Opinion

The offload: default train now boarding

David Chaplin
Wed, 01 Dec 2021

The mass migration ends a 14-year stint for all of the remaining original default providers appointed in 2007. (Image: Fabrizio Verrecchia/Pexels)

David Chaplin
Wed, 01 Dec 2021

In the biggest bulk transfer in KiwiSaver history, more than 200,000 default members begin the long trek this week to the government-promised land of low fees, high returns and carbon-liteness.The mass migration ends a 14-year stint for all of the remaining original default providers appointed in 2007, which might have been the point of the whole exercise.From Dec 1, the five exiting providers – AMP, ANZ, ASB, Fisher Funds and Mercer – must hand over their residual government-allocated members for redistribution (a task carried out...

Unlock all stories
free for 10 days

Trustworthy, balanced journalism every day from our growing team of New Zealand business reporters and commentators, plus more in our weekend magazine section, The Life.

Instant News Alerts based on keywords you choose or journalists you follow
Our Daily Digest of all stories at 6am, midday or 6pm
Comprehensive business and markets coverage
News vie email, web and Apple/Android apps

Try for 10 days without paying and if you’re not convinced cancel with just two clicks.

Find out more

Subscribe now

Name

E-Mail Address

Password

Confirm Password

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Cardholder's Name

Card

You will be charged in 10 days unless you cancel beforehand. We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service {{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Or Subscribe with Google

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Primary Sector

The next big milestone in the A2 class action

Rebecca Howard | Thu, 20 Jan 2022

Once the court decides how the matter will proceed it will make orders for A2 Milk to file a defence, say Shine Lawyers.

Opinion

Vocus-2degrees merger makes sense – can they make it work?

Peter Griffin | Thu, 20 Jan 2022

The question isn’t whether 2degrees and Vocus should come together. It’s how will this newly merged player give us the third strong market player we’ve long needed.

Primary Sector

Fonterra wants new capital structure in place by June

Rebecca Howard | Thu, 20 Jan 2022

Talks are underway between the government and Fonterra to hammer out the final details of the capital structure reform.

The offload: default train now boarding

Subscribe now

Or Subscribe with Google

Not convinced yet?

Your company has a subscription

Team