Selecting a KiwiSaver Scheme

Selecting a KiwiSaver Scheme

Employees have the option of choosing a KiwiSaver scheme of their choice at any time. If you don't choose a scheme yourself, you can either become a member of the scheme preferred by your employer (if one has been selected) or the IRD can randomly assign you to one of the six default schemes.

Existing KiwiSaver scheme members also have the option of moving to a different KiwiSaver scheme at any time, but you can only be a member of one KiwiSaver scheme so any accrued benefits would need to be transferred to your new scheme.

It's important to think about choosing a scheme yourself, for several reasons:

  • There are significant differences in the costs, performance and investment management arrangements in the various providers' schemes;
  • Most schemes offer a range of investment funds that vary considerably in their risk, so it's important that you choose a fund that's consistent with your financial circumstances; or
  • You may have an existing relationship with a financial services provider (e.g. a bank, insurer or wealth manager) that offers a suitable KiwiSaver scheme.

There are really two main aspects to choosing a KiwiSaver scheme: (1) the provider of the scheme, and (2) the characteristics and range of the investment funds offered by the scheme. For help, see Choosing an Investment Fund.