Summer KiwiSaver scheme rolls out new fund options

by Krizzel Canlas12 Apr 2019

KiwiSaver provider, Summer has launched two new funds to complement its successful existing fund offerings.

The new funds include Summer Conservative Selection and Summer Growth Selection. The Summer Conservative Selection will include more cash and fixed interest investments with fewer equity and property investments. Members can expect a fund with low to moderate levels of movement up and down in value. The Summer Growth Selection will focus on more equity and property investments, members can expect moderate to high levels of movement up and down in value and to receive longer-term returns that are, higher than those of the Summer Balanced Selection.

Meanwhile, the Summer Investment Selection was renamed as Summer Balanced Selection.

“The new funds will provide a broader range of Summer KiwiSaver scheme multi asset class options, at different risk levels, for those who prefer to leave the investment selection to us rather than choose their own combination through My Plan,” Summer investment committee chair Martin Hawes said.

Read more: Government rolls out new online KiwiSaver tool

Summer entered the KiwiSaver market in September 2016. As of March 31, the scheme has more than 3600 active members and approximately $125 million funds under management.  The Summer Investment Committee provides a general investment view to support asset allocation decisions.

“We have members who are active with their KiwiSaver accounts through My Plan but we also have members who just leave it to us,” Hawes added. “Either way, we encourage members to take charge of their KiwiSaver accounts and to make sure that they are making the most of their money.”

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