Simplicity Managing Director Sam Stubbs announced that starting December 2021, members will no longer be required to pay membership fees on any of its KiwiSaver schemes.
Along with this, the company also promised to reduce fees on its KiwiSaver after reaching $4 billion in funds with over 76,000 members nationwide.
Simplicity NZ is among the Kiwi-owned non-profits that have reduced its membership fee multiple times where its adult members used to pay $20 per year prior to this latest change.
While membership fees are no longer required, the management fee for all of its growth, balanced, and conservative KiwiSaver and investment funds remain at 0.31% p.a., and 0.10% p.a. for NZ share and bond funds.
The first step is to assess your current financial situation and match it with a fund that has reasonable fees, provides good service and communication, and performs well compared to other funds.
There are several types of KiwiSaver funds namely: defensive, conservative, balanced, growth, or aggressive.
Ask yourself what type of investment you need, what your financial goals are, and determine how much you are willing to invest in your fund of choice.
If you want slow but steady growth in your investment, you can go with either defensive or conservative funds.
But if you’re opening a KiwiSaver for the purpose of earning more for the long-term, opting for balanced, growth, or aggressive funds may be right for you.
There are various KiwiSaver funds available to different types of investors, all of which are relatively similar in terms of growth assets - it all comes down to the fees and charges imposed by KiwiSaver providers.
That's why it's smart to compare KiwiSaver providers so you can know all of your options and choose the best one for your growing investments.
You can do your own research on the different KiwiSaver providers or use the glimp Kiwisaver comparison tool to compare the KiwiSaver funds and providers in one go.
As always, this article is not financial advice. It would be best to consult with a financial adviser on the best ways to grow your hard-earned money.
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*edit - turns out the providers are all upgrading and the glimp site is more up to date* Both the highlighted deals i clicked through to get turned out to be inaccurate speeds. Glimp saying 300/100 both providers only offering 100/20 for the price given, despite giving the same address in both sites. still giving 3 stars though as regardless the deals through Glimp are better than the standard advertised deals on the providers site.
Sign up didn't go quite the way it was meant to. But Kate called and she walked through everything so we could work out what went wrong. she was patient, friendly, supportive and kept me calm to finally get plan registration sorted ( still can't log in though - she must be magic )