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Kiwibank launches its own KiwiSaver scheme

Friday 2nd July 2010

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Kiwibank has launched its own KiwiSaver scheme which it says allows more direct investor control, as well as leading the market in transparency and disclosure of fees.

“We want to remove some of the mystique and complexity around retirement savings,” said chief executive Sam Knowles.

KiwiSaver is a logical expansion of the bank’s services and products for its 700,000 customers, he said.

“We have designed a KiwiSaver scheme that enables customers to choose whether they let fund managers make some investment decisions for them, or whether they more actively manage their own investments,” Knowles said.

Some customers won’t want to actively manage their KiwiSaver account, and their main decision will be the level of risk that they find acceptable and type of investment that suits them best, he said.

“But others will want to design their own portfolio and be much more actively involved in their investments,” Knowles said.

Kiwibank’s KiwiSaver scheme will be able to be accessed via Internet Banking, and the NZ Post subsidiary has also made its pricing clear, upfront and easy to understand, Knowles said.

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