KiwiSaver satisfaction survey – the verdict

Consumer NZ KiwiSaver satisfaction survey – the verdict

Consumer NZ’s annual KiwiSaver satisfaction survey has found three funds stood out from the crowd, with Simplicity, Milford Funds and Generate taking out the top spots.

Simplicity won for the third year in a row with 77 percent satisfaction, scoring well for fees and charges (61 percent), return on investments (58 percent) and ethical investments (66 percent). Milford Funds took second place this year – 67 percent of its customers were very satisfied with the service they were getting. Milford scored particularly well for access to account information (82 percent) and keeping you updated about your investment (80 percent). Generate came second equal for overall satisfaction (67 percent). It also scored above average for investment returns and keeping you updated about your investment. BNZ was the only major bank to rate above average for overall satisfaction, scoring 64 percent. It rated below average for return on investment but scored above average for dealing fairly with problems and complaints (49 percent). Westpac rated 54 percent while ANZ and ASB came in last, at 47 percent. Both banks scored below average on keeping their customers updated about how their investment was doing. “It been a tough year for KiwiSavers as they’ve watched their balance go down due to market volatility, and satisfaction ratings have taken a hit this year,” Consumer chief executive Jon Duffy says. “Industry wide, KiwiSavers are reporting a lacking transparency about fund performance and fees they’re paying. “Non-bank funds are standing out when it comes to performance, so the major banks do have some work to do to lift their standards and come up to speed.” Although New Zealanders had invested 81.6 billion dollars in KiwiSaver by March 2021, just 19 percent felt very confident they would have enough money in their account when hey retired. Three out of four KiwiSavers didn’t know what they paid in fees while 60 percent didn’t know how well their fund was doing compared with others on the market. Those with ANZ (71 percent), BNZ (72 percent) and Westpac (70 percent) were significantly less likely to know how their fund performed. Only one in four felt it was very easy to compare KiwiSaver providers. Consumer research found 45 percent said they would like a fund that delivers a decent return and invests responsibly – both were equally important. A further 13 percent want a fund that invests responsibly, even if it provides a slightly lower return. Most people were undecided whether their provider invested in ‘sin stocks’, such as gambling, tobacco and weapons. CT It been a tough year for KiwiSavers as they’ve watched their balance go down due to market volatility, and satisfaction ratings have taken a hit this year.

INNOVATION ALL THE WAY FROM CONCEPT TO COMPLETION

A long-time provider to New Zealand’s highly developed meat and food processing industries, Southern Engineering Solutions is an industry leader delivering innovative solutions to these critical industries.

• DESIGN • GENERAL ENGINEERING • CONVEYOR SOLUTIONS • MEAT INDUSTRY • FOOD PROCESSING

Southern Engineering Solutions boasts a large array of equipment and services they are able to provide. They have a unique standing in the industry where they can work on the entire project, from the initial concept to the finished product. This is due to the range of specialists within the company and their state-of-the-art premises.

Southern Engineering Solutions works with a lot of big brands in New Zealand. From Fonterra to Silver Fern to Alliance and Kraft Heinz, they provide the right machinery for processing and exporting goods. They have work in Australia too. Initially worried that Covid was going to hamper business, two big projects were shipped off to Victoria recently.

Looking forward they are planning more technology upgrades such as robotics with one of their Australian projects being a rotary table for pellet distribution. It has a robot in the centre that reduces the need for having people in the factory and has been very successful. Another project involving robotics is a new store which will be entirely mechanised and have no need for people on the factory floor. It is designed so there is no carton damage, especially by human hands and will also help improve getting the cartons where they need to go quickly and efficiently.

While Southern Engineering Solutions is a well-established company, they are looking to expand in the future.“We’ve done work in the UK before so that’s an avenue we can pursue.” Warren says they’re also working on their digital market as it’s a bit of an untapped resource. “We need to get out there and let people know what we do.”