Switching to a new KiwiSaver provider is pretty straightforward, and with the right guidance, it can be a smooth and hassle-free experience. Whether you're looking for better returns, ethical investing, or simply want to align your investments with your financial goals, here’s a detailed and easy-to-follow guide to make the transition as seamless as possible.

Choose Your New KiwiSaver Provider

The first step is to select the right fund type for your needs, considering factors like your risk tolerance and investment timeframe. Once you’ve identified the type of fund that suits you, compare it across various providers to find the one that best aligns with your financial goals and preferences. We’ve put together some guides to make comparing funds easy. Making a well-informed choice is crucial, so take your time and don’t hesitate to seek professional advice if needed.

Apply to Your New Provider

Once you’ve chosen a new fund, you’ll need to apply to the new provider. You can usually do this online or by filling out a paper form. The application will ask for details like:

• Full Name

• Date of Birth

• Residential Address

• IRD Number

• Driver’s License or Passport Number

• PIR Tax Rate

Make sure to pick the right fund in the application - choosing incorrectly could affect your investment’s performance.

Fund Transfer

Your new provider will handle the transfer of your funds from the old provider. This usually takes about 7 to 15 working days, but sometimes it can take a bit longer. The IRD will be notified of the transfer and will help facilitate it.

Setting Up with Your New Provider

While your funds are being transferred, your new provider will set you up with access to their online portal and app (if they have one). You should receive updates during the transfer. Once your funds are moved, you’ll be able to log in and see them in your new account.

Contributions

If you’re employed, your employer will continue to pay both employee and employer contributions to the IRD, which will then go to your new KiwiSaver provider automatically. If you’re making voluntary contributions directly to your old provider, make sure to stop these payments and set up new ones with your new provider.

Fees for Switching

Most of the time, you won’t have to pay any fees to switch KiwiSaver providers. Only two providers, Aon ($35) and Booster ($30), charge an exit fee.

A Quick Reminder

Even though switching is easy, it's important to be thorough. Mistakes can lead to being in the wrong fund, which could hurt your investment returns. Also, switching too often can limit your investment’s growth potential. If you need help with the process, our KiwiSaver advisers are ready to assist you for free. We’re here to ensure your KiwiSaver investment is in great shape with a top-performing provider. Let us help you make the right choice.