Upcoming changes for default members in the ASB KiwiSaver Scheme

23 September 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 save for their first home or a more comfortable retirement.

When you first joined KiwiSaver, you were automatically enrolled into the ASB KiwiSaver Scheme and placed in our Conservative Fund. You may have heard that the Government recently made changes to its default providers and from 1 December 2021, ASB will no longer be a default KiwiSaver provider. 

Below is everything you need to know about this change and how it might impact you as a default member.

What does this change mean for me?

If you've recently switched funds, or confirmed you want to remain in the currently allocated Conservative Fund, you're no longer classified as a default member and these changes won't impact you.

If not, from 1 December 2021, your KiwiSaver account will automatically move to a randomly selected default provider, and your savings will be put into a new fund type stipulated by the Government - a Balanced Fund.

What will the change to a new provider mean?

When the transfer begins, you may find it hard to make any changes or access your hard-earned KiwiSaver savings for up to three months. This is due to the complex nature of having to transfer a large number of member details and money to other providers.

If you're looking to withdraw your savings in the near future, we recommend taking a moment to choose a fund today.

How can I tell if I'm a default member?

You're a default member if:

  • you were automatically enrolled into the ASB KiwiSaver Scheme by Inland Revenue; and
  • you're currently invested in our Conservative Fund; and
  • you haven't actively switched funds or confirmed you want to remain in the current Conservative Fund.

We've been contacting our default members over the last few months about these changes. If you think you're a default member but haven't heard from us, we might not have your up-to-date contact details. To update your contact details, or check if you're a default member, give us a call on 0800 272 738 and we'll help you get sorted.

I'd rather keep my KiwiSaver account with ASB.  What do I need to do?

To continue enjoying all the benefits that come with being an ASB KiwiSaver Scheme member, you'll need to confirm which fund you want to be in. Even if you want to stay in the current Conservative Fund, you'll still need to let us know.

Selecting a fund is easy and only takes a few minutes - simply send us an email at kiwisaverdefaults@asb.co.nz with your fund choice or give us a call on 0800 272 738. We'll take care of the rest and action the change within 1-2 days.

Our online tool makes choosing a fund easy

Making investment decisions can be daunting, but we're here to help. Choosing the right fund could add thousands of dollars to your savings in the long-term. 

To compare your options and find a fund that best suits you and your personal situation, check out our handy Help Me Choose tool, or contact us on the details below. 

Is ASB still a good option for KiwiSaver?

We're committed to KiwiSaver, and one of New Zealand's leading KiwiSaver providers. We pride ourselves in strong returns, leading digital tools, and fees that are lower than the market average. 

In fact, come October, we're removing the $30 annual administration fee charged on your KiwiSaver account, for good. It's another way we're helping you stay one step ahead and save for your future. When it comes to long-term savings like KiwiSaver, every little bit counts. Over 30 years, this move could add up to an extra $1,000 to your retirement savings!

We're here to help

Our New Zealand based team of KiwiSaver experts can help with any questions relating to your KiwiSaver account. Call us on 0800 ASB RETIRE (0800 272 738) or email retire@asb.co.nz. We're here 8am to 8pm during the week, or 8:30am to 5pm on Saturdays.

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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