BNZ hacks KiwiSaver fees

Staff reporters
Tue, 14 Sep 2021

BNZ created a very low cost balanced fund to protect its default status. (Photo: Supplied)
BNZ created a very low cost balanced fund to protect its default status. (Photo: Supplied)
Staff reporters
Tue, 14 Sep 2021
Bank of New Zealand is the latest KiwiSaver manager to cut fees after having to stump up a lower cost fund to protect its status as a default provider.The fund manager today announced it would drop the fee on all its KiwiSaver and YouWealth funds to 0.45% at the end of the month.BNZ’s growth fund previously charged 0.63% and its regular balanced fund billed 0.62% – both are falling 17 basis points.However, in order to win the government tender to be a default provider BNZ created a second balanced fund that charges even less, at jus...

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