Default members

You may wonder how you’ve come to be a member of the Westpac KiwiSaver Scheme? We cover this below, as well as a few tips for completing the setup of your Westpac KiwiSaver Scheme account and maximising your investment.

What’s a “default member”?

If you’ve started a new job, and your employer hasn't chosen a particular KiwiSaver provider (and you weren’t already signed up to KiwiSaver) the Inland Revenue will have allocated you to a default KiwiSaver Scheme. In your case, this is the Westpac KiwiSaver Scheme.

When you didn’t choose to opt out between the 13th day and the end of the 55th day after you started your job, you became a default member of the Westpac KiwiSaver Scheme.

What are the benefits of the Westpac KiwiSaver Scheme?

Find out all about the benefits of KiwiSaver.

See why the Westpac KiwiSaver Scheme is a top choice.

What fund are you invested in?

The Westpac KiwiSaver Scheme offers a choice of six funds - Cash, Default, Conservative, Moderate, Balanced and Growth - to suit different types of investors.

As a default member, your contributions will be automatically invested in the Default Fund. This aims to provide stable returns over the short term to medium term.

What do you need to do now?

1. Update your details and let us know your PIR.

Inland Revenue only provides us with limited information about you, and we’re required by law to verify your identity as soon as possible. So, if you’re new to Westpac, please drop into any Westpac branch to provide us with your identification documents, proof of address, and to ensure we have the right email address and phone number for you. You can find out more information on ID and address requirements here.

It’s also very important to let us know your PIR (Prescribed Investor Rate). If you don’t provide your PIR, then all taxable income attributed to you may be taxed at the default rate of 28%. If you need help calculating your PIR, follow the steps at

Then call us on 0508 972 254 with your correct PIR.

2. Choose the right fund for you.

To get the most out of the Westpac KiwiSaver Scheme, it’s important that you’re in the right Westpac KiwiSaver Scheme fund. Watch our 2 minute video on how to choose a KiwiSaver fund. Then compare our six funds and use our handy risk profiler to help you decide which fund option is right for you.

3. Switch funds online.

If you’d like to change your fund, go to Westpac Online Banking here, log in to your account and simply switch funds online with no extra paperwork. (It’s important you’ve read the Westpac KiwiSaver Scheme Product Disclosure Statement and clearly understand your risk profile.)

First, we recommend you call our dedicated KiwiSaver specialists on 0508 972 254, and they can answer all your questions.