More than five years after KiwiSaver began, BNZ looks set to finally join the game.
BNZ has long been the only major bank without its own KiwiSaver product and has instead offered the AXA KiwiSaver scheme to retail customers and the AMP KiwiSaver scheme to business clients.
But it has now registered a KiwiSaver scheme with the Financial Markets Authority.
BNZ Investment Services is listed as the manager of the scheme and Guardian Trust as the trustee.
BNZ’s scheme has been in the pipeline for some time and the bank employed Tracey Berry, who set up KiwiSaver schemes at both Kiwibank and Westpac.
By entering the game so late BNZ has given up a lot of ground to its competitors; according to the latest Morningstar figures ANZ-owned OnePath and ASB control a combined $6.3 billion, 46% of the KiwiSaver market.
Last year Parliament scuppered BNZ’s plan to offer a mortgage-linked KiwiSaver product by banning such a product tie-in.
The late entry of BNZ has sparked speculation it may buy the wealth management business of Tower, which is a default provider and has just under $900 million under management in its KiwiSaver scheme and $4.2 billion overall.