Chipping away at bank KiwiSaver funds
Pie Funds says its Juno KiwiSaver scheme is slowing chipping away at bank run schemes.
Monday, August 12th 2019, 10:47PM
The Juno scheme, which adopts a Netflix pricing model, has gathered $60 million in funds under management in its first year and one third of that has come from bank schemes.
Founder Mike Taylor said most members had transferred from other providers but $1 million had come from 550 people who were new to KiwiSaver.
Right now Juno has 3,000 members and $60 million in funds under management.
Taylor says education is a big focus for the scheme and it has recently employed a teacher to lead its financial education efforts in schools and workplaces.
Under 18's make up 40% of members. The scheme does not charge fees for this age range.
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