Friday, 14 May 2021, 10:51 am
The Financial Markets Authority - Te Mana Tātai Hokohoko
(FMA) notes the Government’s announcement today regarding
new KiwiSaver default provider arrangements, these include
new settings that offer a package of benefits for default
KiwiSaver members.
Finance Minister Grant Robertson
and Commerce and Consumer Affairs Minister David Clark have
revealed the appointment of BNZ, Booster, BT Funds
(Westpac), KiwiWealth, Simplicity and Smartshares (NZX) as
default providers for the next seven years, noting they were
selected for offering the best value for money for
investors.
Rob Everett, FMA Chief Executive, said
value for money and fees had been a sharp focus of the
Major KiwiSaver shake-up: Who s in, who s out among default providers?
13 May, 2021 08:47 PM
5 minutes to read
The government has announced a major shake-up of the KiwiSaver default providers. Photo / File
The Government has announced a major shake-up in the KiwiSaver default provider appointments with five providers not being reappointed.
There are currently nine default providers but this shrinks to six providers under a new seven-year contract with the government.
People are allocated to a default KiwiSaver fund when they are automatically enrolled through starting a new job and don t choose their own fund.
The newly appointed providers are Bank of New Zealand, Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX).