KiwiSaver default fund changes

On Friday 14 May 2021, the Minister of Finance and the Minister of Commerce and Consumer Affairs announced the 6 KiwiSaver providers who will offer default fund services from 1 December 2021.

The newly appointed default fund providers are: Bank of New Zealand (BNZ), Booster, BT Funds Management (Westpac), Kiwi Wealth, Simplicity and Smartshares (NZX).

More information about the appointment of new KiwiSaver default providers

In September 2021, the government finalised regulations to ensure all KiwiSaver default members of outgoing providers are transferred safely and securely to the new default funds. These regulations come into force on 1 November 2021. 

KiwiSaver (Reallocation and Transfer of Default Members) Regulations 2021(external link) -

After 1 December, KiwiSaver default members of the outgoing providers (AMP, ANZ, ASB, Fisher Funds, or Mercer) will be automatically transferred to one of the newly appointed providers.

This will ensure that all default members get the benefits of moving to one of the new funds, such as low fees, potentially higher returns, and engagement from their providers at key points in their KiwiSaver journey.

All KiwiSaver default members (members in a default fund who have not yet made an active choice to remain there) of the outgoing providers will be transferred. Members who have made an active choice will not be transferred.

What do KiwiSaver default members need to do?

Default members do not need to do anything. They will be automatically moved to a fund with potentially higher returns, and lower fees.

More detailed information for default fund members is available here:

Last updated: 11 October 2021