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New Zealand to Reduce Default Funds for Kiwisaver to Six

05/13/2021 | 05:47pm

WELLINGTON, New Zealand--New Zealand will reduce the number of default funds for its Kiwisaver retirement savings program, dropping AMP Ltd. and two of Australia's main banks.

From December, there will be six default funds for new Kiwisaver members instead of nine, the government said Friday, in a reorganization it promised would result in lower fees and increase the retirement-age value of savings.

Kiwisaver is an opt-out program funded by employee and employer contributions that is intended to supplement New Zealand's universal state pension. It had 62 billion New Zealand dollars ($44.5 million) under management last year.

About 381,000 people are in default funds that are automatically allocated if a fund selection isn't made when starting employment.

Aside from AMP, the New Zealand units of Commonwealth Bank of Australia Ltd. and Australia and New Zealand Banking Group Ltd. won't be in the reduced group of default funds.

Write to Stephen Wright at stephen.wright@wsj.com

(END) Dow Jones Newswires

05-13-21 1947ET

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