the FSC advocates - to make it compulsory for people to spend part of their KiwiSaver funds on purchasing an annuity at retirement
Compulsory annuities? Not content with their extortionate fees whilst you contribute to KiwiSlaver, Financial Services Council members now want to have a second bite of the cherry managing your KiwiSlaver Mk II annuity.
One can see your initially minimal KiwiSlaver asset nose diving into red terrority as the FSC vultures take their ongoing cut out of your capital.
When will the suckers wake up to doing your own money management is a much better option? I'm just waiting for one like the Kiwibank KiwiSlaver to go belly up.
There's going to be a lot of well fattened FSC members, but some real grumpy voters.