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Westpac to reduce KiwiSaver fees

BT Funds Management (NZ) Ltd is reducing fees for Westpac KiwiSaver Scheme members from December 1 2019.

The changes announced today include:
• Reducing the monthly administration fee for all members from $2.25 to $1.
• Reducing the management fee of the Cash, Default, Conservative, Moderate, Balanced and Growth funds by 0.1 percentage points.

Westpac NZ Experience Hub Acting General Manager, Karen Silk, says the changes will place Westpac’s fees among the lowest in the market and lead to real savings for investors.

“Westpac is committed to helping its customers grow financially, and we continually review our products to ensure they provide good value,” Ms Silk says.

“As our KiwiSaver scheme continues to grow, we’ve achieved efficiencies that allow us to pass on fee reductions to our members, giving them even better value for money.

“For example, a person with $10,000 invested in our Default fund will see a reduction in annual fees from $81 to $56.

“Fees on a $10,000 balance will reduce from $99 to $74 for our Conservative Fund; $113 to $88 for our Balanced fund, and $120 to $95 for our Growth fund.”

The Westpac KiwiSaver Scheme placed first-equal in a KiwiSaver customer satisfaction survey released by Consumer in April. It has also received the Platinum rating from independent research house SuperRatings for six straight years, and was described as a “best value for money” KiwiSaver scheme.

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