Finance minister Grant Robertson has announced a shake-up to the KiwiSaver default providers. Photo / Mark Mitchell
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).
That means that ASB, ANZ, AMP, Fisher Funds and Mercer will lose their current default provider status.
– More to come