Westpac has launched the first in its planned capital-protected KiwiSaver fund series, and the latest product in the national work-based KiwiSaver savings initiative designed to help New Zealanders save for retirement.
The ten-year CPPI product will have an initial 100% exposure to a variety of underlying asset classes with full capital protection. It will be managed by Westpac's fund management arm BT Funds Management and monitored by Westpac Institutional Bank (WIB) in Sydney.
Fees are as follows: 0.65% for fund management, 0.8% for capital protection.
Providers already committed to the KiwiSaver scheme are Westpac, AMP, Axa, Mercer, Kiwibank, ING, ASB Group Investments, Tower Funds Management, Fisher Funds, Aon, Asteron, Funds Administration NZ, Gareth Morgan, Eo, the Credit Unions, Fidelity Life, accountancy firm Staples Rodway, and Superlife.
