If you’re looking to transfer your KiwiSaver investment to another fund or provider, then this is the resource for you. We discuss how to choose a KiwiSaver provider, how to switch your KiwiSaver account, how long this takes, and touch on a few more helpful tips to get your KiwiSaver savings on track.
So, you’re looking to change your KiwiSaver provider?
With a record amount of KiwiSaver switches occurring during the most recent year, you’re definitely not alone. New Zealanders are looking to change their KiwiSaver accounts due to both the significant market events that are occurring throughout the world, as well as the increasing amount of KiwiSaver providers on offer. With so many new providers to choose from, each with their unique investment style and product offering, so many Kiwis are left wondering how to make the switch, and what provider is best for them?
How To Change Your KiwiSaver Provider
To switch KiwiSaver providers, you can either apply directly with the KiwiSaver scheme which offers the fund that you want to invest in, or you can use an adviser to apply.
Applying with a KiwiSaver scheme directly requires you to know which fund you want to invest in, and using their website to complete this application process. When applying with an adviser, they will assist you with selecting a KiwiSaver provider and a fund type which best suits your situation and goals. Your adviser will then apply on your behalf and ensure that the application is processed smoothly by communicating with your new KiwiSaver provider on your behalf.
Using an adviser takes the guesswork out of maximising your KiwiSaver investment for your personal situation. If you want to ensure that you’re getting the most out of KiwiSaver, please fill out our fact find below to receive a free recommendation, then we can help you change to your preferred provider.
How Long Does It Take To Transfer Your KiwiSaver To Another Provider?
There’s a couple of steps involved, which begins with applying for your new KiwiSaver account and initiating the transfer from your current provider. This takes between 5 and 10 minutes, and can be done from your mobile phone or computer as long as you have your IRD number and a form of identification handy (New Zealand passport or drivers license).
Your new KiwiSaver scheme will review and accept your application within 1 business day of applying. Once your application has been accepted, your balance will take between 5 and 10 business days to switch from your previous KiwiSaver scheme to your new one.
If you want to make sure you’re transferring to a KiwiSaver account that is optimal for you, and have an adviser take care of the transfer process, then submit your information with our KiwiSaver Fact-Find link below.
How To Choose A KiwiSaver Provider?
With over 25 KiwiSaver providers operating in New Zealand, there’s a lot to choose from, with each option offering something unique. When considering which KiwiSaver provider to choose, you should consider two important factors; your financial goals/situation, as well as your values.
Goals: In respect to your goals, some KiwiSaver providers offer funds that are heavily weighted in equities aimed at people who are investing for the longer term, while others offer funds that only hold cash and cash equivalents for those who are looking at withdrawing their entire balance in the very near future, most offer funds that lie somewhere in between.
Values: In respect to values, some KiwiSaver providers are New Zealand owned and operated, some offer user-friendly mobile phone apps, some offer funds with an ethical stance and some even donate a portion of their fees to charity. You can be sure that if you hold a particular ethical stance, there will be a KiwiSaver provider out there that shares your concerns.
To pick a KiwiSaver provider, find out if they offer a fund that suits your situation and then make sure they align with what’s important to you. Take a look at our KiwiSaver Recommendation tool below and I can help identify a fund and provider that’s best suited to you.
Need some help finding the perfect KiwiSaver Provider?
Fill out our fact-find linked below and I’ll help you take care of the whole process.