Friday, 14 May 2021, 9:32 am KiwiSaver Manager Simplicity has been awarded default status by the Government. The nonprofit will be one of six default managers from November 2021. “This is a huge validation of a social enterprise which started less than five years ago,” says Sam Stubbs, co-founder of Simplicity. “Default status means more scale, and an increased ability to disrupt the market. For example, expect to see fee reductions for all Simplicity members in the future. KiwiSaver managers made $539 million in fees last year. That’s over $10 million a week, and that’s just wrong,” he said. “The more scale we have, the more