KiwiSaver provider Kiwi Wealth has launched a new online tool to help its members figure out how much they are saving for retirement and what kind of annual income it could give them.
The government-owned provider will offer most of its 150,000 members the opportunity to look at the impact of different contribution levels and different funds on their savings and then convert the money into an annual income based on how long they could potentially live for.
The move comes just a week after accountancy firm KPMG warned KiwiSaver providers they could face a legal risk if they don't do more to ensure their members are in the right investment fund.
Joe Bishop, Kiwi Wealth's head of retail wealth and marketing, said it had spent a year road-testing its tool and adjusting it to meet what members want.
"We took a lot of feedback which showed we needed to provide an end to end service."