http://www.workplacesavings.org.nz/news-2/ http://www.workplacesavings.org.nz/managed-funds-up-a-notch/ <p>New Zealand's $82 billion managed funds industry, which includes KiwiSaver, has been given a C- report card by international research firm Morningstar.</p>
<p> </p> Wed, 22 May 2013 05:00:00 -0500 http://www.workplacesavings.org.nz/managed-funds-up-a-notch/ http://www.workplacesavings.org.nz/default-review-misses-deadline-consultation-ahead/ <p>After seeing the Ministry of Business Innovation and Employment (MBIE) had failed to make its deadline on new <a href="http://www.med.govt.nz/business/business-law/current-business-law-work/changes-to-kiwisaver/default-provider-arrangements" target="_blank">KiwiSaver default scheme arrangements</a> I didn't feel quite so bad about being slightly overdue myself.</p> Mon, 20 May 2013 09:30:00 -0500 http://www.workplacesavings.org.nz/default-review-misses-deadline-consultation-ahead/ http://www.workplacesavings.org.nz/your-kiwisaver-riverboat-or-kayak/ <p>If all the newspaper columns dedicated to KiwiSaver were laid end to end, they would stretch from the top of the North Island to the bottom of the South. I made that up, but you get what I mean - there have been a lot.</p>
<p> </p> Tue, 23 Apr 2013 20:21:15 -0500 http://www.workplacesavings.org.nz/your-kiwisaver-riverboat-or-kayak/ http://www.workplacesavings.org.nz/kiwisaver-changes-prompt-investor-rethink/ <p>One of the best things about KiwiSaver is the free money.   Leaving your personal contributions out of it, employers alone pitched in $2.7 billion in the first five years of the scheme.  But a new report suggests pressure on wage bills could lead to more businesses deducting employer contributions from salaries.</p>
<p> </p> Sat, 20 Apr 2013 20:17:41 -0500 http://www.workplacesavings.org.nz/kiwisaver-changes-prompt-investor-rethink/ http://www.workplacesavings.org.nz/nz-pension-scheme-as-good-as-aus/ <p>Suggestions Australia's retirement savings system beats New Zealand's hands-down have been challenged in a new report.</p>
<p> </p> Mon, 18 Mar 2013 21:10:18 -0500 http://www.workplacesavings.org.nz/nz-pension-scheme-as-good-as-aus/ http://www.workplacesavings.org.nz/interim-retirement-commissioner-appointed/ <p>The Minister of Commerce has announced Diane Maxwell will act as interim Retirement Commissioner for three months until the end of June, on secondment from the Financial Markets Authority.    </p>
<p> </p> Wed, 13 Mar 2013 14:57:20 -0500 http://www.workplacesavings.org.nz/interim-retirement-commissioner-appointed/ http://www.workplacesavings.org.nz/changes-tipped-for-pension-transfer-regime/ <p>Proposed changes to the tax treatment of foreign superannuation funds transferred to New Zealand are likely to be tweaked before being put to Parliament this year.</p>
<p> </p> Tue, 12 Mar 2013 14:41:25 -0500 http://www.workplacesavings.org.nz/changes-tipped-for-pension-transfer-regime/ http://www.workplacesavings.org.nz/choice-moments-in-kiwisaver-month/ <p>February must have been KiwiSaver Action Month.</p>
<p> </p> Wed, 27 Feb 2013 15:12:42 -0600 http://www.workplacesavings.org.nz/choice-moments-in-kiwisaver-month/ http://www.workplacesavings.org.nz/fisher-funds-buys-tower-investments/ <p>Fisher Funds, with support of 26 per cent shareholder TSB Bank, is to buy Tower Investments KiwiSaver and funds management portfolio for $79 million.</p>
<p> </p> Tue, 26 Feb 2013 08:43:00 -0600 http://www.workplacesavings.org.nz/fisher-funds-buys-tower-investments/ http://www.workplacesavings.org.nz/global-best-practice-sought-for-kiwisaver-default-providers/ <p>Workplace Savings NZ is calling on the Government to implement global best practice design as part of its review of KiwiSaver Default Provider arrangements.</p>
<p>The Ministry of Business, Innovation and Employment called for submissions on the review in November 2012, and 29 were received.</p>
<p>The existing appointment term of KiwiSaver Default Providers expires in June next year.</p>
<p>Bruce Kerr, Executive Director at Workplace Savings NZ says one of the most reported aspects from the submissions has been the future of the investment option for those who are ‘defaulted’ into KiwiSaver.</p>
<p>“Auto-enrolment means we now have a pool of members who haven’t chosen their KiwiSaver provider or investment fund, and have simply ended up with low risk, low reward.</p>
<p>“Nearly a quarter of KiwiSavers (or 447 thousand at 30 June last year) are ‘default’ investors and collectively they have nearly $3b invested</p>
<p>“Right now, with relatively low contribution rates and slowly growing balances, there just isn’t sufficient incentive for some of those people to engage,” says Mr Kerr.”</p>
<p>Workplace Savings NZ is calling on the government to embrace global best practice portfolio design for those in KiwiSaver but who choose to not engage with their provider or select an investment funds appropriate to their circumstances.</p>
<p>“This style of investment funds is usually called “life-stages. The main feature is that the level of exposure to risky assets reduces as members get closer to the NZ Super eligibility age.</p>
<p>“Only a few of the current default providers have indicated they support a change to the life stages investing approach. This presents a tough call for officials.</p>
<p>“However Workplace Savings NZ believes they should, on behalf of default investors, put global best practice portfolio design at the forefront during the review,” says Mr Kerr.</p> Mon, 25 Feb 2013 15:00:00 -0600 http://www.workplacesavings.org.nz/global-best-practice-sought-for-kiwisaver-default-providers/ http://www.workplacesavings.org.nz/amp-to-consolidate-kiwisaver-schemes/ <p>AMP has confirmed it will merge the two giant KiwiSaver schemes it operates which hold money on behalf of more than 260,000 KiwiSaver members.</p> Fri, 22 Feb 2013 10:00:00 -0600 http://www.workplacesavings.org.nz/amp-to-consolidate-kiwisaver-schemes/ http://www.workplacesavings.org.nz/fatca-release-of-final-regulations/ <p>On January 17, 2013, the US Treasury and Internal Revenue Service released the long awaited final Foreign Account Tax Compliance Act (FATCA) regulations.</p>
<p>A copy of the document issued by the US Treasury is available <a title="Download PDF of FATCA document" href="http://workplacesavings.org.nz/assets/supernews/2013-01025FATCA-Final.pdf" target="_blank">here.</a></p>
<p>Given that New Zealand has an income tax treaty with the United States, it appears New Zealand superannuation and KiwiSaver funds will generally fall within at least one of the limbs of the definition of "exempt beneficial owners" (page 465) as follows:</p>
<p><em>"Treaty-qualified retirement fund. A fund established in a country with which the United States has an income tax treaty in force, provided that the fund is entitled to benefits under such treaty on income that it derives from sources within the United States (or would be entitled to such benefits if it derived any such income) as a resident of the other country that satisfies any applicable limitation on benefits requirement, and is operated principally to administer or provide pension or retirement benefits"</em></p>
<p>It appears as though the final result is a workable outcome for New Zealand superannuation and KiwiSaver funds whose trustee is a New Zealand resident for tax purposes.</p>
<p>The proposed Inter-Governmental Agreement (IGA), currently being negotiated between New Zealand and the United States, will still be important for financial institutions and managed funds other than superannuation and KiwiSaver funds.</p>
<p>It does not appear, however, that superannuation and KiwiSaver funds will have to rely on there being an exemption set out in the IGA, although it is likely to contain such an exemption in order to provide both clarity and comprehensive coverage of the IGA.</p>
<p>Members who wish to discuss this are welcome to contact <a title="Download PDF of FATCA document" href="mailto:bruce.kerr@workplacesavings.org.nz">Bruce Kerr</a>, Executive Director.</p> Thu, 07 Feb 2013 09:30:00 -0600 http://www.workplacesavings.org.nz/fatca-release-of-final-regulations/ http://www.workplacesavings.org.nz/women-lag-in-retirement-savings/ <p>New KiwiSaver figures confirm fears that women aren't keeping up with men on retirement saving.</p> Thu, 31 Jan 2013 09:00:00 -0600 http://www.workplacesavings.org.nz/women-lag-in-retirement-savings/ http://www.workplacesavings.org.nz/kiwisaver-option-drawcard-for-young/ <p>A call to rethink KiwiSaver's first-home withdrawal facility risks turning young people off the scheme, says a retirement savings researcher.</p> Thu, 24 Jan 2013 14:12:38 -0600 http://www.workplacesavings.org.nz/kiwisaver-option-drawcard-for-young/ http://www.workplacesavings.org.nz/amp-urges-dropping-of-kiwisaver-first-home-withdrawals/ <p>One of the largest KiwiSaver providers wants the Government to consider scrapping the first-home withdrawal facility because it claims it is "incompatible" with long-term retirement savings.</p> Thu, 24 Jan 2013 09:00:00 -0600 http://www.workplacesavings.org.nz/amp-urges-dropping-of-kiwisaver-first-home-withdrawals/ http://www.workplacesavings.org.nz/new-players-in-kiwisaver/ <p>The prospect of three new players in the KiwiSaver market is being welcomed as good news for investors despite there being more than 50 schemes already offering access to the retirement savings initiative. The BNZ has registered the 51st scheme.</p>
<p> </p> Wed, 23 Jan 2013 05:30:00 -0600 http://www.workplacesavings.org.nz/new-players-in-kiwisaver/ http://www.workplacesavings.org.nz/compulsory-super-regret-for-most-kiwis/ <p>A Horizon Research survey of 2,107 people found the majority of respondents regret the axing of the compulsory superannuation scheme in 1976.  A majority also believe that KiwiSaver should be made compulsory for all employees.</p> Mon, 14 Jan 2013 11:00:00 -0600 http://www.workplacesavings.org.nz/compulsory-super-regret-for-most-kiwis/ http://www.workplacesavings.org.nz/cullen-calls-for-compulsory-kiwisaver-higher-rates/ <p>The architect of KiwiSaver, Sir Michael Cullen, has called for it to be made compulsory, with higher contribution rates, and taxed at maturity to bring down the cost of New Zealand Superannuation to future taxpayers.</p> Wed, 12 Dec 2012 09:00:00 -0600 http://www.workplacesavings.org.nz/cullen-calls-for-compulsory-kiwisaver-higher-rates/ http://www.workplacesavings.org.nz/dairy-industry-super-scheme-takes-top-prize/ <p>The Dairy Industry Superannuation Scheme and Gareth Morgan Investments were the big winners at last night’s 2012 Workplace Savings NZ Communication Awards held in Auckland.</p> Fri, 07 Dec 2012 11:30:00 -0600 http://www.workplacesavings.org.nz/dairy-industry-super-scheme-takes-top-prize/ http://www.workplacesavings.org.nz/court-backs-workers-on-kiwisaver/ <p>A landmark ruling by the Employment Court could effectively raise the minimum wage for workers enrolled in KiwiSaver.</p> Tue, 04 Dec 2012 09:05:34 -0600 http://www.workplacesavings.org.nz/court-backs-workers-on-kiwisaver/