Govt goes in with a bang on first default scheme team

Commerce minister David Clark is pretty pleased: “We’re sending a clear message to KiwiSaver members that the government believes they deserve much better bang for their buck".

David Chaplin

Wed, 19 May 2021

That was brutal. In decimating close to 85% of the current KiwiSaver default market last week, the government dropped all of the original players from the team. The five demoted default schemes – AMP, ANZ, ASB, Fisher and Mercer – actually contain the first tight six appointed in 2007 at the KiwiSaver kick-off. At about the same time in 2012ish, AMP bought the Australasian assets of Axa while Fisher acquired Tower. Both Axa and Tower housed default funds with the former KiwiSaver scheme absorbed into the AMP product a...

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