Default provider appointment shows youngest KiwiSaver Scheme hitting the mark
Just over a year following launch, the BNZ KiwiSaver Scheme has been appointed a KiwiSaver default provider by Ministers Bill English and Craig Foss this morning.
BNZ CEO Andrew Thorburn says the default appointment shows that BNZ’s “deliberately different” approach is hitting the mark.
“As a nation we need to get better at saving, and the BNZ KiwiSaver Scheme was developed to bring saving to the front of New Zealanders’ minds so that it becomes as intuitive as paying the bills.
“We’ve done that by making savings balances very visible and by offering innovative incentives such as transferring FlyBuys points into retirement savings.”
Mr Thorburn says the default appointment fits perfectly with the bank’s aim to help people be good with money and will allow BNZ to make a larger contribution to ensuring New Zealanders are in the best financial position possible when they retire.
The BNZ KiwiSaver Scheme has had a huge debut. In its first year of operation the scheme opened more than 37,000 new accounts and reached over $200 million in funds under management.
Mr Thorburn attributes that success to the bank’s network of 180 retail stores as well as an ever-increasing online and digital presence. The bank’s mobile app won Best Mobile App at the NetGuide Web awards earlier this year.
The BNZ KiwiSaver Scheme itself also clocked up some accolades in its first year. The BNZ KiwiSaver Conservative Fund was awarded 5-stars by Canstar and the BNZ KiwiSaver Scheme was highlighted as “Best New Entrant” by Workplace Savings.