Since many New Zealanders will join a default fund automatically, the Government requires default KiwiSaver providers to contact members at key points to help with important decisions. You will also receive this contact if you’ve actively chosen to be in a default fund.
You should expect advice on:
- How to get your settings right when you first join KiwiSaver
- How to manage your KiwiSaver investment after you’ve withdrawn money for a first home
- What to think about 10 years and one year out from reaching 65 (the current eligibility age to withdraw from KiwiSaver)
- How to manage your ongoing KiwiSaver investment or withdrawals after you turn 65
You should also expect your KiwiSaver provider to contact you with helpful information at the following times:
- When annual member statements are distributed
- When government contribution payments are due
- During significant market volatility
- As you near the end of a savings suspension
- As you approach eligibility for a first home withdrawal
- When you haven’t made a contribution within the last 18 months without an approved savings suspension
- When you reach eligibility age (currently age 65).
The FMA monitors that default providers are meeting these requirements.