Big changes for BNZ KiwiSaver Scheme members


On 1 December 2021 we start our next term as a Government-appointed KiwiSaver default provider, bringing with it several improvements to the BNZ KiwiSaver Scheme that will benefit all our members.

We’re saying no to fossil fuels across all our funds

Climate change risk is one of the most significant and pressing issues of our time. We want to be part of the solution so we’ve decided that we won’t invest our members’ money in companies involved in the production of fossil fuels. We also explicitly excluded investments in companies that earn more than 10% of their revenue from the production and distribution of adult entertainment, or gambling operations and services. Our changes have been implemented across all our BNZ KiwiSaver Scheme funds and go further than those required for default KiwiSaver funds. They are also on top of our long-standing commitments to not invest in companies that are involved in manufacturing cluster munitions, landmines, nuclear weapons, and tobacco. You can read more about how we invest responsibly here.

You’ll hear from us more often

We’re going to be getting in touch with all our BNZ KiwiSaver Scheme members at important stages of their KiwiSaver journey. We want to make sure you’re making great decisions at important times, so you’ll hear from us if you make a withdrawal to help with a first home purchase, when you’re ten years out from retirement, and at other key milestones along the way, to make sure you’re on track. We’ll be encouraging members to look at their fund choice, check their contribution rate and to think more generally about their approach to getting ready for retirement.

Default fund moving to a balanced asset allocation

And the final development which impacts default members is the change of the default provider fund settings to now include a higher proportion of growth assets. This means that default members’ savings will now be automatically invested into a ‘Balanced Fund’, which is more likely to provide better long-term outcomes for most default KiwiSaver members. We’ve created a new Default Fund that meets these new requirements, and on 1 December we’ll be moving all our default members who haven’t made a fund choice into this fund, and any new default members going forward.

We believe all of these enhancements to our Scheme will provide members with a better savings experience and improved outcomes. In September we cut our fees to some of the lowest in the industry, confirming our commitment to offering a high-quality, low-cost KiwiSaver scheme for our members.



Any views expressed in this article are the personal views the author and do not necessarily represent the views of BNZ, or its related entities.

This article is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Neither BNZ nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any information, representation or omission, whether negligent or otherwise, contained in this publication.

BNZ Investment Services Limited, a wholly owned subsidiary of BNZ, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement PDF 675KB, or pick up a copy from a BNZ branch.

Investments in the BNZ KiwiSaver Scheme are not bank deposits or other liabilities of Bank of New Zealand (BNZ) or any other member of the National Australia Bank Limited group. They are subject to investment risk, possible delays in repayment, possible loss of income and possible loss of principal invested. No person (including the New Zealand Government) guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital.