Auditors and valuers appear to have doubled-counted the covid risk in 2020.
The New Zealand Superannuation Fund has already invested in Pioneer Capital's second and third funds and is now tipping $100 million into the fourth fund.
A settlement with Ngāpuhi is starting to look possible once more.
Clear KiwiSaver winners in 2020 were Simplicity, Generate and Milford while AMP, which had some of the worst-performing funds, was knocked into fifth place by Fisher Funds.