Hon Dr DAVID CLARK (Minister of Commerce and Consumer Affairs): Last week, the Minister of Finance and I announced changes to the default KiwiSaver scheme, which will result in hundreds of thousands of New Zealanders getting far better bang for their buck, with lower fees and increased savings at retirement. On the advice of an investment panel, BNZ, Booster, BT Funds Management, Kiwi Wealth, Simplicity KiwiSaver Scheme, and Smartshares have been selected as default providers. These six providers were selected because they offer Kiwis more bang for their buck in terms of lower fees and higher levels of service.