However, as KiwiSaver balances get larger, it becomes more important to choose the best risk profile and KiwiSaver provider for you. There are 29 KiwiSaver providers and over different funds to choose from.
These range from the very large providers and funds to boutique funds. You should work out your risk profile and get advice on which KiwiSaver fund would be appropriate for you. You can change your KiwiSaver provider at any time. However, it is important to note that in doing so, any underlying investments will have to be sold, and then reinvested with the new provider. This may result in small transaction costs for you. It is also important that you check whether there are any withdrawal fees to transfer.
A small number of KiwiSaver providers have such fees. Before the introduction of KiwiSaver, a large number of high fee managed fund investment options were offered.
To become an authorised KiwiSaver provider the scheme was required to have acceptable fees to the regulator. This has led to lower fees which directly benefit the investor on not only KiwiSaver, but has flowed through to other managed funds as well.
The contribution percentage is based on your gross earnings. You can make regular or lump sum contributions to your KiwiSaver account. These contributions are taxed at the Employee Superannuation Contribution Tax rate. Most employers pay the KiwiSaver contribution on top of your remuneration.
However, employers are permitted to negotiate with you to make the employer contributions as part of your total remuneration package. Be sure to start early Over time, your balance will grow from your contributions plus investment returns the money earned on your savings so the sooner you start contributing the quicker your savings will build. AMP Guide: your risk appetite. Conservative You seek some growth but are cautious.
Balanced You seek medium to high returns from your investment and are prepared to accept some fluctuations in the value of your investment to achieve this. Growth You want high returns from your investment over the long term and are prepared to accept potentially significant fluctuations in the value of your investment to achieve this. When can you withdraw?
Get started. See more. It can be a bit daunting changing KiwiSaver providers. If you are thinking about changing, here are a few tips we can give you. The secret to grow your KiwiSaver balance is to be in the fund or funds with the provider that suits your needs. When it comes to choosing the fund or funds with a new KiwiSaver provider, take a look at the features that are offered to you. KiwiSaver members choose which type of fund or funds they put their money into.
There is a yearly government KiwiSaver contribution to members. KiwiSaver providers apply for this government contribution on behalf of their members.
The amount of the government contribution depends on how much a member has contributed to their fund from 1 July to 30 June. For free and balanced information about getting ready for your retirement, you can go to the Sorted website. The FMA can give you information on financial advisors and a list of authorised financial advisors. Financial advisors must be licensed. Heads up. We're taking you to our old site, where the page you asked for still lives. Toggle mobile nav. News and events Media releases Updates Newsletters and bulletins Seminars.
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