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ASB Balanced Lowest Fees For Default KiwiSaver Providers - Analyst

Fuseworks Media
Fuseworks Media

Wellington, July 19 NZPA - ASB Bank charged the lowest management
fees for its balanced fund among the six default KiwiSaver
providers, according to managed fund analyst Trident Research.

On a $10,000 account, ASB's annual fees of $73 for its Balanced
fund were less than half that of sixth-placed Mercer, which charged
$151.80 for its Active Balanced fund.

ING's Balanced fund charged $121.50 annually, Tower Balanced
charged $131, AMP Balanced charged $138.50 and Axa Balanced charged

ASB's fees were 0.73 percent of a $10,000 account, while Mercer's
were 1.52 percent of the total. The fees included all charges.

"In percentage terms the differences in management fees might
seem small, but ... they have a very significant effect on how much
you will get at retirement time," Trident Research director Phil
Harris said.

The dollar amount, which contains a flat fee and variable
component, and percentage of the total differed depending on the
account balance.

Thirty balanced funds are currently registered with KiwiSaver.

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