How to Change Your KiwiSaver Provider

KiwiSaver is a voluntary savings scheme designed to help individuals save for retirement. Members can change their KiwiSaver provider at any time to better suit their evolving financial goals. This article guides you through the transfer process.

Preparing for Your KiwiSaver Transfer

Before initiating a transfer, gather specific details from your current KiwiSaver provider. Identify your provider’s name, KiwiSaver member number, and approximate current balance. This information is typically available on previous statements or through your online account portal. Knowing the details of your current investment funds, such as their type and asset allocation, is also useful.

Choosing a new KiwiSaver provider involves careful research and consideration. Different fund types, such as conservative, balanced, growth, or aggressive, invest in varying proportions of assets like cash, fixed interest, and shares, aligning with different risk appetites and time horizons. Examine the fee structures, which commonly include administration fees and management fees calculated as a percentage of your balance, and sometimes fixed membership fees. Past performance of funds can offer an indication of a provider’s management skill, though it does not guarantee future results. Customer service reputation and available tools should also factor into your decision-making.

Steps to Initiate the Transfer

Initiate a KiwiSaver transfer by contacting your selected new provider. This provider will usually supply a transfer form or guide you through an online application process. The form requires specific personal details, including your full name, date of birth, residential address, and your Inland Revenue Department (IRD) number. Your Prescribed Investor Rate (PIR) for tax purposes will also be needed for accurate record-keeping with the new scheme.

Once you complete the transfer form, submit it through the provider’s designated channels, which may include an online portal, email, or physical mail. The new provider then assumes responsibility for coordinating the transfer with your former provider. They will handle the necessary communication to facilitate the movement of your funds and associated information. This means you do not need to directly contact your old provider to request the transfer, as the new provider manages this administrative step on your behalf.

Confirming Your New Provider

After submitting your transfer request, a KiwiSaver transfer usually takes approximately 7 to 15 working days, though it may extend to between two and six weeks for full processing. The Inland Revenue Department is informed of the transfer and plays a role in facilitating the smooth movement of funds between providers.

You will typically receive confirmation once the transfer is successful, often through a notification from your new provider, a final statement from your old provider, or a welcome pack from the new scheme. Upon receiving confirmation, log into your new provider’s online portal or review your first statement. This allows you to verify that your funds have been successfully transferred and are invested according to your chosen fund allocation. If the transfer takes longer than expected or if you encounter any issues, contacting your new provider’s customer service team is the appropriate next step for assistance.