15 March 2021

Guide to switching your KiwiSaver provider

Here are 5 questions to ask before making the move.

Q: Am I feeling pressured to move?

A: Be wary if you’ve been given a time limit for making a KiwiSaver transfer decision, or feel pressured to make a decision without all the facts. If you’re offered an incentive to transfer to another provider, think about the costs as well as the benefits. If a provider doesn’t give you all the information you need, or won’t give you time to think about their offer, you might decide they are more interested in getting your money than helping you to make a good decision.


Q: What are my options?

A: Invest some time into comparing your current KiwiSaver scheme provider to other providers. In particular, look at fund performance, fees and the services offered. Use Sorted's KiwiSaver fundfinder to do this.


Q: What might I be giving up?

A: For example, does your current KiwiSaver account come with any additional benefits that you’ll lose when you move? Look at your paperwork, and ask your existing provider to show you (in writing) if there are benefits you’d be giving up.


Q: Will it cost me to leave?

A: Some providers charge fees for transferring out of their KiwiSaver scheme. You should take this into account, particularly if you think you’ll be paying less with the new provider.

You’ll need to weigh up all the costs of transferring against the benefits. Remember, your goal should be to build your long-term balance. You don’t want to end up in a situation where you’ve gained a good deal on insurance or a mortgage, but are paying higher fees that mean you’re worse off overall.


Q: Do I need advice?

A: You might find the decision to transfer too hard to make on your own. Perhaps you have other investments, are moving into a new stage of your life, or have a large amount invested in KiwiSaver – these things could make you nervous about making a bad decision.

If you want professional advice about transferring your KiwiSaver, you can talk to a financial adviser.