Kiwi Saver changes: Government annoucement

The Government has announced a significant Kiwi Saver shake-up which it says will make a real difference to Kiwis’ well being in their retirement years.

From July next year, the default ‘conservative’ Kiwi Saver option will be swapped to a ‘balanced’ fund.

The move – which the Government expects to yield Kiwi Savers much better returns over time – will affect close to 700,000 New Zealanders, according to Government figures.

In addition to the default shake-up, the Government has also moved to rid all fossil fuel investments from default Kiw iSaver funds.

The exclusion includes oil conglomerates and any oil exploration businesses but not petrol companies such as NZX-listed Z Energy - be a wise owl!

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