This discussion is an important reminder of how useful PIE funds are with their 28% top rate.

For top tax rate payers (39c) the annual tax benefit is 0.5% per annum on offshore FDR assets versus not holding your stocks in a PIE. With cash and bond returns in NZ now north of 5%, this is even more pronounced as every dollar of interest income is taxed.

The holy grail is a low fee PIE structure.