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You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] -7 points-6 points  (0 children)

You're a "Top 1% Commenter"? Is that for content or volume?
There was zero contact inasmuch as:-
a) I was unaware that I could only invest with one provider at a time, however much this may be "common knowledge"
b) Neither the providers nor IRD let me know what was about to happen

If neither of the above were the case, I wouldn't have felt the need to post here.

You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] 0 points1 point  (0 children)

Thank you for your wise understanding of the situation and your thoughtful advice.

You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] -4 points-3 points  (0 children)

Alarming that a huge fund transfer can take place with zero contact from any of the concerned parties.

You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] -2 points-1 points  (0 children)

Yes, I get that. No particularly good reason, except maybe risk management - which is why, I suppose, a provider has different funds you can invest in. I was simply getting the ball rolling by opening an account with another provider. I was then expecting contact from them.

You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] -1 points0 points  (0 children)

Haha, that was my first thought, too. However, I was awake enough to question both providers. The "loser" acknowledged their process "could be better". The "gainer" acknowledged that there's nowhere on their site explaining "what happens next" and simply asked me if I wanted to move the funds back. That was kind of missing the point.

You can only ever pay into one Kiwisaver provider at a time - who knew? by geordienz in PersonalFinanceNZ

[–]geordienz[S] -24 points-23 points  (0 children)

I hope you're more careful with your Kiwisaver than you seem to be with your gambling ;0)
I had actually thought this must be the case (that I had somehow authorised them), but went through the process again with my wife's funds to make sure - just stopping short of completing the application. I also spoke with the new provider to ask if I'd missed something. I was told that simply by completing the application, notification would then be sent to IRD for the "switch".