KiwiSaver turned 5 years old yesterday - so says Andrew Gawith, one of the lead managers of Gareth Morgan KiwiSaver (recently bought out by Kiwibank because Gareth dislikes running a big business, and prefers fattening orcas up with tasty penguin treats)
“Many Happy Returns” says Gawith.
Presumably he doesn’t mean the returns of Gareth Morgan Kiwisaver that are happy. Nor does he suggest that those who entrusted their funds with GMI are happy about their returns either.
That’s because those returns were so shocking in the Morningstar calculations, that Morgan jumped up and down and removed his fund from the Morningstar analysis, conveniently preventing future investors from assessing GMI on a like-for-like basis with other funds.
So if you like your KIwiSaver funds building up, then bully for you and I hope you have a happy retirement. And if you are scratching your head over your unhappy returns, pick up the phone and have it out with your KiwiSaver provider.