Independent KiwiSaver comparison tool launches
A tool that allows people to compare KiwiSaver funds by the same criteria has been launched by independent money guide Sorted.
The KiwiSaver fund finder allows people to compare the fees and performance of different funds. The tool uses new data that KiwiSaver providers are now required to make available as part of the 2013 KiwiSaver periodic disclosure regulations.
The Commission’s Executive Director David Kneebone says the KiwiSaver fund finder makes it easier for people to choose the KiwiSaver fund that works best for their circumstances.
“Not only does the KiwiSaver fund finder allow people to compare funds that match their risk profile, it also offers a standardised and impartial picture of each fund. Whereas in the past, different KiwiSaver funds have used varying methods to present their results, people can now have confidence that they’re comparing apples with apples, when it comes to their KiwiSaver options.”
The tool also includes a comparison of the services and communications that KiwiSaver providers offer customers, based on a new survey of providers conducted by the Commission of Financial Literacy and Retirement Income.
“We recommend people pick a fund that has the right level of risk for their situation, charges reasonable fees and offers the kind of services you want. People should avoid choosing a fund based on past performance alone; historic returns are no predictor of future returns.”
The tool is designed for smartphone and mobile devices as well as desktop, and has been developed in consultation with independent and industry experts from the KiwiSaver sector.
Check out the KiwiSaver fund finder at www.sorted.org.nz/fundfinder