KiwiSaver is a priority focus for the FMA
For many New Zealanders, KiwiSaver will be their first investment and may represent a large part of their retirement savings and ultimate financial security.
KiwiSaver is a key component of our financial system and is therefore a priority focus for the FMA.
Participants involved in KiwiSaver management, distribution and oversight must meet regulatory standards and act with the customer’s best interest in mind.
Each year we publish a KiwiSaver Report that summarises our activities as a regulator relating to KiwiSaver during the reporting period.
As at 31 March 2014:
- Over 2.29 million members where enrolled in KiwiSaver schemes, an increase of 9.6 percent from 31 March 2013
- Total assets invested in KiwiSaver exceeded $21.4 billion, an increase of $4.84 billion from March 2013
- There were 45 registered KiwiSaver schemes, of which two were in the final stage of winding up
- Default schemes had 20 percent of the total KiwiSaver membership and 17 percent of the total assets invested
- Minimum required contributions from members totalled over $1,978 million, an increase of 34.8 percent from the previous year
- 28,026 members aged 65 or over withdrew $374 million in funds from KiwiSaver