Your KiwiSaver fees are going down

01 September 2021 / Published in Your Money

Competitive fees are one of the key features of the ASB KiwiSaver Scheme. 

It's also one of the most important ways to give you the best possible outcomes on your KiwiSaver investment. That's why we've always kept our fees lower than average.

Come October, we'll be removing the monthly Administration Fee from the ASB KiwiSaver Scheme, delivering even better value for customers.

What's the Administration Fee?

It's a small fee - just $30 per year, regardless of your balance –to cover day-to-day administration costs. 

Why drop the fee now?

We're always checking our fees to ensure they provide great value for money to our members.

We are pleased to be able to remove the administration fee while also continuing to provide the high-quality service and tools our members need to achieve their savings goals.

Adam Boyd, our Executive General Manager of Private Banking, Wealth and Insurance, explains why removing the fee is the right thing to do.

"We've always offered our customers strong returns and lower than average fees. Dropping the Administration Fee continues to help everyone with their long-term savings goals."

What does the change mean?

We charge the Administration Fee at the beginning of each month, to cover the previous month.

September 2021 will be the last month we charge the fee, which means you'll see your last charge in early October. 

Although it's a small monthly amount, every little bit counts when it comes to long-term savings like KiwiSaver. Over 30 years, it could add up to about $1,000 extra when you retire. 

You can expect to see these changes made to our tools and webpages over the coming weeks. 

If you have any questions, please call our KiwiSaver team. They're here from 8am to 8pm during the week, or 8:30 to 5pm on Saturdays, on 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. Fees may change. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from www.asb.co.nz and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).


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