Thinking about switching KiwiSaver providers? The good news is it’s a lot easier than most people think. You don’t need to deal with piles of paperwork or awkward phone calls - the transfer process is straightforward and if you’ve got the right documentation on-hand, usually only takes a few minutes online.

Here’s a simple step-by-step guide to help you transfer your KiwiSaver account from one provider to another smoothly.


1. Get your details ready

When you apply to switch, your new provider will ask for:

• IRD number -  this is your personal tax number and can be found on payslips, IRD letters, or by logging into myIR. It will be 8 or 9 numbers long.

• PIR (Prescribed Investor Rate) - this sets how much tax you pay on investment earnings. Make sure you’re on the right one to avoid under- or over-paying. You can use the IRD’s guide to PIRs to calculate yours.

• Proof of ID and address - this is required to verify your identity.

2. Decide which fund is right for you before you apply

Before you switch, think about whether you’re in the best KiwiSaver fund for your age, goals and risk tolerance.

• Growth or High Growth funds are usually suited for long-term investing. While they provide the potential for higher returns, they also carry higher risk levels - so you may see a lot of volatility in the short and medium term.
  
  

• Balanced, Conservative and Defensive funds may be better for shorter timeframes or if you are not able or willing to handle big swings up and down with your KiwiSaver balance.

Being in the wrong fund could cost you thousands over your working lifetime, so it’s worth doing your research and checking what’s best for you, before you switch between different types of funds. Sorted.org.nz has a great, free KiwiSaver fund finder tool to help, and have also published a blog around what to consider before you switch. We also have a fund selector tool on the Simplicity website, if you are wanting to decide which type of Simplicity KiwiSaver fund is right for you!

3. Fill out the online form

Go to the website of the new KiwiSaver provider you’d like to join. Most (including Simplicity, of course!) have quick online forms that take less than 10 minutes to complete. 

Once submitted, your new provider handles the entire transfer - you don’t need to contact your old provider at all.


4. Wait for the transfer to complete

Transfers usually take 2–3 weeks, though the process is often completed faster than this. You’ll be able to check your progress by logging in to your new provider’s portal once they have notified you (usually by email, so check your spam!) that you’re all set up.

5. Things to keep in mind

• It’s important to read the PDS - the Product Disclosure Statement contains important information about your new provider and fund.

• There’s no need to tell your old provider, or your employer – your new provider manages the transfer and all your contributions get re-routed automatically to your new fund

• Check for any account closure fees – these are rarer nowadays, but worth doing a quick check!

• You’ll be out of the market for a short period - once your old provider sells your units, the balance is transferred via IRD to your new provider, who invests it into your chosen fund - this typically takes 1-2 weeks.

• Review your settings – once transferred, double-check your PIR and fund type is correct.

• Check your contributions - You could also take this opportunity to ensure your employee contribution rate is in line with your savings goals, and whether you're taking full advantage of any available employer contribution matches.

• If you do make voluntary KiwiSaver contributions, remember to edit these - you’ll need to make sure any Automatic Payments are set up to go to your new provider (ask your new provider for the correct payment details to ensure your money gets to the right place).

Ready to make the switch? Changing KiwiSaver providers is simple, quick, and can make a big difference to your long-term savings. If your current provider doesn’t align with your goals, values, or fee expectations, you’re absolutely free to move to one that does.

Further resources:

Choosing the right KiwiSaver fund for you - Money Made Simple

Listen on Spotify 

Listen on Apple

Sorted’s Smart Investor Tool: https://smartinvestor.sorted.org.nz/ 

MoneyHub’s favourite KiwiSaver funds guide: https://www.moneyhub.co.nz/best-kiwisaver-funds.html 

The information provided and opinions expressed in this article are intended for general guidance only and not personalised to you. These materials do not take into account your particular financial situation or goals and are not financial advice or a recommendation. This article is not intended to convey any guarantees as to the future performance of any of the investment products, asset classes, or capital markets mentioned. Past performance is no guarantee of future performance. Information is current at the time of posting, and subject to change without notice. Simplicity NZ Ltd is the issuer of the Simplicity KiwiSaver Scheme and Investment Funds. For Product Disclosure Statements please visit our website simplicity.kiwi.