2 Dec 2009

KiwiSaver providers urged to switch clients promptly

8:44 pm on 2 December 2009

KiwiSaver providers have been reminded to act promptly when their clients decide to change provider and not let the transfer time drag on.

The 30 providers have been sent a letter by Government Actuary David Benison, who is in charge of monitoring all KiwiSaver schemes, to remind them they have just 35 days to complete a transfer.

Mr Benison says people in the KiwiSaver scheme are within their rights to change providers at any time.

He says penalties can be imposed on providers if there are unecessary delays for clients.

KiwiSaver has been running for two years and 1.2 million people have now joined.