New KiwiSaver default providers - what this means for you

Are you a member of a KiwiSaver default scheme?

Following a Government review, KiwiSaver default providers have changed. These are the schemes members are automatically enrolled with if they don’t actively choose a KiwiSaver scheme when they first join KiwiSaver.

If your original default provider is no longer on the list, you'll be transferred automatically to a new default provider from 1 December 2021.

No action from you is required.

Who are the new default providers?

There are now 6 KiwiSaver default providers:

1. 1. Bank of New Zealand
2. 2. Booster
3. 3. BT Funds Management (Westpac)
4. 4. Kiwi Wealth (Kiwibank)
5. 5. Simplicity
6. 6. Smartshares.

The new list takes effect on Wednesday 1 December 2021.

Which providers are no longer approved default providers?

Five providers have not been re-appointed as default providers:

1. 1. AMP
2. 2. ANZ
3. 3. ASB
4. 4. Fisher Funds
5. 5. Mercer.

If you're with one of these providers, you'll be transferred to a new default provider and placed in a balanced fund.

The transfer will be done for you and you don't need to do anything to make it happen.

Who is your new default provider?

More details about the transfer and your new default provider will be sent in December 2021. You'll also get a product disclosure statement that explains how your new fund works.

We'll email this information to you, or send you a letter if we don't have your email address.

What if you prefer your current default provider?

If you've made an active choice to remain with your current default provider, you won't be transferred to a new provider.

People under 18 and deceased people will also not be transferred.

What happens during the transfer?

During the transfer of your account, any new deductions and contributions we receive will be sent to your new default scheme.

Any funds sent to your previous default scheme will be transferred to your new scheme directly.

How long does the transfer process take? What if you need to withdraw your funds in the meantime?

Providers have 75 days to complete the transfer process. But there's a fast-track process available if you need to withdraw funds during that time.

Please get in touch with your new default provider to make the arrangements.

Not affected by this change?

You can choose to join a new default scheme at any time. Just get in touch with the provider.

Not sure if you're in a default scheme?

To confirm the type of scheme you're in, please contact your provider.

To find out who your KiwiSaver provider is, log into myIR.

Any questions?

If you'd like more information about the KiwiSaver default provider review, visit the MBIE website:

KiwiSaver default fund changes

If you have any questions about your own KiwiSaver scheme, please contact your provider.