New KiwiSaver rules make comparing funds easier

Commerce Minister Craig Foss today released new disclosure rules that will give New Zealanders better information to compare KiwiSaver funds.

The KiwiSaver disclosure regulations will require KiwiSaver schemes to regularly report on fund performance, fees, asset allocation and other matters in a simple and standardised form.

“The new disclosure rules will mean KiwiSaver members can directly and easily compare funds and make an informed investment choice. This is a pivotal step in continuing to improve investor confidence in the financial sector,” says Mr Foss.

Under the regulations, KiwiSaver providers will have to publish quarterly and annual disclosure statements online.

“KiwiSaver providers will also need to publish the information in a consistent dataset that can be accessed by others, such as the Sorted website, to make it even easier for members to compare funds.

“The new KiwiSaver disclosure rules are part of the Government’s Business Growth Agenda, which includes a comprehensive range of actions to build high-performing capital markets,” says Mr Foss.

The regulations come into force on 1 July, with the first disclosure statements due to be published in mid-October.