I received this email from GMK today;
We’re really sorry to have to bother you with another email, but we need to let you know that IRD has begun sending letters to some of our members, informing them that they have been assigned to a default KiwiSaver provider. You can throw this letter and the Investment Statement that came with it in the rubbish (well, preferably the recycling bin).
You are a GMK member, we have sent your membership data to IRD — we’ve been doing that every other day since 1 July 2007.
IRD is behind schedule in processing our membership data, so they have not connected the dots between you and us. Instead they have assumed you are not enrolled in a scheme and have assigned you to a default provider. Once they do process our membership data, they will have to write you another letter telling you you’re a GMK member. We know, its annoying, inefficient, and a waste of time and paper.
Be assured we are talking to IRD about this and will keep you posted as we receive updates. We’ve put up a web page for members, where you can read about the above mail fiasco and other news for members: http://www.gmk.co.nz/content.php?id=95
Not too many people could get away with being as bolshy as this (and the previous comments re the other Kiwisaver providers).
Gareth Morgan is setting himself up as the alternative investment firm – keeping people on their toes and doing things differently. It’s great to see – the investment industry certainly needs a shake up.
