1. Consumers
  2. KiwiSaver and superannuation
  3. Superannuation schemes

Superannuation schemes

KiwiSaver is the main way to save for retirement but many New Zealanders also have some or all of their retirement savings in a superannuation scheme. This may be a workplace savings scheme or other superannuation scheme (such as one you’ve been sold by a financial adviser).

If you’re considering joining a workplace savings scheme instead of KiwiSaver, make sure you compare the benefits first.

To give you an idea – a workplace savings scheme may offer higher contributions than KiwiSaver. You may also get additional benefits like life or disability insurance. But generally you won’t receive government member tax credits and your money is paid out when you change employer. KiwiSaver moves with you.

Benefits from other superannuation schemes will vary depending on how they are structured. 

From 1 December 2016, all retirement savings products will follow similar regulatory rules to KiwiSaver and will be monitored by us.  A product disclosure statement will provide essential information you need when joining and further information and reporting will be available on the Disclose Register.

In addition to regular reporting such as annual personalised statements and annual reports, you’ll also be able to access fund updates for the individual funds within your scheme. See more

Endowment, whole of life and other insurance policies

In the past some superannuation schemes were structured with underlying life insurance policies. Some superannuation providers have chosen to assign these policies back to individual members rather than register as a superannuation product. This means they follow different rules to other superannuation schemes.

If you are in one of these schemes, from 1 December 2016 you’ll continue receiving an annual personalised statement but you’ll no longer get trustee reports or sets of accounts.

Providers of these products are licensed by the Reserve Bank. You still have access to consumer protections such as a free dispute resolution service.

If you have been sent an individual life insurance policy make sure you keep it in a safe place. You will need it if you want to cancel your policy in future or to receive the proceeds on maturity.