Savers short-changed

Central Leader - - YOUR PAPER, YOUR PLACE - ROB STOCK

ANZ is to spend at least $2 mil­lion com­pen­sat­ing Ki­wiSavers for ‘‘pro­cess­ing er­rors’’ that meant they didn’t re­ceive their full mem­ber tax cred­its.

Mem­ber tax cred­its (MTCs) are con­tri­bu­tions from the Gov­ern­ment that help make Ki­wiSaver so at­trac­tive to savers.

But ANZ said ‘‘pro­cess­ing er­rors’’ had re­sulted in some 51,000 Ki­wiSavers not get­ting their full tax cred­its, with some of the er­rors go­ing back as far as 2009.

For most of the peo­ple af­fected, the un­der­paid amounts were ex­pected to be $50 or less, he said.

The bank said the num­ber of mem­bers who did not get their full tax cred­its could rise as it con­tin­ued to in­ves­ti­gate.

‘‘ANZ is mak­ing a claim on be­half of im­pacted Ki­wiSaver mem­bers to In­land Rev­enue for the ad­di­tional mem­ber tax cred­its to be cred­ited to those cus­tomers’ Ki­wiSaver ac­counts,’’ ANZ spokesman Ste­fan Her­rick said.

‘‘In ad­di­tion, ANZ will credit their Ki­wiSaver ac­counts with the in­vest­ment re­turns that would put them in at least the same po­si­tion they would have been if the er­ror had not oc­curred.’’

ANZ said the pay­ments would be com­pleted in Au­gust.

The er­rors were spot­ted by the IRD and ANZ, not the Ki­wiSaver scheme’s trustee or au­di­tor, Her­rick said.

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