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Finance

Why default fee savings could be less than expected

David Chaplin
Wed, 22 Sep 2021

'Spread' costs alone from changing default KiwiSaver funds could come to $200m (Image: Depositphotos)
David Chaplin
Wed, 22 Sep 2021
The greatest experiment in KiwiSaver history since the scheme launched in 2007 goes live in a couple of months.From Nov 30, an estimated 300,000 KiwiSaver members, and more importantly their collective $3.6 billion or so, will ship out from the five fired default providers into new government-allocated homes among the six newly approved schemes.Documents released under an Official Information Act request show government expects about 80% of the roughly 380,000 current hard-core default members will shift once the new provider arrangements begin...

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