HOT TOPICS:   Election 2014  |  Dairy prices   | Housing affordability                                 RESOURCES:    Economic calendar   |  Median multiples

The comment stream

Recent comments

Reader poll

What's the most likely election outcome?

Choices

ASB no longer offering FirstChoice KiwiSaver to public following review of business

Posted in KiwiSaver

Hot on the heals of the AMP/AXA press release last week, ASB Group investments (ASBGI) has announced that, as part of a review of its KiwiSaver schemes, it will no longer be accepting applications to join the FirstChoice KiwiSaver Scheme (“FirstChoice”) from February 21, 2013.

ASB GI, the manager of both FirstChoice and the ASB KiwiSaver Scheme, is considering its options for FirstChoice, including the possibility of transferring members to an alternative scheme.

ASB’s executive general manager for wealth and insurance, Blair Turnbull, says, “The tremendous success of the ASB KiwiSaver Scheme, which now has around 370,000 members, has highlighted a need for us to review FirstChoice, which has around 15,000 members.”

“All of our FirstChoice members are being notified of this change. It’s important to emphasise that our members do not need to do anything, as the way in which their funds are managed remains unchanged.”

If members have any questions they can contact the provider on 0800 1ST CHOICE (0800 178 246).

Readers will also note this morning that Fisher Funds has purchased the investment management business of Tower for NZ$79 million

Consolidation within the KiwiSaver market was inevitable and we would expect more to come as providers continue to review their offerings.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment in the box on the right or click on the "'Register" link at the bottom of the comments.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current Comment policy is here.