Our founder, Rupert Carlyon, responds to Judith Collins

30 July 2020

Leader of the opposition, Judith Collins issued a stern press release requesting that our founder Rupert Carlyon explain why he supports KiwiSaver remaining a retirement savings scheme.  

In case you missed it, here is Judith Collins' press release.

Rupert's reply:

“Whilst we do understand that this is Kiwis’ hard-earned money, we disagree with Judith Collin’s statement that KiwiSaver is a rainy day fund.  KiwiSaver is a scheme to help people save for their retirement.   

“Right now, many Kiwis do not truly understand how KiwiSaver works and expect far too much from it.  People expect that KiwiSaver will deliver them a comfortable retirement which we know is far from the truth for most Kiwis.  Withdrawing money from their KiwiSaver today will inevitably lead to a lower KiwiSaver balance in the future – which means less money for their retirement and a lower quality of life.  

“We do encourage people to find their entrepreneurial spirit and to explore starting a business but they need to be aware that starting a business is a very risky proposition - 63% of small businesses are closed down within the first two years*.  An investment with such a high probability of failure is not something that people should be banking a significant chunk of their retirement savings on.  We hear far too many stories of people losing their retirement savings by doing exactly what Judith Collins is encouraging, diverting their retirement savings from a well-diversified investment fund into a highly risky venture”. 

“KiwiSaver was developed as a policy to bring New Zealand’s retirement savings inline with the rest of the world.  We were one of the last countries in the OECD to introduce a retirement savings scheme and we still have one of the lowest contribution rates.  This plan only encourages people further away from their retirement objectives and exacerbates New Zealand’s future retirement shortfall. 

“I do know that there will be plenty of Kiwis out there facing tough times and retirement planning shouldn’t come at the cost of one's survival. That’s why the Significant Financial Hardship claim is available to people if they need it and we encourage people to explore this option with their KiwiSaver provider if they have recently lost their job or are suffering financial stress.”

*Source:  Statistics New Zealand


About kōura

Founded in 2019 by Rupert Carlyon, kōura is a next-generation KiwiSaver plan committed to leaving New Zealanders better off for retirement. With low fees, a passive investment strategy and ethical principles, kōura uses smart technology to provide personalised advice to ensure every Kiwi is in the right KiwiSaver plan at every stage in their life, so they can have the retirement they deserve. 


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