BNZ has been reappointed as a KiwiSaver Default Provider

Young woman and man eating breakfast together.
Peter Forster
General Manager Wealth
2 MIN

BNZ has retained its status as a KiwiSaver default provider, Peter Forster, General Manager of Wealth shares his excitement and explains why all BNZ KiwiSaver Scheme members will benefit.

This is a huge vote of confidence in our scheme and a reflection of the focus we have on delivering great outcomes for our members.

I was particularly pleased to see that the Ministers’ media release identified that they had picked their default providers because they offer the best value for money for their members in terms of lower fees and higher levels of service. We were one of the first major providers to remove set monthly fees, something we did at the same time that we made significant reductions in our percentage-based fees across most of our funds.

The new default provider arrangements include significant improvements for our members that we support and look forward to implementing. These include a new default balanced fund, changes to our responsible investing policy and enhanced member engagement aimed at driving more informed decision making by members of our Scheme.

While these improvements are only required for the new default balanced fund, we think the changes deliver significant member benefits so we will be implementing them across all of our fund options. This includes the exclusion of any investments in companies involved in fossil fuel production – a change we’ll also be making for our YouWealth and Private Wealth Series funds.

The BNZ KiwiSaver Scheme is well positioned to continue to deliver value for new and existing members with a low cost, high quality offering. We think it offers great value for money. I’m excited about the future of KiwiSaver in general and the BNZ KiwiSaver Scheme.

You can learn more about the BNZ KiwiSaver Scheme here.


This article is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. While BNZ has made every effort to ensure that the information provided is accurate, neither BNZ nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any advice, opinion, information, representation or omission, whether negligent or otherwise, contained in this article.

BNZ Investment Services Limited, a wholly owned subsidiary of BNZ, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement PDF 675KB, or pick up a copy from a BNZ branch.

Investments in the BNZ KiwiSaver Scheme are not bank deposits or other liabilities of Bank of New Zealand (BNZ) or any other member of the National Australia Bank Limited group. They are subject to investment risk, possible delays in repayment, possible loss of income and possible loss of principal invested. No person (including the New Zealand Government) guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital.

References to third party websites are provided for your convenience only. BNZ accepts no responsibility for the availability or content of such websites.

Peter Forster
General Manager Wealth
Peter has nearly 20 years’ experience in financial services across Australia, New Zealand and Asia. He has led Bank of New Zealand's Wealth business since August 2018.