Inside Money: Brethren launches Kiwisaver scheme

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Without even an hello another KiwiSaver scheme has clambered aboard seeking salvation. So here's a belated welcome to the BCF KiwiSaver scheme, which officially joined the party on September 2 this year.

The bland three-letter-acronym title throws a thin disguise over the ultimate creators of this scheme but it has been revealed unto me that the BCF KiwiSaver scheme will be run by the Exclusive Brethren - a religious organisation renowned for secrecy and taking Don Brash to lunch.

The scheme is probably guaranteed an immediate membership base too with the sect claiming at least 5,000 members according to this 2005 story, which would put the BCF well ahead of many existing schemes.

As I reported in a blog last week another KiwiSaver provider is also set to enter the fray, just as one bowed out.

This week, the Auckland-based New Zealand Funds Management group officially registered its KiwiSaver scheme with the Government Actuary.

It's become clear that the much-speculated KiwiSaver 'consolidation' process is yet to kick in, with the exit of three providers - Eosaver, IRIS and Asteron - more than matched by the new entrants KiwiBank, Milford, NZ Funds and BCF (which, admittedly, will have an exclusive membership).

While NZ Funds is coming into the KiwiSaver game quite late in the piece, the group's CEO Richard James is confident there's enough scope to attract members languishing in default options or who have not yet signed up to any.

Further details of the NZ Funds KiwiSaver investment strategy will be made public next week but James, NZ Funds CEO, told me the scheme would occupy a "point of difference" in the market.

There is no prospectus currently available for the BCF scheme but I do look forward to its publication.