KiwiSaver providers can sell your investments to cover fees, disputes scheme confirms
A disputes resolution service has ruled that KiwiSaver providers can liquidate members' investments to pay fees if the process is properly disclosed.
A disputes resolution service has determined that KiwiSaver providers are permitted to sell members' investments to cover fees, provided the arrangement is clearly disclosed to members. The ruling highlights what some observers say is a significant gap in how New Zealand's KiwiSaver scheme currently operates. The decision underscores the need for clearer standards around fee collection practices in the scheme.
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RNZ
KiwiSaver providers can sell your investments to pay fees, dispute scheme rules
A disputes resolution service says it's allowed as long as the process is clearly disclosed.
Stuff
This is the biggest KiwiSaver risk you can take right now
Our financial planning currently has a major gap that needs to be addressed.