ASB's commitment to KiwiSaver is stronger than ever

26 May 2021 / Published in Your Money

ASB has been a default KiwiSaver provider since the Scheme's inception back in 2007, and we're proud to be helping more than half a million Kiwis toward their first home deposit or a more comfortable retirement.

KiwiSaver is now a well-established part of life in New Zealand, with the vast majority of working-age Kiwis part of the scheme. Many were first enrolled by 'default', meaning they were allocated to a default KiwiSaver provider when they first started a job. ASB was one of the original default KiwiSaver providers but will no longer be a default provider from the end of November 2021.

Any default member who has changed providers, switched funds, or confirmed they want to remain in their allocated default fund is no longer classified as a default member - they've joined the ranks of ‘active choice' members, because they've actively made a decision about their KiwiSaver account. 

When ASB is no longer a default provider, what does it mean for my ASB KiwiSaver Scheme investment?

ASB's commitment to KiwiSaver has never been stronger. We're investing in digital technology and smart advice tools that will help all our members get the most out of their KiwiSaver account, whether you're thinking of using it towards your first home or towards a more comfortable retirement. 

If you're a default member with ASB and want to continue taking advantage of our member benefits, it's easy to stay with us. Contact us on our details below and we'll have a chat about your financial goals, then help you set up your KiwiSaver account, including getting you in the best fund option to suits your needs. 

If you're not sure whether you're a default member, give us a call. We can easily check that out for you.

For all ASB KiwiSaver Scheme members who made a choice to join the scheme directly, as well as the default members that have chosen to stay in our Conservative Fund, the change to ASB's default status will not change anything about your KiwiSaver account - this applies to the vast majority of ASB KiwiSaver Scheme members

What happens if I'm a default member with ASB on 1 December?

Default members will be moved to one of the Government appointed default providers around 1 December 2021 unless they contact us in the meantime and make an active choice to stay with ASB.

We'll also be reaching out to default members to talk through this change and make sure they're aware of their options and comfortable with their choices. 

What about fees? 

ASB KiwiSaver Scheme remains one of the lowest fee schemes and continues to offer great value for members. No longer being a default provider does not change our focus on delivering the best outcomes for our KiwiSaver members through lower-than-average fees, strong investment performance and quality advice and support. 

We believe cost transparency is crucial to building confidence in KiwiSaver, which is why we charge fees to members' accounts each month, so you have total visibility of the fees you pay.  

We regularly review the performance, fees and service of all our KiwiSaver funds against those in market, including the new default funds when they launch later this year. Our members can have confidence they will continue to receive the service and value the ASB KiwiSaver Scheme is known for.

ASB has consistently been one of the lowest-cost providers since KiwiSaver began in 2007 with Canstar awarding us 5-stars for 'Outstanding Value' in both 2018 and 2019. 

We are here for you.

While there's a lot to unpack from the Government's KiwiSaver default provider announcement, our members can have full confidence in ASB's commitment to KiwiSaver, our competitive fees, award-winning funds, access to quality guidance and advice and leading digital customer experiences.

If you'd like to find out more, or talk about which fund is right for you visit us online or contact us on 0800 ASB RETIRE (0800 272 738).

Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).


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