First major KiwiSaver consolidation announced
In the first significant KiwiSaver consolidation since the superannuation scheme began, IRIS and Gareth Morgan KiwiSaver have announced they are teaming up to provide the IRIS-GMK scheme.
Thursday, May 21st 2009, 3:36PM
IRIS, the trade union associated KiwiSaver provider, announced today that it is consolidating with Gareth Morgan KiwiSaver to deliver union members and their families access to an established and well-performing KiwiSaver scheme.
Gareth Morgan KiwiSaver Director Gareth Morgan says GMK is excited about reaching an agreement with IRIS.
"This is a great opportunity to put a version of the Gareth Morgan KiwiSaver Scheme in front of union members and their immediate families."
National Distribution Union national secretary, Laila Harre, says the move will advantage union members who are saving for their retirement.
"With this consolidation our members have the opportunity to access a large KiwiSaver scheme while being secure in the knowledge that it is a New Zealand business that is run on principles that align with those of IRIS.
Engineering, Printing and Manufacturing Union national secretary, Andrew Little, agrees.
"GMK was chosen by IRIS for this consolidation because it was consistent with the objectives of the original IRIS product which were personal service for members, a simple fee structure and no commissioned sales."
IRIS-GMK will be the branded version of the Gareth Morgan KiwiSaver Scheme, and unions and the GMK team will work together in marketing IRIS-GMK to union members and their immediate families.
Existing IRIS KiwiSaver members are being notified of the changes and will be invited to transfer to IRIS-GMK.
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