Pie Funds launches a new subscription-based Kiwisaver system

Pie Funds, based in Takapuna, will launch next week a low-cost KiwiSaver system, whose co-founder Mike Taylor says it should put pressure on big players to reduce their costs.

managed JUNO KiwiSaver would offer zero fees for kids and for balances under $ 5,000, and low fees for everyone.

The system will have a monthly fee structure – along the same lines as those used by the Netflix or Spotify web-based entertainment platforms.

"The combination of low fees, active management and genuine member engagement is innovative and will disrupt the established industry," said Taylor Taylor, 1969. "Most KiwiSaver systems charge a fee as a percentage of your total investment, he says.

Pie Funds said the plan could mean savings of $ 400,000 or more for an 18-year-old with an annual salary of $ 35,000 and A KiwiSaver Balance Those who have a KiwiSaver balance of $ 25,000 to $ 49,000 will pay a monthly fee of $ 15, for an annual total of $ 180.

For balances of $ 100,000 to $ 1 million Taylor stated that Customers would be able to see exactly what they were paying for throughout the steps of their KiwiSaver investment.

He noted that the industry's KiwiSaver charges were coming down.

"Our Price is unique because it is based on a different subscription model of the r este of the industry, "he told the Herald

" Overall, I think players like us will enter the market. Forcing banks – which control 85 percent of KiwiSaver – to act on fees, "Taylor said.

Taylor said customers would be able to see exactly what they were paying for throughout the steps their KiwiSaver investment with JUNO, which was co-founded by JUNO magazine editor Jacqueline Taylor

The JUNO's launch by the couple follows the introduction of another low-profile plan Cost, Simplicity, created by Sam Stubbs in 2016 as a non-profit organization for the investment of KiwiSaver

differs from the Simplicity model in that the funds will be managed by Pie Funds while Simplicity outsources the management of its funds

Pie Funds Management started as a start-up in 2007 and today manages $ 800 million.