Sam Stubbs: Simplicity co-founder on being picked as a default KiwiSaver scheme
May 14, 2021 ·
3m 32s
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Description
The Government has announced a major shake-up in the KiwiSaver default provider appointments with five providers not being reappointed. There are currently nine default providers but this shrinks to six...
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The Government has announced a major shake-up in the KiwiSaver default provider appointments with five providers not being reappointed.
There are currently nine default providers but this shrinks to six providers under a new seven-year contract with the government.
People are allocated to a default KiwiSaver fund when they are automatically enrolled through starting a new job and don't choose their own fund.
The newly appointed providers are Bank of New Zealand, Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX).
Simplicity co-founder Sam Stubbs told Heather du Plessis-Allan it will increase their membership by about 25 percent.
"Being called a default provider, people basically trust you."
He said they are a not-for-profit provider with low fees, which made them appealing to the Government - and their fees will be even lower now.
Stubbs said that people who stay in default funds will be reallocated to other default providers, but they will be contacted first.
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There are currently nine default providers but this shrinks to six providers under a new seven-year contract with the government.
People are allocated to a default KiwiSaver fund when they are automatically enrolled through starting a new job and don't choose their own fund.
The newly appointed providers are Bank of New Zealand, Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX).
Simplicity co-founder Sam Stubbs told Heather du Plessis-Allan it will increase their membership by about 25 percent.
"Being called a default provider, people basically trust you."
He said they are a not-for-profit provider with low fees, which made them appealing to the Government - and their fees will be even lower now.
Stubbs said that people who stay in default funds will be reallocated to other default providers, but they will be contacted first.
LISTEN ABOVE
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Author | NZME |
Organization | NZME |
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