With all the changes in the KiwiSaver space in recent months (Tower to Fisher, Gareth Morgan to KiwiBank), the change to minimum employer and employer contributions to 3%, and the impending politically important Mighty River Power float, it appears that getting systems in place to provide enhanced reporting is one step too far.
We look forward to seeing the benefits of the new wider more consistent reporting when it arrives.
Savers will have to wait until October to find out what the fees and performance returns are for their KiwiSaver schemes after the Government delayed the introduction of new reporting requirements.
A new compulsory reporting system, designed to help make comparisons easier, was due to start from April with the first reports issued in mid July.
But Commerce Minister Craig Foss yesterday confirmed the new reporting rules won't kick in until July 1 with reporting due in mid-October.
Foss said the delay was to give KiwiSaver providers more time to prepare.
"This is to allow time for fund providers to implement the systems needed to collect data required for the new reporting framework," he said in a statement.
Morningstar head of research Chris Douglas said a three month delay was not a big deal and it was more important the Government got the reporting system right.
The new regulations, which are still being finalised, will set standards for reporting, making it compulsory for all retail schemes to make the information publicly available every three months, and in an annual report.
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By Peter Church