BNZ’s General Manager of Wealth, Peter Forster, shares some tips to get to know and make the most of your KiwiSaver account.

There's a lot happening in the world right now but it's still important to keep track of how your KiwiSaver account is going.

As life changes, your approach to your KiwiSaver account may need to be adjusted too – or maybe you want some reassurance you're on the right track to meet your retirement goals.

The BNZ KiwiSaver Scheme offers award-winning value with its strong returns, low fees, and excellent customer service. We can help you build for a better future.

It's a good idea to review how your KiwiSaver Scheme provider's funds have been performing. Some things to look out for are:

  • membership fees and management fees
  • how your provider's funds are set up to handle the ups and downs that come with investing
  • what your provider invests in and whether this aligns with your personal views

The impact of Covid-19 is affecting returns across all KiwiSaver scheme funds and investments in general. However, our expertise, people and proven approach are helping our customers weather the storm.

Some people mistakenly believe that to get higher returns you need to pay higher fees. We know that's not true. The BNZ KiwiSaver Scheme funds have some of the lowest fees in the market and our performance has been strong compared to other providers. We have no monthly member fee and low percentage-based management fees. We're honoured to have won the 2019 Canstar Outstanding Value – KiwiSaver Scheme Provider award for our KiwiSaver Scheme.

BNZ KiwiSaver scheme Fund chart. Supplied
BNZ KiwiSaver scheme Fund chart. Supplied
*Source: Morningstar KiwiSaver Survey March Quarter 2020. **Annual fee saving is calculated on a static balance using the Morningstar averages for each applicable fund category compared to the relevant BNZ KiwiSaver Scheme fund. The table is intended for illustrative purposes only. See for more information.

We're also proud our scheme is committed to a responsible investment policy that excludes companies involved in the production of cluster munitions, anti-personnel mines, nuclear weapons, and tobacco or tobacco products. We've also recently excluded some oil and gas companies, some companies that extract thermal coal – and stated that we won't invest in businesses that are involved in whaling. Learn more about our approach to responsible investing.

Are you getting $521 from the Government?

We know, with the impact of Covid-19, this year might be financially difficult for some. If you can afford it, it makes sense to get as much of the Government's contribution as you can by putting a little more into your KiwiSaver account if required.

The Government contributes $0.50 for every $1 you contribute to your KiwiSaver account to a maximum of $521.43. So, if you're in a position to contribute at least $1,042.86 during the year (1 July to 30 June), and you're eligible for the full year, you'll receive the full amount. Find out more about how the government contribution works.

The right fund can change for you over time

Which KiwiSaver fund is right for you can change depending on where you're at in life – you may be nearing retirement or maybe you're looking to buy your first home. When your circumstances change, your fund choice could too. Use our tool to check if the fund you're in is still right for you.


To find out more about KiwiSaver, and the BNZ KiwiSaver Scheme, in the current environment, BNZ's General Manager of Wealth, Peter Forster, answers the most frequently asked questions we've received in response to Covid-19.
If you're interested in the BNZ KiwiSaver Scheme it's easy to join or transfer online.

Mobile banking at the touch of your finger. Image / Supplied
Mobile banking at the touch of your finger. Image / Supplied
BNZ Investment Services Limited, a wholly owned subsidiary of Bank of New Zealand, is the issuer and manager of the BNZ KiwiSaver Scheme. A product disclosure statement is available at or at any BNZ branch.
Investments made in the BNZ KiwiSaver Scheme do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ, any other member of the National Australia Bank Limited group, the Supervisor, any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital.
The information in this article is provided for general purposes only, and is a summary based on selective information which may not be complete for your purpose. To the extent that any information or recommendations in this article constitute financial advice, they do not take into account your financial situation or goals and is not intended as personalised financial advice.
While BNZ has made every effort to ensure that the information provided is accurate, you should not rely on this information to make any financial decision without first having sought advice specific to your circumstances from an authorised 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 advice, opinion, information, representation or omission, whether negligent or otherwise, contained in this article.