The Government has announced a major shake-up in the KiwiSaver default provider appointments with five providers not being reappointed.
There are currently
Despite losing its default status, AMP Wealth Management chief executive, Blair Vernon said the company was committed to KiwiSaver. “While we’re disappointed not to be reappointed, and we deeply value our default KiwiSaver clients, our current default portfolio represents less than 7 per cent of our total assets under management and around 3.5 per cent of total revenue so this decision doesn’t have a major impact on our business or our commitment to KiwiSaver.
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AMP has lost its KiwiSaver default provider status. ANZ spokesman Stefan Herrick said: “While we’re disappointed we haven’t been appointed a default provider, we’re looking forward to continuing to make KiwiSaver a success and helping New Zealanders prepare for a more secure financial future.”