PHOTO: KiwiSaver providers collected almost $480 million in fees in the last year, up 15 per cent from 2018.
OPINION: How can a money columnist dislike KiwiSaver? Let us count the ways:
1. It pretends to offer ‘free’ money, but only gives you back your own taxes or foregone salary.
2. It subsidises the rich and middle classes, at the expense of the poor.
3. It isn’t clear that it increases the rate of savings – people would have invested elsewhere if it didn’t exist.
4. It channels staggering sums directly into the pockets of the banks.
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