Hidden behind the sensational headlines about what Gareth Morgan thinks about cats, was the news that the BNZ are getting ready to enter into the KiwiSaver market.
This excellent article in interest.co.nz likens their entry to someone crashing into a singles party at 1.30 am long after everyone has had enough time to find a partner.
I prefer to think of KiwiSaver as the strip of nightclubs in Ibiza. The music plays permanently from many venues and the party goes on 24//7. If you're on holiday there, you may just fall into the first one you see - but you know that you can walk out at any time and try another one.
Lets say you find a nightclub you like...you can't stop your crazy feet dancin' the night away. So you keep coming back. Then, without warning, the DJ starts to play Shakin Stevens ballads. What the..? A coach load of drunk PE teachers arrive on the dance floor and start to make fun of you. Then they double the prices at the bar.
This is going to make you want to find somewhere else to go. If a new nightclub provider turns up with a great music, friendly people and reasonable prices - you are going to go to that one instead. And so will everyone else. Apart from the PE teachers.
If they know what they're doing, the new nightclub should do very well indeed.
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