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KiwiSaver advice checklist

Page last updated: 24 May 2019

To get the best out of your KiwiSaver scheme, it’s important to ask questions to help you make informed decisions.

There are three different types of KiwiSaver information or advice you can receive:

No advice

  • The sales representative will be able to answer any general questions you have and provide you with some basic factual information about the scheme.
  • They cannot give you any advice. You will receive information only.
  • You will need to form your own opinion about whether KiwiSaver is right for you and which scheme and type of fund to invest in.
  • Anyone can provide this type of service.

Class advice

  • You will receive generic advice.
  • The sales representative will be able to advise you about what is usually suitable for people in your group or ‘class’. For example they might say ‘we recommend people aged 30 to 45 choose xyz funds’.
  • They cannot give you advice about your own individual needs and their advice won’t take into account your personal situation.
  • You can use the generic advice to form your own opinion about whether KiwiSaver is right for you personally, whether you should join the particular KiwiSaver scheme you are being offered and to choose the right fund for you.
  • An entity or individual registered to provide a financial adviser service can provide you with this service.

Personalised advice

  • You will receive advice tailored to your personal circumstances.
  • The adviser can help you weigh up whether you should get into KiwiSaver, and if so, whether the KiwiSaver scheme they represent is suitable for you and which fund is best.
  • You’ll be receiving personalised financial advice that you can expect has taken into account your personal situation and some of your investment goals.
  • The adviser will give you an opinion about whether a particular KiwiSaver scheme is right for you and which fund to join. You should then consider this advice.
  • An Authorised Financial Adviser (AFA), or an employee of a Qualifying Financial Entity (QFE) advising on their company’s own KiwiSaver scheme can provide this service.

Questions to ask

  • How many different KiwiSaver schemes does the person sell?
  • If you are already in a KiwiSaver scheme, can compare they compare the scheme being offered to your scheme.

Useful resources

You are able to easily compare KiwiSaver schemes with our KiwiSaver Tracker tool.