If you’re considering opening a KiwiSaver fund with SuperLife, check out Canstar’s latest Star Ratings for its products.
Types of SuperLife KiwiSaver funds
SuperLife offers 41 different investment options for your money, which can be combined in any way you choose, and changed any time with no minimum investment. The funds contain varying mixes of assets, with cash and fixed-interest bonds (‘income’ assets) making up more of the conservative funds, and equities (‘growth’ assets) making up more of the growth options. SuperLife’s funds are grouped into four main categories:
- SuperLifeAge Steps: The SuperLife Age Steps options are diversified funds where the mix of assets is set based on your age – more aggressive for younger investors, and more conservative for older customers. There is an Age Steps option for every decade from Age 20 to Age 80 inclusive, offering a great no-fuss KiwiSaver fund which will automatically evolve as you go through life.
- Ethical Fund: The SuperLife Ethical Fund is a socially responsible fund which excludes companies that do not meet certain ethical requirements e.g. tobacco or munitions producers.
- Managed Funds: SuperLife offers five managed funds, each of which has a differing ratio of Growth assets to Income assets. The options are SuperLifeIncome (0% Growth assets), SuperLife30 (30% Growth assets), SuperLife60, SuperLife80 and SuperLife100.
- Sector and ETF Funds: Comprising the majority of SuperLife’s KiwiSaver options, there are 34 sector and index-based funds which allow you to tailor your own investment strategy, investing in anything from New Zealand Property to European multinational companies.
Your KiwiSaver account incurs a membership fee of $30 per year, regardless of how many funds you invest in. Each fund also incurs an annual charge, which is typically around 0.6% p.a. – for more information on SuperLife’s funds and their fees, be sure to consult the PDS.
Eligibility to open a SuperLife 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)
- Over the age of 18
- 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 SuperLife KiwiSaver if you already belong to another KiwiSaver scheme.
How to open a SuperLife KiwiSaver account
SuperLife KiwiSaver FAQs
Yes. You can log in to your SuperLife account using the link in the top corner of the SuperLife website, where you can manage your investment portfolio, monitor your balance, invest money or apply for a withdrawal.
Your money is invested using multiple different investment portfolios outlined above. You can either choose a single fund, or invest your money in a mixture of these funds – there are no minimum investments or restrictions in which funds you can invest in, and no extra fees for investing in more 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. SuperLife functions as the administration manager and investment advisor for your KiwiSaver fund.
You can transfer all of your existing KiwiSaver balance into your new SuperLife account. Once you open a SuperLife KiwiSaver account, SuperLife 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
SuperLife is a New Zealand company which has been providing investment, superannuation and insurance products for over 15 years. It is a subsidiary of NZX Group, the firm which operates the New Zealand Stock Exchange and Futures Exchange.
The company follows a passive investment philosophy, aiming to track market indices and provide low-cost funds for their customers rather than actively manage their funds and charge higher fees. SuperLife’s approach has seen their customer base grow to over 50,000 people, and has consistently delivered some of the lowest fees on the New Zealand market.