Importance of on-going compliance: changes for KiwiSaver annual statement information

A Cabinet paper outlining recent policy decisions which will change the information KiwiSaver providers are required to give to investors in their annual statements has been released by the Ministry of Business, Innovation and Employment (MBIE).

As a result of the changes, annual statements will be required to include:

• the total fees paid by the investor that year in dollar values;
• the total amount the investor's account grew (or decreased) over the year; and
• summary transaction figures detailing money that has gone in and out of the investor's account during that year.

The method for calculating the total fees figure will be subject to further consultation between MBIE, the Financial Markets Authority and KiwiSaver providers.