The offload: default train now boarding

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...

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