Switching KiwiSaver Providers — How and When to Change

Your KiwiSaver account isn’t locked in for life. You can switch providers at any time, and many New Zealanders do to find a fund that better suits their goals, risk tolerance, or fees. But changing providers isn’t something to rush into — it pays to understand the process and know when it makes sense.

This guide walks you through when to switch, how to do it step by step, and what to watch out for. We’ll also cover the key concepts you need to know before making a move.

When should you consider switching KiwiSaver providers?

There’s no one-size-fits-all answer, but these situations often signal it’s time to review your options:

  • You’re unhappy with your investment returns — consistently poor performance compared to similar funds may be a red flag.
  • Your risk profile has changed — as you get older or your financial situation shifts, your appetite for risk may change.
  • Fees are too high — even small differences in fees can add up over decades.
  • You want more flexibility — some providers offer better online tools, more fund choices, or easier contributions.
  • You’ve received poor service — if communication or support doesn’t meet your expectations, it may be time to look elsewhere.
  • You’re consolidating accounts — if you have multiple KiwiSaver accounts, switching to one provider simplifies things.

ValueHub's Trusted Providers

We've researched the providers below — here are our picks for this category.

Simplicity
★ 4.9 ★★★★★ (592 Reviews)
ValueHub Award

Simplicity is a nonprofit KiwiSaver and investment fund manager charging 0.25% p.a. across all six KiwiSaver funds. 100% owned by the Simplicity Foundation, a registered charity. Over 190,000 members. Seven rounds of fee cuts since launch in 2016. Fifteen percent of management fees donated to NZ charities. Founded by Sam Stubbs (ex-Tower Investments CEO, Goldman Sachs).

Key concepts to understand before you switch

Investment funds and risk profiles

KiwiSaver providers offer a range of funds — from conservative (low risk, lower returns) to growth (higher risk, potentially higher returns). Your choice should align with how long you plan to invest and your comfort with market ups and downs.

Fees

Fees vary widely between providers. Common fees include:

  • Management fees — an annual percentage of your balance.
  • Admin fees — a fixed dollar amount each year.
  • Performance fees — some providers charge extra if they beat a benchmark.

Check the provider’s product disclosure statement (PDS) for the full picture.

Member tax credits

The Government contributes up to $521.43 each year to your KiwiSaver if you make contributions from your salary. Switching providers doesn’t affect this — follows you.

Lock-in until retirement

Most KiwiSaver funds are locked in until you turn 65 (or meet criteria for first home withdrawal or significant financial hardship). Switching providers doesn’t unlock your money — it simply moves it to a new fund.

How to switch KiwiSaver providers — step by step

Switching is straightforward, but it pays to follow these steps carefully.

Step 1: Review your current KiwiSaver

Log into your existing provider’s online portal or check your latest statement. Note your current fund type, balance, fees, and any exit fees (most providers don’t charge them, but check).

Step 2: Compare providers and funds

Use the KiwiSaver Fund Finder on the official government site to compare fees, returns, and fund options. Look for a provider that offers a fund matching your risk profile and goals.

Step 3: Choose a new provider

Once you’ve shortlisted a few, visit their website to read the PDS, fund updates, and any reviews. Some providers also offer switching incentives — but don’t let a freebie be your only reason to switch.

Step 4: Start the switch

You can initiate a switch in two ways:

  • Online through your new provider — most providers have a “switch to us” form on their website.
  • Via the KiwiSaver online portal — log into your myIR account on the Inland Revenue website and select “Change KiwiSaver provider”.

You’ll need your IRD number and details of your current provider. The process usually takes 3–10 working days.

Step 5: Confirm the switch

Both your old and new providers should send you confirmation. Your balance will be transferred as cash, not units — so you won’t be in the market for a few days. This is normal.

Step 6: Review your new account

Once the switch is complete, log into your new provider’s portal and check everything is set up correctly — fund choice, contribution rate, and any nominee details.

Tips for a smooth switch

  • Don’t switch too often — each switch takes you out of the market briefly, which could cost you returns.
  • Check for exit fees — though rare, some older schemes may charge a fee to leave.
  • Keep your employer informed — your KiwiSaver contributions come from your pay, so your new provider details should be passed to your payroll team.
  • Consider getting advice — if you’re unsure, talk to a financial adviser. Many offer a free initial consultation.

Common mistakes to avoid

  • Chasing past performance — a fund that did well last year might not repeat it. Look for consistent, long-term returns.
  • Ignoring fees — a low-fee fund can save you thousands over time, but make sure the fund’s strategy still fits your goals.
  • Switching based on a single bad year — markets go up and down. One poor year doesn’t mean the fund is bad.