Tower has about $4.2 billion of funds under management, of which about $900 million is in KiwiSaver. According to Morningstar about $460 million of the KiwiSaver money is in Tower's default fund, one of six funds allocated to savers who don't choose their own fund.
Each default provider has an agreement with the Government.
Under Tower’s agreement, it says the Finance Minister can remove the default status if the change of provider compromises its ability to provide the default scheme in accordance with the relevant requirements.
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