Major bank to cut KiwiSaver fees by a third
Westpac is to cut its KiwiSaver fund fees. (Photo / File)
Major bank to cut KiwiSaver fees by a third Tue, 20 Jul 2021, 2:00PM
The country s third largest KiwiSaver provider is to remove its annual administration fee and reduce its fund fees.
Westpac New Zealand which has 380,000 KiwiSaver members will ditch its $12 admin fee and cut its fund fees by between four and 26 basis points by the end of September.
The changes come three months after KiwiSaver regulator the Financial Markets Authority issued guidance to all KiwiSaver providers on providing value for money when it comes to fees.
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