Kiwi Wealth KiwiSaver
Compare Kiwi Wealth KiwiSaver
If you’re considering opening a KiwiSaver fund with Kiwi Wealth, check out Canstar’s latest star ratings for their products. The following table is a snapshot of Kiwi Wealth KiwiSaver products for a Balanced fund with a $50k balance:
Types of Kiwi Wealth KiwiSaver funds
Kiwi Wealth offers six different investment funds, which vary from low risk and low expected return to high risk with high expected return. Fund investments are typically divided between income assets (e.g. cash, fixed interest assets) and growth assets (e.g. shares, property), with more aggressive funds being comprised of more growth assets. The funds offered are as follows:
|Fund||Investment allocation||Recommended Min. Timeframe||Fees p.a.|
|Cash||100% cash assets||12 months||0.45%|
|CashPlus||Up to 60% in fixed interest assets and the remainder in cash assets||3 years||0.70%|
|Conservative||Up to 20% in growth assets and the remainder in fixed interest assets||1-5 years||1.04%|
|Default||75-85% income, 15-25% growth||1-5 years||0.52%|
|Balanced||Up to 70% in growth assets and the remainder in fixed interest assets||5-10 years||1.11%|
|Growth||Up to 100% growth||10+ years||1.17%|
The fees above are inclusive of account administration fees; these vary from 0.45% to 1.00% per fund, with customers being charged either this rate or a minimum $50 fee ($40 for the Default fund), whichever is greater.
Eligibility to open an Kiwi Wealth 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
How to open an Kiwi Wealth KiwiSaver account
If you’d like to open a new Kiwi Wealth KiwiSaver account, you can apply online on the Kiwi Wealth website or email them at firstname.lastname@example.org. You will need a couple of things in order to apply:
- Your IRD number
- Your prescribed investor rate (PIR)
- Your NZ drivers licence or NZ Passport
You may be automatically enrolled in the Kiwi Wealth KiwiSaver scheme when you start at a new employer – either because Kiwi Wealth is your employer’s preferred provider, or because you haven’t specified your own provider. If that’s the case, then you already have an account – you don’t need to do anything!
Kiwi Wealth KiwiSaver FAQs
Yes! You can log in to your Kiwi Wealth account using the link on the Kiwi Wealth website, where you can manage your investment portfolio, monitor your balance, track your portfolio’s performance, contribute money or apply for a withdrawal.
Your money is invested using the investment portfolios outlined above – you can select which fund your money is allocated to, with all of your capital going into the single fund.
Since KiwiSaver is an initiative of the NZ Government, your funds are held by the New Zealand Guardian Trust Company (a government-owned company) on your behalf. Kiwi Wealth functions as the Administration Manager and investment advisor for your KiwiSaver fund.
You can transfer all of your existing KiwiSaver balance into your new Kiwi Wealth account. Once you open a Kiwi Wealth KiwiSaver account, Kiwi Wealth 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.
Kiwi Wealth is a NZ-owned and operated investment management business, which was formed by two economists back in August 2000. The company was originally named Gareth Morgan Investments (GMI) after its co-founder Dr. Gareth Morgan, before the business was sold in 2012 to Kiwi Wealth Management, a subsidiary of New Zealand Post. Kiwi Wealth’s KiwiSaver Scheme began in 2007 and now has more than 200,000 members and $3.5 billion in funds under management.
As a young company which was established to challenge the existing status quo of banks managing investment schemes, Kiwi Wealth has a strong commitment to transparency, accountability and responsible investing for its customers.