No implicit Govt guarantee with public KiwiSaver

"Our proposal to offer a public KiwiSaver fund to lower costs and fees does not come with any Government guarantee," Green Party Co-leader Russel Norman said.

"If any KiwiSaver provider went broke, the Government may have to respond as National did when AMI got into trouble. Our public KiwiSaver fund would have no more implicit guarantee than any other provider.

"What I can guarantee is that by reducing KiwiSaver fees and costs significantly, New Zealander's nest eggs will grow considerably."

Australia's fee-cutting superannuation reforms announced in September will increase savers' nest eggs by A$150,000 for a 30 year-old worker earning an average full-time wage.