The New Zealand Government's decision on Thursday to appoint as many as 10 default KiwiSaver fund providers has given NAB's BNZ and Westpac a chance to elbow their way back into the KiwiSaver default funds.CBA's ASB and ANZ's OnePath were selected as default funds for the first seven-year term of KiwiSaver, which has grown much faster and bigger than many expected when the voluntary subsidised savings scheme was created in 2007. BNZ and Westpac missed out in the first round and have been scrambling ever since to build their KiwiSaver Funds. Over 2.1 million New Zealanders are in the scheme and KiwiSaver funds have grown to over NZ$15 billion, including over NZ$3.5 billion in five default funds. New employees are automatically enrolled in the scheme and are initially allocated by the KiwiSaver administrator, the IRD, to one of the default funds.ASB's default KiwiSaver scheme is the biggest with NZ$1.65 billion under management as at June 30, while ANZ's OnePath has NZ$642 million. AMP has over NZ$1.1 billion, Mercer has NZ$682 million and Fisher Funds' Tower default fund has NZ$459 million. Fisher Funds is part owned by TSB Bank.BNZ was the last of the major banks to launch a KiwiSaver fund and it now has over NZ$100 million under management. Westpac has NZ$1.96 billion under management in non-default funds.  ASB has a total of NZ$3.2 billion under management, including those in non-default funds, while ANZ's OnePath has a total of NZ$3.8 billion.  ASB and ANZ's presence in the default funds in 2007 gave them a head start over Westpac and BNZ, which was the latest to join the market.    Over 450,000 New Zealanders remain in the default funds and fewer than 40 per cent of those put in the funds over the years have chosen to move into riskier higher growth funds, which are also more lucrative for the fund managers. Finance Minister Bill English and Commerce Minister Craig Foss announced theat the Government would ask for bids for the next seven-year default fund terms within the next few weeks and would decide by April 2014 for a July 1 start.They also announced the default funds would continue to be required to run conservatively with only between 15 per cent to 25 per cent allowed in growth assets. They rejected the advice of the OECD and that of the Government's Savings Working Group and the Capital Markets Development Taskforce that it move to a 'lifecycle' approach for the default funds. That would have meant younger investors were placed into growth funds, while those nearing retirement would be put into more conservative funds.The Government also decided not to accept a proposal in a Cabinet paper for the default funds to provide impartial financial advice for savers about making an active fund choice. Instead, they will have to show how they will offer investors education about making an active choice, which is expected to be less expensive and complex for fund managers.