Defaults double losses at quarter time

New KiwiSaver default investors might be doing a double take when checking out their balances. (Image: Getty)

Wed, 27 Apr 2022

Forcing 230,000-odd default KiwiSaver members off the couch of conservative funds to the gentle exercise regime of balanced investing always came with a few timing risks.As it happens, the timing couldn’t have been worse. After sitting out the high-energy stock market routines of the last couple of years, the uncommitted default members were pushed en masse into risky movements just as the post covid share bull run began to flag.Under the changes put in place from Dec 1 last year, default fund equity allocations more than doubled from the...

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