monthly membership fees, and some provi...

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