A Kiwi couple has launched New Zealand’s newest KiwiSaver scheme, which is said to be the first to scrap percentage-based fees and charge just one low monthly fee in an easily-understood dollar amount.
According to founders Mike and Jacqueline Taylor, many Kiwis don’t understand how much money could be hiding behind a percentage, which is how the rest of the industry charges fees.
JUNO KiwiSaver Scheme will run on a monthly subscription fee model (like Netflix or Spotify) and free learning tools, to help better prepare Kiwis for their financial future. It promises easy navigation that is written in clear, plain language.
“We make our costs crystal clear,” Jacqueline said. “And those costs are lower than the others.”
The JUNO KiwiSaver Scheme requires no fees for under-18s and balances less than $5,000.
Jacqueline is a registered teacher. She launched JUNO investing magazine in 2014, and now her team at Pie Funds will manage the scheme’s funds and make investment decisions based on their view of the quality of the company, and the value of its shares. The scheme’s money will not be invested through offshore investment managers.
Mike, meanwhile, noted that JUNO will invest in a mixture of companies most Kiwis have heard of, and some lesser-known names that pass the team’s investment filters.
“We buy companies we like, when we think their share price is good value,” Mike said. “We research and manage risk carefully, to try to achieve above-average market returns.
“We’re open about how and where we invest, and we’ll let you know how your investment is performing along the way.”
All members will have free access to a suite of tools, articles and information regarding their JUNO KiwiSaver Scheme.
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