Aon KiwiSaver

Aon is one of the biggest insurance companies in New Zealand, providing home, life, travel, car, and income protection insurance in addition to their KiwiSaver products.
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If you’re considering opening a KiwiSaver fund with Aon, check out Canstar’s latest Star Ratings for its products.

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Types of Aon KiwiSaver funds

Aon offers thirteen KiwiSaver funds, of which customers can pick up to four for their savings to be invested into evenly. Rather than managing its own funds, Aon utilizes products provided by other firms including ANZ, Nikko, Russell Investments and Milford Funds. The funds contain varying mixes of assets, with cash and fixed-interest bonds (‘Income’ assets) making up most of the conservative funds, and equities (‘Growth’ assets) making up more of the growth options. The key stats for each fund are as follows:

 

Fund Recommended minimum investment timeframe Asset Allocation Annual Fee
ANZ Cash Fund 1-3 years 100% Income (Cash) 0.89%
ANZ Balanced Fund 7 years 40% Income, 60% Growth 1.52%
Nikko Cash Fund 1-3 years 100% Income (Cash) 0.90%
Nikko Balanced Fund 7 years 38% Income, 62% Growth 1.53%
Milford Active Growth Wholesale 10 years 20% Income, 80% Growth 1.25%
Russell LifePoints Conservative Fund 3 years 80% Income, 20% Growth 1.10%
Russell LifePoints Moderate Fund 5 years 60% Income, 40% Growth 1.17%
Russell LifePoints Balanced Fund 7 years 40% Income, 60% Growth 1.24%
Russell LifePoints Growth Fund 10 years 25% Income, 75% Growth 1.29%
Russell LifePoints Target Date 2025 5 years Allocation to income assets increases progressively until it reaches 80% in year 2025. (Currently 60% income/40% growth in 2018). 1.16%
Russell LifePoints Target Date 2035 7 years Allocation to income assets increases progressively until it reaches 80% in year 2025. (Currently 40% income/60% growth in 2018). 1.23%
Russell LifePoints Target Date 2045 10 years Allocation to income assets increases progressively until it reaches 80% in year 2025. (Currently 25% income/75% growth in 2018). 1.28%
Russell LifePoints Target Date 2055 10 years Allocation to income assets increases progressively until it reaches 80% in year 2025. (Currently 10% income/90% growth in 2018). 1.33%

Your KiwiSaver account also incurs a membership fee of $49.80 per annum, which is deducted from your account with the highest current balance.

Eligibility to open an Aon KiwiSaver account

You are eligible to join the KiwiSaver scheme if you are:

  • Younger than the qualifying age for New Zealand superannuation (currently age 65)
  • Living or normally living in New Zealand
  • A New Zealand citizen, or entitled to live in New Zealand indefinitely

If you’re over the age of 65, you can only join Aon KiwiSaver if you already belong to another KiwiSaver scheme.

How to open a Aon KiwiSaver account

If you’d like to open a new Aon KiwiSaver account, you can apply online on the Aon website,  send an email to Aon or call Aon on 0800 266 463 any day of the week.

Aon KiwiSaver FAQs

Yes. You can log in to your Aon account by heading to the Aon KiwiSaver website and clicking the button labelled ‘Access your KiwiSaver account’. Here you can manage your investment portfolio, monitor your balance, invest money or apply for a withdrawal.

Your money is invested in up to four of the thirteen different investment portfolios outlined above – each fund you pick has an equal share of your money invested into it, from a maximum of 100% (one fund) to a minimum of 25% each (four funds).

Since KiwiSaver is an initiative of the New Zealand Government, your funds are held by the New Zealand Guardian Trust Company (a government-owned company) on your behalf. Aon functions as the administration manager and investment advisor for your KiwiSaver fund.

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You can transfer all of your existing KiwiSaver balance into your new Aon account. Once you open an Aon KiwiSaver account, Aon will automatically transfer your balance from your old provider to your new account. Your old scheme provider may charge you a transfer fee – contact your previous provider for further information.

The main purpose of the KiwiSaver scheme is to save for retirement, so you are able to withdraw money once you reach the KiwiSaver retirement age of 65 years. There are also several circumstances when you can withdraw money earlier, which are:

  • Buying your first home
  • Permanently moving to another country
  • Experiencing or are likely to experience significant financial hardship
  • Having a serious illness or injury

Aon is a multinational insurance and investments company headquartered in London, which has been established in New Zealand as Aon NZ for more than twenty years. The company has more than 69,000 employees across 120 countries worldwide, and is well-known for having been the shirt sponsor of Manchester United football club in the English Premier League from 2011 to 2014.

Aon is an active sponsor of many different sports in New Zealand. In addition to sponsoring the Chiefs Super Rugby team, Aon sponsors the peak New Zealand organising bodies for many Olympic sports, including rowing, athletics, hockey, and swimming; they also sponsor New Zealand Opera.

Aon KiwiSaver Scheme ‐ Russell LifePoints Balanced Fund

Canstar Research
Rating:
Award: 3 Star Rating KiwiSaver Fund

Balanced

Russel LifePoints Balanced Fund

View the 2018 KiwiSaver Star Ratings Report

Written by: Sam Bloom | Last updated: November 19, 2018