Periodic disclosure explained

Under the KiwiSaver disclosure rules, KiwiSaver providers publish on their websites, quarterly and annual reports for each of their KiwiSaver funds.

These reports allow members to compare KiwiSaver funds, regardless of the scheme or provider, using consistent information in a standard format.

For an example of a quarterly disclosure statement with some helpful tips, see our quarterly disclosure statement guide.

A short description of the fund, its objectives (including what assets it invests in) and size.

A table showing the fund's annual investment performance for the past 12 months (after fees and tax are deducted).

A graph showing the fund's annual returns after fees and tax, for up to 10 of the last tax years (1 April to 31 March), as you can see from the example below:

Information about the types of fees members are charged, being the annual management fee, performance-based fees, membership fees, and other fees and costs.

Below is an example of how the investment performance and fees would affect a member:

"Sarah had $10,000 in the fund at the start of the year and didn't make any further contributions. At the end of the year, Sarah received a return after fund fees and tax were deducted of $1,157 (that's 11.57% of her initial $10,000). Sarah also paid $24 in membership fees. This gives Sarah a total return of $1,133 for the year."

A pie chart showing the fund's actual investment mix, as you can see from the example below:

Plus, a list of the fund's target investment mix and its 10 highest-value individual assets.

A table showing the five directors and employees of the manager who have the most influence on the investment decisions for the fund.

An explanation about any conflicts of interest, whether there have been material changes to a fund's trade allocation and execution policies and proxy voting policies, and whether there have been changes to fund valuation and pricing methodologies.

Each disclosure statement will have a link to a data file (a spreadsheet) which includes additional detailed information.

The spreadsheet enables you to download the information in a standardised format from a provider's website should you want to compare information.

The quarterly disclosure statements will be available on our website within 15 working days of the end of each quarter:

• March
• June
• September
• December*

* due to the Christmas period, the December quarterly statements are released 15 working days after 15 January.

With multiple providers offering different types of funds, it's important to make sure that you're making the right comparisons.

The periodic disclosure statements provide information in a format that makes it easy to compare. However, some things to take into account are:

• the level of returns you are seeking and the level of risk you are willing to accept
• make sure you compare apples with apples by looking at the same sections of the reports when comparing two or more funds (e.g. compare the exposure to the major asset classes in the "What does the fund invest in" section of the reports)
• don't just look at fees on their own - lower fees could mean a fund is managed differently and this could have an impact on its overall performance in the long term
• bear in mind that past performance isn't a guarantee of future performance, and that funds that have performed well in the past relative to other similar funds may not do so in the future. 

Find out more about comparing KiwiSaver funds and where you can find additional information under Understanding performance.

If you have any questions, please call us on 0800 736 034.