People who panicked and switched their Kiwisaver accounts during the pandemic faced significant losses when the market rebounded. That's in a new report that found $1.2 billion was moved into conservative funds, but only $121 million was moved back into higher growth funds, meaning about a billion dollars missed out on the rebounding market. The Kiwisaver Value for Money Report also found New Zealanders are not contributing enough to their Kiwisaver accounts to prepare for retirement. Max Towle speaks with Sam Stubbs, the chief executive of Simplicity, a not-for-profit Kiwisaver plan and investment fund.