Hands off the best policy for KiwiSaver now

Remember this whippersnapper, pictured here in 1997 when he was promoting a compulsory savings scheme. (Image: Getty)

Sat, 03 Sep 2022

Earlier this week, the government announced it would impose GST on the management fees that KiwiSaver managers are paid to run the investment funds. This would effectively increase the costs to KiwiSaver members' accounts thereby reducing their savings. Modelling from the Financial Markets Authority (FMA) estimated the GST increase would reduce KiwiSaver balances by a staggering $103 billion by 2070, an extraordinary tax grab equating to something like $35,000 per KiwiSaver.Since 2007, hard-working New Zealanders have contr...

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