KiwiSaver Providers - Everything You Need To Know

Another aspect to touch on is the difference in overall customer satisfaction between KiwiSaver providers. According to Consumer NZ’s annual KiwiSaver provider satisfaction survey, Milford ranked the highest with 85% overall satisfaction in 2021. ASB took last place with a 43% customer satisfaction rating. The industry standard averaged out from all KiwiSaver providers in 2021 was at 55%.

The ratings are essentially given based on KiwiSaver providers keeping customers informed with their balance and performance. Additionally, the ease in which they can access their KiwiSaver login and account. Ultimately, your KiwiSaver provider should make it as easy as possible for you to track your account and performance.

You’re ready to make an active decision on your scheme but are left wondering how on earth I find my KiwiSaver provider.

You may have a default KiwiSaver provider but you’re not sure which one. Alternatively, some businesses have their own preferred KiwiSaver providers that you can join if you have no preference. Regardless, if you do not know who your KiwiSaver provider is, there are multiple ways to find out.

1. Log in to your My IR Account through Inland Revenue. Once you are on the Summary Dashboard, if you’re a KiwiSaver member, you can see your KiwiSaver provider details. Simply click through ‘Scheme provider details’ to find the name of your KiwiSaver provider, website, and phone number.

2. If you don’t know your My IR Log In details, you can contact Inland Revenue and ask them. Having your IRD number ready will come in handy when contacting Inland Revenue.
   
   
3. If you were automatically enrolled with your employer’s preferred KiwiSaver provider, you can ask them for the provider’s details.

Ultimately, to find my KiwiSaver provider, shouldn’t be too difficult. Inland Revenue is your best option to track down the correct details.

We must stress, that the cheapest fees don’t necessarily sway performance one way or another.  A KiwiSaver provider can have the cheapest fees but offer significantly lower returns than the provider with slightly higher fees. The opposite is also true. A KiwiSaver provider with higher fees may also offer lower returns than another with lower fees. 

The moral of the story is, that you shouldn’t be making your choice based on fees. We break down exactly why in this article here. Nonetheless, here’s a list of the cheapest KiwiSaver providers for each fund offered according to the Morningstar - March 2022 Report: 

We can see the BNZ Moderate Fund has one of the lowest fees and is yet outperforming the industry average. On the other hand, the SuperLife Aggressive Fund has the lowest fees but has been underperforming against the industry average.

Some KiwiSaver providers structure their fees differently from the standard fixed admin fee plus a management fee. JUNO for example structures its admin fee based on the dollar value of your investment portfolio. Their admin fee ranges from $0 to $600 depending on the total value of your portfolio. Therefore, making it more difficult to compare KiwiSaver provider fees, much like apples and oranges. 

Of course, you can change your KiwiSaver provider at any time. As per IRD statistics, more than 139,000 people changed between providers in FY2021.  

There are many people like myself that get paired with a default provider and may consider changing later. Once I find my KiwiSaver provider details and performance results, I can start gathering information to make an informed decision. You don’t have to go through this alone though. A financial advisor, like National Capital, is here to make the process easy by offering you advice and comparison data. 

There are many reasons why you may decide to make the move. You may be after a KiwiSaver provider offering the cheapest fees. Alternatively, you may want to move to the top performer in any particular fund. Your decision can also rest on how ethical their investment strategy is. Although, most KiwiSaver providers are increasingly aware they are open to scrutiny on their investment decisions on an ethical basis. You may also decide to pick one depending on their customer service rating and overall user experience. 

Most people who come to us will make a decision based on their short and long-term goals. If you are wanting to withdraw your balance to use for a first home deposit, you may consider picking a less volatile fund. The National Capital team uses the latest performance data to recommend the best KiwiSaver provider for that scenario. On the other hand, you may be after long-term high returns. Once again, National Capital crunches the latest data comparing all KiwiSaver providers to recommend the best option. 

We wrote a detailed article on how to switch providers. In fact, you may be surprised by how easy and quick the process can be. Alternatively, contact us to walk you through it step by step.

The short answer is no. You can only have one KiwiSaver provider at any one time. The current rules have been in place since launch and there’s no indication they are about to change. 

However, we often talk about diversification and how important it is for a successful long-term strategy. With diversification in mind, I am able to split my investment between multiple funds offered by my KiwiSaver provider. Of course, you can too. 

Most KiwiSaver providers invest your funds in multiple asset classes ranging from cash, fixed interest, and international shares. Moreover, they offer different funds depending on your risk tolerance and financial goals. As mentioned, all KiwiSaver providers allow you to split your investment in multiple funds if you wish to do so. 

According to Interest, there is currently no intention or discussion to allow people to have two or more KiwiSaver providers. That goes for the government as well as KiwiSaver providers themselves. 

If you aren’t in the finance industry, you may not know how and why to choose between providers. The government selects a number of default options for people that haven’t actively chosen their KiwiSaver provider. However, that doesn’t necessarily guarantee the best performance or may not align with your financial goals. National Capital was founded with the mission to help Kiwis make an informed choice when selecting their provider. 

We’ve established that you can only select one KiwiSaver provider. Naturally, to make an active choice, there are certain criteria that you should consider. Of course, fees are one factor. Investment performance and ethics are other important factors. You should also consider your short and long-term financial goals. National Capital offers free recommendations to find out which provider best fits your needs.