Kiwibank has confirmed it is intending to make changes to its KiwiSaver scheme.

Its existing scheme will be replaced with a KiwiSaver scheme managed by Gareth Morgan Investments (GMI), combining the strengths of the two organisations. GMI was acquired by Kiwi Wealth Management (a related company of Kiwibank) earlier this year.

Kiwibank General Manager of Wealth and Insurance, Stuart Bremner said the intention is for members of the existing Kiwibank scheme to transfer, but that the processes for this are still being worked through. Members will be kept fully informed throughout.

“Drawing on the GMI expertise will provide Kiwibank customers with benefits such as improved transparency, customer service, in-house investment and detailed reporting while retaining access via Kiwibank Internet Banking and a simple, competitive fee structure.”

For further information: Bruce Thompson, Communications Manager (04) 460 6831