Compare Booster KiwiSaver
If you’re considering opening a KiwiSaver fund with Booster, check out Canstar’s latest Star Ratings for its products.
Types of Booster KiwiSaver funds
Booster offers 16 different investment options for your KiwiSaver, divided into four categories: Conservative, Balanced, Growth and Socially Responsible funds. These funds contain varying mixes of assets depending on their objective, 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 available funds are as follows:
|Fund||Asset Allocation||Annual Fee|
|Capital Guaranteed Fund||15% growth, 85% income||0.90%|
|Enhanced Income Fund||100% income||0.82%|
|Default Saver Fund||20% growth, 80% income||0.38%|
|Moderate Fund||35% growth, 65% income||1.07%|
|Asset Class Conservative Fund||33% growth, 67% income||1.15%|
|Balanced Fund||55% growth, 45% income||1.17%|
|Asset Class Balanced Fund||60% growth, 40% income||1.22%|
|Balanced Growth Fund||75% growth, 25% income||1.22%|
|Asset Class Growth Fund||90% growth, 10% income||1.29%|
|Shielded Growth Fund||98% growth, 2% income||1.27%|
|High Growth Fund||98% growth, 2% income||1.27%|
|Geared Growth Fund||98% growth, 2% income||1.27%|
|Trans-Tasman Share Fund||100% growth||1.17%|
|International Share Fund||100% growth||1.32%|
|Socially Responsible Investment Balanced Fund||55% growth, 45% income||1.17%|
|Socially Responsible Investment Growth Fund||98% growth, 2% income||1.17%|
Your KiwiSaver account also incurs a membership fee of $3 per month, which is deducted from your account. This fee is waived if you’ve had all your money fully invested in the Default Saver Fund since joining the Booster KiwiSaver Scheme, and your account balance is $10,000 or less.
Eligibility to open a Booster 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 Booster KiwiSaver if you already belong to another KiwiSaver scheme.
How to open a Booster KiwiSaver account
If you’d like to open a new Booster KiwiSaver account, you can apply online.
Booster KiwiSaver FAQs
Yes. You can log in to your Booster account by heading to the Booster KiwiSaver website and logging in using your details. Here you can manage your investment portfolio, monitor your balance, invest money or apply for a withdrawal.
Your money is invested in using the investment portfolios outlined above. 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. Booster functions as the administration manager and investment advisor for your KiwiSaver fund.
You can transfer all of your existing KiwiSaver balance into your new Booster account. Once you open a Booster KiwiSaver account, Booster 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
Booster was founded as Grosvenor Financial Services back in 1998, providing an investment service which soon expanded into the Australian superannuation business by 2003. Following the launch of a KiwiSaver scheme in 2007, Booster now manages the retirement savings of more than 100,000 New Zealanders and was chosen as a default KiwiSaver scheme provider – something normally reserved for big financial institutions.