Recommended.co.nz | Guide2.co.nz | Voxy.co.nz | Gimme.co.nz
Homepage | login or create an account

ASB Balanced Lowest Fees For Default KiwiSaver Providers - Analyst

Contributor:
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
$143.92.

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.

Featured Books on KiwiSaver & Saving

Credit Card Comparison TablesCompare Credit Cards - Independent interest rate and fees comparisons for New Zealand banks.

About guide2.co.nz : money

Find the latest money news and 'how to' guides on Guide2Money.

Ask our researchers your personal finance questions.

Your Questions. Independent Answers.