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

Superannuation schemes

Page last updated: 1 Nov 2018

Many New Zealanders have some or all of their retirement savings in a superannuation scheme other than KiwiSaver. This may be a workplace savings scheme or another superannuation scheme. If you’re considering joining a workplace savings scheme instead of KiwiSaver, make sure you compare the benefits first.

  • A workplace savings scheme may offer higher contributions than KiwiSaver.
  • You may also get additional benefits like life or disability insurance.
  • Usually, you won’t receive government contributions and your money is paid out when you change employer.
  • KiwiSaver moves with you when you change jobs.

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

All retirement savings products follow similar rules to KiwiSaver and are monitored by us.  A product disclosure statement will provide essential information you need when joining and further information and reporting will be available on Disclose.

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.

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, you’ll receive an annual personalised statement.

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.