The companies to be appointed as default providers are required to meet stringent criteria so as to ensure that they are able to offer the kinds of retirement savings options New Zealanders want and need.
What criteria were used?
The default providers have been selected on a number of criteria, including their:
Do people have to join a default provider KiwiSaver scheme?
No, people do not have to join a default provider KiwiSaver scheme.
Employees starting a new job on or after 1 July 2007 will be automatically enrolled in KiwiSaver with the ability to opt-out. Those employees who do not opt out will be allocated to a KiwiSaver scheme in one of three ways:
All KiwiSaver schemes will be run by the private sector regulated similarly to existing registered superannuation schemes and governed by trust deeds. Any provider, not just default providers, will be able to offer KiwiSaver schemes that meet the requirements of the KiwiSaver Act.
Are default providers better than other KiwiSaver scheme providers?
The companies to be appointed as default providers were selected from amongst those who submitted a formal proposal in the competitive tender process and subsequently went through a detailed evaluation process. Any provider, not just default providers, will be able to offer KiwiSaver schemes that meet the requirements of the KiwiSaver Act and not all potential providers of KiwiSaver schemes will have chosen to seek selection as default providers.
The range of products offered by other KiwiSaver schemes may differ from those offered by default providers. Members will be able to actively choose a KiwiSaver scheme that best meets their specific needs.
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