Did you know that it may mean a different company takes charge of your money, and it may go into a different type of fund?
If you joined KiwiSaver and stayed with the default provider, then it’s essential that you understand the new arrangements. You’re not alone. Over 381,000 KiwiSaver members are in the same boat.
On 14 May, the Government announced changes to default KiwiSaver providers.
Previously, there were nine default KiwiSaver providers, and you may recognise one of these as yours.
The new arrangement has six default providers:
If you are a default KiwiSaver member and are not with one of the new providers, you will automatically be transferred to a new provider. Additionally, your KiwiSaver savings will be moved to a balanced fund.
Your choice of provider and fund can have a big impact on your financial outcomes and future.
Making an active choice about your KiwiSaver means you can follow a plan that suits your unique situation best. Imak can help you with this, and we don’t charge for our advice.
We’ll start by checking who your current provider is. The type of fund is also important to consider. The range includes conservative, balanced, growth or aggressive funds. You must be in the type that best suits your situation and your plans for the future.
Fees vary between the providers and so it’s also worth getting to know what they are and how they’re different.
We’re here to help you make wise investment decisions. You can call us for a chat, and our advice comes at no charge to you.
If you’d like to know more contact Darryl on 09 307 9300