Booster retains default KiwiSaver provider status
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Booster has been reappointed as a default KiwiSaver provider

The reappointment will take effect from 1 December 2021.

The current list of default providers will reduce from nine to six. There may be some changes for members in other default providers who have not been reappointed.

What is a default KiwiSaver scheme provider?

When you sign up to KiwiSaver but don’t choose which KiwiSaver scheme provider you’d like to join, the government automatically places you in a default fund with one of the default KiwiSaver scheme providers. These providers have been appointed by the government.

What happens if I’m in the default fund with a provider who has not been reappointed?

All KiwiSaver members in a default fund (and haven’t made an active choice to stay in that fund) will be transferred to a default fund with one of the newly appointed default providers from 1 December 2021. This will happen automatically  – you won’t need to do anything.

What are the changes for members currently in Booster’s default fund?

You’ll remain with Booster.

If you haven’t made an active choice to stay in the Default Saver Fund, you’ll automatically be moved to Booster’s new default Balanced Fund. You don’t need to do anything – we’ll do this on your behalf.

If you’ve made an active choice to stay in our current Default Saver Fund, you’ll remain in the fund but we’ll make a few changes to it from 1 December, such as its name. You can still choose to move to another fund at any time.

What will the new Booster Default Fund look like?

As part of our reappointment, there will be some changes to our default fund option to help you save even more for your retirement. The changes include:

  • The fund’s investment profile moves from Conservative to Balanced. This means the new default fund will have a higher percentage invested in shares
  • The fund will exclude investments in fossil fuel production and illegal weapons
  • The fund’s management fee will be 0.35% p.a.

Who is Booster?

Kiwi owned and operated, we’ve been looking after New Zealanders’ money for over 20 years.

Our mission is to help Kiwis live with financial confidence and freedom. We have innovative tools, digital resources and partner with a network of financial advisers to help our members shape their best financial future.

We were the first KiwiSaver scheme provider to offer certified socially responsible investment funds. And, we’ve set up three specialist funds – Tahi, PLPF and NZ Innovation Booster – that invest directly back into New Zealand, for the benefit of all New Zealanders.

Default scheme providers – key highlights

  • Six providers have been appointed for the next seven-year term from 1 December 2021. Booster is one of them.
  • The default saver fund type has moved from conservative to balance.
  • Booster’s new default fund option will charge an annual fee of 0.35%. There will continue to be no monthly member fee charged by Booster’s default fund option.
  • Investments in fossil fuel production and illegal weapons will be excluded from all default funds.