KiwiSaver happy returns? Not if you’re with Gareth Morgan

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.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.