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Has NZ First got it right on KiwiSaver?

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Winston Peters. Photo / Michael Cunningham
Winston Peters. Photo / Michael Cunningham

New Zealand First has put a potential roadblock between itself and a post-election coalition deal with Labour by setting a bottom line on retirement savings that Labour is lukewarm on at best.

Leader Winston Peters told NZ First's annual conference in Christchurch that the party wanted to effectively nationalise KiwiSaver by putting it "on the same footing as the New Zealand Super Fund".

Money put into the fund would be state-guaranteed and because of economies of scale and "the elimination of hordes of ticket clipping fund managers", costs would be reduced. His attack on the funds management industry included claims it had sucked $325 million in fees from KiwiSaver accounts over five years and would take $22 billion in fees over the next 30 years.

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