Staying informed

FMA reporting on KiwiSaver 

KiwiSaver is a key component of our financial system and is therefore a priority focus for the FMA.

Each year we publish a KiwiSaver Report that summarises our activities as a regulator relating to KiwiSaver during the reporting period.

You can read our most recent report here


What you should receive from your provider 

Your KiwiSaver provider must provide or publish various reports that you can use to stay informed about your KiwiSaver account.

The key documents to look out for are listed below, and we have included details on what each document will show and how you should find it.

Report type What does it show? Where do you find it?
Annual personalised statement Details of your personal KiwiSaver balance and the contributions received Your KiwiSaver provider must provide you with this each year
Scheme annual report The overall performance of the KiwiSaver scheme and what changes, if any, have been made to the scheme in the last year Your KiwiSaver provider must give you a copy of the report, or a link to it on their website, within six months of your scheme's financial year end
Quarterly disclosure statements (for non-restricted or retail KiwiSaver schemes only) Summaries for each investment fund in your scheme showing performance, fees and other key information for the 12 months ending that quarter On your KiwiSaver provider's website - only for non-restricted or retail KiwiSaver schemes
Annual disclosure statement (for non-restricted or retail KiwiSaver schemes only) Summaries for each investment fund in your scheme showing performance, fees and other key information for that year On your KiwiSaver provider's website - only for non-restricted or retail KiwiSaver schemes

Find out more about each of these reports and what you should check:

You can request other information

You have the right to request other information from your KiwiSaver scheme provider at any time. Other information you might choose to ask for can include:

  • An estimate of your KiwiSaver balance
  • The full financial statements and any audit reports
  • A copy of the most recent registered prospectus for the scheme

An opportunity to view the scheme's trust deed (or receive a copy of it for a reasonable fee).

Annual personalised statement

Each year your KiwiSaver provider must provide you with a statement showing your overall KiwiSaver account balance. It will also show the fees you have paid and details of both your contributions (and any employer contributions paid on your behalf) along with any Government contributions received.

Some KiwiSaver providers also provide website access so you can see your account balance at any time.

You can also keep track of yours and your employer's contributions that have been paid via Inland Revenue (before being passed onto your KiwiSaver account) by registering for My KiwiSaver on the Inland Revenue KiwiSaver website.

What you should check when you receive your annual personalised statement

  • Balances - Check the balance at the start and end of the year. If the balances look wrong or you're just not sure, contact your KiwiSaver provider straight away.
  • Extra contributions - Be sure any extra money you paid in direct to your KiwiSaver provider is included.
  • Investments - Make sure you're in the investment option(s) you chose.

If you don't understand the statement or think there is an error, contact your KiwiSaver provider. You have the right to a clear explanation.

Do you know what fees you are paying?

The amount of fees you pay can make a big difference to the growth of your savings. So it is important to know what fees you are paying. If you are looking to compare the fees of other KiwiSaver schemes, it's important to compare the fees charged with the level of returns generated, the risk involved and the services provided.

Scheme annual report

Each year either the trustee or the manager of your KiwiSaver provider will prepare a scheme annual report. They must provide a copy of this to you within six months of the end of your scheme's financial year.

The annual report will show the overall performance of the KiwiSaver scheme - the size of the scheme's membership and total funds invested and the returns for each of the schemes investment funds. The report should also describe any changes made to the scheme in the last year and explain how the scheme's investments have performed against the scheme's goals.

The annual report will also have a reference to the scheme's registered financial statements for the period covered and either:

  • a summary of the financial statements (if they only provide a summary you can request the full statements) or
  • direct you to the scheme's prospectus which contains a summary of the financial statements (this can be viewed online or you can request a copy to be sent to you free of charge).

A copy of this report is sent to the FMA and we check it to ensure it has been prepared accurately and in accordance with the legislation.

What you should check when you receive your scheme annual report

Annual reports are required so that you can see how your scheme is performing and being managed.

As well as the manager's explanation about the performance of your scheme, you should check sections such as the trustees- or scheme provider's statement and that the auditor hasn't raised any issues.

If there are things you don't understand, we recommend you talk to your KiwiSaver provider. Alternatively, you may like to talk to an Authorised Financial Adviser.

Also see our information on:

Quarterly and annual disclosure statements

For non-restricted retail KiwiSaver schemes

Each quarter (at the end of March, June, September and December), and annually, at the end of March each year, KiwiSaver providers (of non-restricted or retail KiwiSaver schemes) must report on each investment fund within their scheme.

The quarterly and annual disclosure statements for each fund are required to be prepared in a simple, standardised format. They must be posted on your KiwiSaver provider's website. They show:

  • the fund's performance and returns for that period and in the past
  • fees and costs
  • what your fund invests into - a breakdown of the percentage of money that goes into each type of asset (eg shares, cash, property) and the top ten assets your fund has the most money invested in
  • the names of the people who have the most influence on the investment decisions of the fund and key information about conflicts of interest and investment policies.

KiwiSaver providers of non-restricted or retail KiwiSaver schemes must send their quarterly and annual disclosure statements to the FMA. Providers of restricted KiwiSaver schemes are not required to produce these disclosure statements.

How you can use the information in these disclosure statements

Every KiwiSaver provider of non-restricted or retail KiwiSaver schemes has to use the same format and present their performance and fees on the same basis. This means that in addition to having clearer information about your own KiwiSaver scheme's investment fund or funds, it's much easier to compare performance and fees across different funds.

  • Performance - You'll see an 'annual return' figure for the fund and a bar chart showing how the fund has performed in the past. If you're comparing returns across different funds, remember that different types of funds will tend to have different types of returns. For example, a 'conservative fund' will typically have lower returns and less variation in returns over the years than a 'growth fund' which may have higher returns but much greater variability over time. Also remember that past performance is not an indicator of future performance.
  • Fees - The 'total fund fees' is shown as a percentage and incorporates the fees applicable to that fund (except for the membership fee which is a fixed dollar annual charge and will be shown separately). Fees will vary across funds. Usually the more 'active' a fund is (with fund managers more 'hands on' as they manage your money) the higher the fees. More 'passive' funds tend to charge less. Also, higher-risk funds - along with their indication of higher returns - typically come with higher fees.
  • Investment mix - A pie chart shows the breakdown of where the fund's money is invested - that is the type of asset (eg shares, cash, property). There is also a list of the top 10 investments in the fund. This can be helpful so you can see the actual companies, funds or countries the fund is investing into.
  • The size of the fund - you can see the number of members with contributions invested in the fund and the total dollar value of the fund.

You can find additional information about KiwiSaver on Sorted.

Before you make any decisions about switching funds, or transferring between schemes, you may like to talk to a financial adviser.