KiwiSaver switching soars

Ryan Bessemer

Trustees Executors provides registry services for about 25% of all KiwiSaver money.

But Bessemer said, in recent weeks, the rate of people switching between funds had increased at a rapid pace.

"For example, we might do an average of say, 30 to 50 switches a day, but at the moment we are doing thousands. Imagine the type of impact that has on the market."

Many investors have been spooked by seeing their balances fall by 15% or more since Covid-19 started shaking the markets, after years of strong returns.