KiwiSaver transfers gather speed | BusinessDesk

New data from the Inland Revenue Department puts the focus on KiwiSaver transfer efficiency. Photo / Getty

Nearly all KiwiSaver scheme transfers between providers are completed within 14 working days, with three-quarters taking seven or fewer, new data shows.

The figures released by the Inland Revenue Department (IRD) show that in September, 97.5% of transfers from one KiwiSaver provider to another took up to 14 working days,
with 75.4% taking seven or fewer.

In September 2021, these were 95.7% and 79% respectively.

Mixed commentary

Just 2.5% of these transfers took 15 working days or more in September, down from 4.3% in the same month of 2021, the data, which was independently welcomed by several KiwiSaver experts, shows.

All three percentages have tracked broadly sideways since late 2021. However, the number of transfers taking three days or fewer more than doubled over the period to 27.1% in September.

The dataset matters because it shows KiwiSaver transfer efficiency amid an election campaign in which several political parties have brought the national retirement savings vehicle into focus.

In 2020, the statutory maximum timeframe for KiwiSaver transfers was lowered from 35 working days to 10.

Separate IRD data shows 17,983 scheme transfers in September, from 17,364 in September 2025. For the year to June 30, there were 198,897 transfers, up from 164,929 in the same period a year earlier, IRD said.

National, New Zealand First, Act, the Opportunity Party and Labour have all issued KiwiSaver policies, which have drawn mixed commentary from political pundits and financial experts.

Ideal transfer time

Booster chief executive Diana Papadopolous said a transfer between four and seven working days would be considered standard.

“The increase in transfers occurring within three days is positive, but I would be cautious about thinking speed alone is the most important measure. A well-managed transfer process should balance efficiency with appropriate verification and member safeguards,” she said.

Milford’s general manager of KiwiSaver and investment funds Murray Harris said: “We think seven to 10 days is a reasonable timeframe for completing a transfer.”

Kōura Wealth founder Rupert Carlyon said an “ideal world turnaround time should be three to five days”, and that a fully automated process shouldn’t take longer.

Generate investment specialist Greg Smith said four to seven days seemed a reasonable timeframe for KiwiSaver transfers, given the process and its administration.

“There can be legitimate reasons why a transfer takes longer, for example if member details don’t match or further information is required between providers,” Smith said.

He and others observed that although a transfer could take seven to 10 working days, it did not mean a customer was out of the market for that long.

Harris said customers were “typically only out of the market for one or two business days while their funds are redeemed and transferred to the new provider”.

Other observations

Several of the KiwiSaver providers noted a rise in the percentage of transfers taking three working days or less, from 10.7% in September 2021 to 27.1% in the same month this year.

Kernel Wealth chief executive Dean Anderson said the increasing number of transfers happening in three days or less was promising.

“In today’s world, a customer rightly expects that when they make a decision, then it is actioned in a timely manner,” he said. “There is no reason the industry can’t collectively be working to the majority of transfers occurring within a day or two.”

Generate’s Smith said the broad picture was of KiwiSaver transfers becoming faster over time, albeit not entirely consistently.

“The proportion completed in three days has increased, while the proportion taking four to seven days has generally declined,” Smith said.

“Four to seven days remains the most common timeframe, while there has also been a more recent increase in transfers taking eight to 14 days.”

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