Consultation is open on the joint Treasury / Ministry of Business, Innovation and Employment (MBIE) review of KiwiSaver default provider arrangements.
KiwiSaver members who do not choose their own fund and are between 18 and 65 years of age are automatically enrolled in a “default fund”. The government appoints providers that can provide default funds and sets the requirements that default funds must meet. The terms of appointment for the existing nine default KiwiSaver providers expire on 30 June 2021.
The consultation seeks feedback on:
- what, if any, changes should be made to the terms of appointment for providers of default funds.
- the investment approach for default funds and options for reducing fees charged to default members.
- responsible investment and whether default settings should be used to support the development of New Zealand’s capital markets.
How to have your say
The deadline to receive written submissions on the questions raised in the consultation document is Wednesday 18 September 2019.
Full details of the submission process are available at the start of the document.
You can also find details of this consultation on the MBIE website: https://www.mbie.govt.nz/have-your-say/review-of-kiwisaver-default-provider-arrangements