KiwiSaver customers should keep a closer eye on their investments says watchdog

A financial watchdog says people need to know more about how KiwiSaver accounts are performing and how much saving for retirement actually costs.   

The Financial Markets Authority has launched a programme to help savers understand how hard their money is working.

Two-point-seven million New Zealanders are now in KiwiSaver. 

But in the decade since its arrival many still haven't got to grips with how their money is being managed or how much it costs them in fees.   

A new link on the FMA website tracks the performance of all KiwiSaver funds and what it means for savers once fund manger fees are deducted. 

"We would like them to ask themselves, and if they want to their KiwiSaver provider, 'What am I getting in return for the fees that I'm paying you? Could I be paying the same fees and getting a better result in another one of your funds, or somewhere else?'" said Paul Gregory of the FMA.

The authority is not the only watchdog encouraging investors to learn more for better long-term gain, with potentially tens of thousands of dollars at stake.

Massey University banking expert Dr Claire Matthews says the Canstar website states that fees make a difference of $14,000 to $65,000.

"So there's sort of fifty-thousand dollars difference depending on what type of fund you're in."

The FMA says a graph on its site comparing fees with returns is one of the most popular with online viewers.

The Financial Markets Authority has launched a programme to help savers. Source: 1 NEWS



Watch: 'All we wanted was a review' - Tongan fans frustrated, but reasonable, with ref's no video review call

Tonga fans were certainly frustrated, but not unreasonable, in their assessment of referee Matt Cecchin's lack of try review in their Rugby League World Cup semi-final loss.

For the second night in a row fans have march in the city over Tonga's exit from the Rugby League World Cup. Source: 1 NEWS

One Tonga fan who was protesting for a second straight night on Queen St, Auckland, said the thing that riled fans the most was that fact Andrew Fifita's last minute disallowed try wasn't reviewed by the video ref.

"For us as supporters all we want is just to say 'hey, how come our last try didn't get a review?'," Jo said.

Tongan fans protested what they saw as an unfair decision in the Rugby League World Cup semi loss. Source: 1 NEWS

"That was the most poignant moment of the game and we felt that could have turned the tide.

"Had the call gone to the video ref had said 'no try', we would have been fine with it, at least we had an explanation.

"But to know that that try didn't even get put upstairs, we feel it's quite harsh."    

England beat Tonga 20-18 in the Rugby League World Cup semi-final.

In the dying minutes of the match Tongan Andrew Fifita scored a try which was disallowed because it was deemed to have been knocked on earlier in the play.    

Tongan fans almost universally thought the disallowed try by Andrew Fifita should have been reviewed by the ref. Source: 1 NEWS

TODAY'S
FEATURED STORIES

Watch: 'Give us our win!' – Tonga league fans chant defiantly in protest over ref's decision during Auckland march

It was largely a proud and happy scene among Tongan fans assembled in Auckland CBD tonight, but there was nevertheless some ongoing frustration for their contentious loss in the Rugby League World Cup semi-final.

For the second night in a row fans have march in the city over Tonga's exit from the Rugby League World Cup. Source: 1 NEWS

Organisers of the the event, who were totally separate from the community organiser of Sunday's Auckland march, were keen to stress that tonight's event was a protest, and not a celebration.

One repeated chant from the crowd was "give us our win", as fans walked up Queen St.

Officially it was a protest, but Tonga fans were certainly celebrating they RLWC team’s effort in Auckland. Source: 1 NEWS

There was a lingering sense among the crowd of having been robbed, or at least done a disservice, in referee Matt Cecchin's decision to not review a disallowed Tongan try in the dying minutes because Andrew Fifita had knocked in on during the play. 

England beat Tonga 20-18 in the Rugby League World Cup semi-final.

But despite a bit of anger among Tongan fans, there was an overwhelming sense of joy at the protest that was hard to keep down for very long. 

Tongan fans protested what they saw as an unfair decision in the Rugby League World Cup semi loss. Source: 1 NEWS