Choosing your KiwiSaver scheme

You can choose which scheme to join, even if you're provisionally allocated to an employer-chosen scheme or a default scheme.

KiwiSaver is not guaranteed by the Government. This means you make your investment choices in a KiwiSaver scheme at your own risk.

However, all KiwiSaver schemes are regulated by the Government Actuary in a similar way to other registered superannuation schemes. There are additional measures in place to make sure KiwiSaver schemes are competitive and members' best interests are looked after. For example:

  • all KiwiSaver schemes are required to have fees that are not unreasonable
  • default providers have a special contract with Government that requires them to meet additional reporting requirements, and
  • default providers' activities and their default investment funds are closely monitored.

You can, at any time, choose to join the KiwiSaver scheme of your choice.

If you're automatically enrolled you'll be provisionally allocated to your employer's chosen scheme or to a default scheme. You can choose to stay in that scheme or change to a different one.

If you choose your own KiwiSaver scheme within the first 3 months of starting your new job, your contributions will go directly to your chosen scheme (not the one you were provisionally allocated to).

You can change schemes at any time.

Employer-chosen schemes

Your employer can choose to have a preferred KiwiSaver scheme for employees who don't choose a scheme of their own. All new permanent employees must be eligible to be members of the scheme. If you're automatically enrolled in KiwiSaver you'll be provisionally allocated to your employer's chosen scheme.

What happens if you're no longer eligible?

Some employer chosen schemes may have defined membership criteria, for example working in a certain profession. If you become ineligible to be a member of your employer's chosen KiwiSaver scheme, then:

  • your employer, or the provider, must notify both you and Inland Revenue in writing, and
  • you can join a different KiwiSaver scheme, or
  • Inland Revenue will provisionally allocate you to a default KiwiSaver scheme and give you 3 months to choose your own scheme. If you don't choose another scheme within 3 months, Inland Revenue will confirm your enrolment in the default scheme.

Default KiwiSaver schemes

If you don't choose your own scheme, and your employer doesn't have a chosen scheme, Inland Revenue will allocate you to one of the 6 government-appointed default providers:

  • AMP Services (NZ) Limited
  • ASB Group Investments Limited
  • AXA New Zealand (National Mutual Corporate Superannuation Services Limited)
  • ING (NZ) Limited
  • Mercer (NZ) Limited
  • Tower Employee Benefits Limited.

If you are allocated to a default provider's KiwiSaver scheme your KiwiSaver contributions will be invested in the scheme's conservative investment fund option.

The Sorted website has more information about funds, providers, investment types and fees.