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KiwiSaver… what’s changing on December 1st

 

On December 1st, there are some changes that are coming into effect that will benefit KiwiSaver users who are currently in default funds. Anyone who is in a default KiwiSaver fund will be automatically moved into a balanced fund, but what does this mean?

How do you know if you’re in a default fund?

You might be in a default fund if you enrolled in KiwiSaver quite some time ago and aren’t really sure what fund type you’re in.

Usually you get sent out an annual statement from your KiwiSaver provider (i.e. Booster, Generate, etc.) that details which fund type you’re in and what your returns have been for the year. If you can’t remember receiving this, or you’ve lost it, you’ll need to give your provider a call to find out which fund you’re in.

If you’re not sure which KiwiSaver provider you’re with, you can call 0800 KIWISAVER to find out – you’ll need your IRD number handy.

I am in a default fund, what do these changes mean for me?

If you are in a default fund with one of these providers – BNZ, Booster, BT Funds Management, Kiwi Wealth, Simplicity and Smartshares – your KiwiSaver will stay as a default but it will move into a more balanced fund. If you want to consider the options you have for your fund, get in touch with one of our advisers and they can get you sorted.

What if my default fund is with another provider?

As AMP, ANZ, ASB, Fisher Funds and Mercer will no longer have default fund licences, after the 1st of December you will automatically be transferred to a new provider if you have a default fund with any of these providers.

Is it bad to be in a default fund?

If you’ve found out that you are in a default fund, this isn’t necessarily a bad thing – it all depends on your own situation.

However, if you do choose to stay in a default fund, it could mean that you’ll be missing out on thousands, or even hundreds of thousands of dollars at retirement.

So before you make any final decisions, it’s important to understand what other fund types are out there, and whether there may be another one better suited to your needs.

What fund is best for me?

Figuring out what fund is best for you and your situation can be overwhelming, so have a chat with one of our advisers and they can help you determine what type of fund is most suited to your KiwiSaver goals.

How do I organise a meeting?

Sitting down with our advisers is easy! Not only will you get some advice on the KiwiSaver options available to you, but you’ll also go into the draw to win $10,000 worth of prizes in our latest summer giveaway! One lucky winner will receive a Weber Family Q and BBQ accessories.

Simply book a KiwiSaver review with Haven or refer a friend to go in the draw to win some fantastic summer prizes every fortnight.

Terms and Conditions apply
Competition period is from 15th November 2021 to 31st March 2022.

 

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