When you first start working between the ages of 18 and 65 you are automatically enrolled with a KiwiSaver provider. Unless of course, you decide to opt out. From the date you register with a KiwiSaver provider, you have eight weeks to opt out. You can apply for a KiwiSaver opt-out request through Inland Revenue (IRD).
This freedom of choice extends to your ability to switch KiwiSaver providers too. Although we don’t suggest you shift between schemes and funds often, you can change KiwiSaver providers to find the best KiwiSaver provider for you. Furthermore, changing KiwiSaver providers is very easy to do.
When choosing a KiwiSaver provider, you can consider many factors. After all, investing a portion of your savings from the age of 18 to 65 can lead to significant returns. Choosing the best KiwiSaver provider and fund for you is very important to securing financial freedom. It can mean the difference between below or above-average results. It's not just about a KiwiSaver provider's overall performance. Other factors such as fees, timing, and investment fund, are all important. We consider all aspects when analysing your unique circumstances to provide Free KiwiSaver Recommendations.
That all depends on your circumstances and lifestyle. Choosing the right KiwiSaver provider means you need to consider:
Different KiwiSaver providers perform better in different funds. This means that depending on your risk appetite and circumstances, you may switch KiwiSaver provider, fund category, or both. Yes, I agree, it can be overwhelming. That is why we’ve made it easy. Simply complete our Free KiwiSaver Recommendations form to receive your personalised recommendations.
Although finding the best KiwiSaver providers is subjective, we can compare overall performance. National Capital has broken down the best performing KiwiSaver funds ranging from low, medium, to high risk investments.
It is important to note that comparisons between KiwiSaver providers are based on past performance. They are not an indicator of how they will perform in the future.
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.
The list of KiwiSaver providers is reasonably large. Therefore, choosing your own can be a daunting task. Here at National Capital we offer free KiwiSaver provider and fund recommendations completely tailored to you. Our team does constant and extensive research on the best performing KiwiSaver funds. Thus, you can make an informed decision with the best advice there is.
With that said, here is a list of current KiwiSaver providers:
Amongst this list of KiwiSaver providers, twenty are New Zealand owned and operated while the remaining eight are overseas owned.
Find out more about each KiwiSaver provider by going through our detailed analysis linked at the bottom of this page.
There are several KiwiSaver providers to choose from. If you don’t pick your own KiwiSaver provider, you are automatically appointed one. As of December 1st, 2021 there are six default KiwiSaver providers:
The six default KiwiSaver providers were appointed after a competitive tender. Each KiwiSaver provider was assessed against a set of criteria. These include investment ability, user fees, customer experience, managing of transitional arrangements, and organisational structure.
Additionally, default KiwiSaver providers must engage with clients at key stages to help them make informed decisions on retirement savings. They also must not invest in fossil fuels or illegal weapons.
If a member was paired with a default KiwiSaver provider prior to December 1st, 2021, who is no longer on the list, they will be transferred. This is of course if they haven’t made an active choice to stay with their existing KiwiSaver provider. This transfer occurs to ensure that members who opted for a default KiwiSaver provider continue to enjoy the benefits.
These benefits include the aforementioned low fees and service standards. This transfer is done automatically with no action needed from members.
For the most up-to-date information on default KiwiSaver providers, you can go to the Inland Revenue website.
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.
Ultimately, finding who your KiwiSaver provider is shouldn’t be too difficult. Inland Revenue is your best option to track down the correct details.