Hands up those whose Kiwisaver provider made them a profit….not so fast ING customers

Default KiwiSaver provider losing money on 20 out of 24 funds – 12 Jan 2008 – NZ Herald: New Zealand Business and Personal Finance News

Just days after Cullen announced the verdict was in on Kiwisaver we get the news that ING has turned their Kiwisaver accounts into KiwiGurgler accounts.

20 out of 24 ING Kiwisaver funds copped a flogging. The news gets worse when the experts start panning things.
[quote]Gary Osborne, a former maths and economics teacher of Kelston Boys High School, found the statistics on ING’s own website and said the bad performance showed that New Zealanders would be better to stay out of the state’s financial dreams.

He analysed the 24 funds including National Bank, SIL and ANZ schemes and said he was appalled at the results.

“In all but five of the KiwiSaver funds, savers would be better off if they had slept with their funds under the mattress for the first six months of operation before allowing for the Government contribution,” he said.

Data on KiwiSaver’s performance was extremely hard to find because most providers were not posting results on their websites, he said. Yet a series of links on ING’s website clearly showed the biggest loser was SIL KiwiSaver International Property which wiped 13c off its $1 units in just half a year.

The best performer was SIL KiwiSaver International Fixed Interest. But even that fund was up just 2c.[/quote]

Whoopsy…not so good for those folk.

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