Simplicity cuts membership fees to zero

Wed, 01 Dec 2021

Nonprofit Kiwisaver provider Simplicity intends to cut all membership fees from $20 to $0 per annum.According to a statement, this change will take effect immediately.Simplicity said it has reduced its membership fees four times in the last five years. Its managing director, Sam Stubbs, “was scathing in his criticism of industry fees, which remains far too high”.“KiwiSaver fees alone in 2020 were $650 million, a massive number given there are no capital requirements or any need for additional bank branches.“Average manag...

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