Young investors attracted to NZ’s 100% fee-free KiwiSaver

MEDIA RELEASE

Tuesday 25 September, 2018

Young investors attracted to NZ’s ONLY 100% fee-free KiwiSaver – the JUNO KiwiSaver Scheme

The JUNO KiwiSaver Scheme is only seven weeks old but already one third of its investors are kids.

New Zealand’s freshest KiwiSaver scheme is the only KiwiSaver product in the country to offer a fully, 100% fee-free investment for those under 18 years of age. There are no administration or management fees, no strings attached, and it’s a great start for any child, say the scheme’s founders Mike and Jacqueline Taylor.

“We are passionate about growing the number of New Zealand children invested in KiwiSaver,” says Jacqueline, a registered teacher, “and that means being 100% fee-free for under-18s. It’s without doubt the best way to get kids involved. Parents and guardians can enrol their children in the JUNO KiwiSaver Scheme knowing it will cost them nothing while they build up a little nest egg their kids can, one day, take over.”

Mike, who also heads up JUNO’s investment partner Pie Funds, says having around one third of their sign-ups to date aged under 18 has exceeded expectations. “We are really pleased. The high percentage of under-18s enrolling in or switching to JUNO shows New Zealanders have been quick to see the appeal of true, zero-fee accounts. These figures will only grow.”

“Right now, we have 215 younger members signed up,” Mike continues. “The average balance of those accounts is $723. Compared to the average management fee for KiwiSaver growth funds and the average administration fee for all KiwiSaver funds[1], we’ll save those 215 kids just over $40 each in fees - over $8800 in total - in their first year of investing. We can’t wait to save them even more as their balances increase.”

“We’re also fee-free for all balances under $5,000. That means adults, who haven’t been able to invest in KiwiSaver to date for a variety of reasons, can still take advantage of our zero-fee structure while they grow their balance up to $5,000.”

The JUNO KiwiSaver Scheme is a collaboration between JUNO Investing Magazine and Pie Funds Management Limited. Launched on 1 August 2018, it disrupted the KiwiSaver market by offering one simple, low, fixed fee for balances over $5,000, charged in the same way as Netflix or Spotify. Since then, it’s attracted around 100 members each week. “Our scheme is clear, easy to understand, and there are no surprises,” says Jacqueline. “We’re committed to transparency, to plain English, and to helping our members really engage with and grow to love their KiwiSaver, starting with our Kiwi kids.”

“We are proud to lead the way and show all New Zealanders what can be achieved when they’re not losing chunks of their KiwiSaver balance in fees.”

For more on JUNO KiwiSaver Scheme’s low fee structure and to check how much could be saved by switching, see www.junokiwisaver.co.nz

ENDS

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