Five KiwiSaver providers lose default status; Two new ones added
The two new providers are Simplicity and NZX's Smartshares while Bank of New Zealand, Booster, Westpac's BT Funds Management and Kiwibank's Kiwi Wealth retain their default status.
The five who will lose their default status are AMP, ANZ Bank, currently the largest provider, ASB, the second-largest provider, Mercer and Fisher Funds.
Finance minister Grant Robertson and commerce and consumer affairs minister David Clark said hundreds of thousands of New Zealanders will be "significantly better off in retirement" as a result of the changes, which include slashing fees and moving the default funds from a conservative to a balanced investment-fund type.
There are about 381,000 KiwiSavers in default funds because they were automatically enrolled when they started a new job but made no active decision about which provider they preferred.Want to read the full article?Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
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