What a KiwiSaver scheme is
A KiwiSaver scheme is an investment fund. There are a range of schemes to suit your needs, for example, if you're just starting work or nearing retirement.
You can choose your KiwiSaver scheme provider. You do not have to stay with your employer’s chosen provider, or a default provider.
The Financial Markets Authority regulates KiwiSaver schemes in a similar way to other registered superannuation schemes.
If you have been auto enrolled by your employer, you will have been enrolled in a default scheme and we will send you the scheme's product disclosure statemen (a document that tells you all about the scheme, including the investments and fees). If you enrolled directly, the provider will give you a statement. If your employer has their own scheme, you'll get a statement from them.
To make sure KiwiSaver schemes are competitive and members' best interests are looked after:
- all KiwiSaver schemes must have reasonable fees.
- default providers have a special contract with the Government requiring them to meet more reporting requirements.
- default providers' activities and their default investment funds are closely monitored.
KiwiSaver investments are not guaranteed by the Government. You make your investment choices at your own risk.
Deciding which KiwiSaver scheme is right for you
KiwiSaver product disclosure statements tell you:
- the specific rules, fees, terms and conditions of the scheme
- how your money will be invested
- who is responsible for managing your money
- what returns you can expect
- their approach to responsible investing (including their environmental and social considerations).
Once you've joined KiwiSaver, your main relationship will be with your KiwiSaver scheme provider.
We cannot give you financial advice. The Sorted website has more information to help you choose a provider and scheme. You can also speak with a registered financial advisor.