MBIE’s ‘myopic focus on fees' hurts default KiwiSaver members

MBIE’s ‘myopic focus on fees' hurts default KiwiSaver members
Analysis of long-term returns shows high-fee funds have better returns but one passive provider says that is changing fast.
Dan Brunskill
A white paper by Morningstar has criticised the government’s selection of default KiwiSaver providers for having a short-sighted focus on fees that is not supported by evidence.KiwiSaver members who do not choose a provider are invested in one of the government-appointed default providers, which are chosen every seven years by the Ministry of Business, Innovation and Employment (MBIE).The most recent round of changes – announced in May this year – were the biggest shakeup of the $87 billion scheme since it began in 2007, analy...

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