New KiwiSaver comparison website launched

Despite the popularity of KiwiSaver, there is still more money held in 'old-school' super funds.

A new website has been launched to compare the fees and performance of different KiwiSaver funds providers.

Commerce Minister Craig Foss said the Sorted KiwiSaver Fund Finder website - launched by independent money guide Sorted - allowed users to compare fees, past performance and service levels of different KiwiSaver funds, enabling users to make an informed decision about which fund best suits their individual circumstances.

The tool was made possible by the 2013 KiwiSaver periodic disclosure rules which required KiwiSaver providers to detail the information in a simplified and consistent form each quarter, he said.

"The Sorted KiwiSaver Fund Finder brings this information together in one place and allows New Zealanders access to the information they need to decide which KiwiSaver fund is best for them.

The Sorted KiwiSaver Fund Finder was created by the Commission for Financial Literacy and Retirement Income.

The commission's executive director David Kneebone said different KiwiSaver funds had in the past used varying methods to present their results, however people can now have confidence they were "comparing apples with apples, when it comes to their KiwiSaver options".

"We recommend people pick a fund that has the right level of risk for their situation, charges reasonable fees and offers the kind of services you want.

"People should avoid choosing a fund based on past performance alone - historic returns are no predictor of future returns."

The tool was designed for smartphone and mobile devices as well as desktop, and was been developed in consultation with independent and industry experts from the KiwiSaver sector, Kneebone said.