Over 65?

Whilst KiwiSaver has always been positioned as a retirement savings account, with changing work patterns and increased longevity, KiwiSaver may represent an opportunity to continue saving and investing after 65. The change in the law allows people over this age to now enrol in a KiwiSaver scheme providing alternative investment options.

Some reasons why people over 65 may wish to consider joining or rejoining KiwiSaver generally and the Summer KiwiSaver scheme specifically:

  • Access to professional funds management and a range of funds allowing diversification across asset classes (cash, domestic and international fixed interest, domestic and international equities and listed property).
  • Our fees are simple. You can find information about Summer fees here and compare on Sorted's website.
  • You can access your funds through regular or lump sum withdrawals.
  • It’s easy to track your balance and make changes to your account online.
  • You can make voluntary contributions into your account at any time. The Summer KiwiSaver scheme has no minimum transaction requirements, so you can adjust your contributions in line with your cash flow. 
  • We are focused on performance - you can find information on Summers performance here.
  • KiwiSaver may present an alternative to term deposits.

Risk and return

When comparing returns on different investments it is always important to also compare risk.

Term deposits are relatively low risk investments. While the bank with which you place your funds could fail, term deposits will generally have a low risk of default and provide you a specified return for a set period of time.  That certainty can be useful as an investor. Conversely, if you need to access your funds before the term deposit matures, you generally pay a penalty to do so and receive a lesser interest rate. 

Investing in a KiwiSaver scheme is higher risk than a term deposit. Unlike a term deposit, a KiwiSaver account does not have a specified return and, if you join after 65, there is no set time frame for which you must invest. Instead your return will vary in line with market movements and the assets held by the fund(s) in which you invest. Being higher risk than a term deposit, the expected returns are also higher – but the returns could also end up being lower.

It is important to make sure you select the fund or combination of funds which best meets both your timeframe for investing and risk appetite. We have a short Summer KiwiSaver scheme Investment Profile tool that can help you.

You can also ask us for advice on your KiwiSaver account at any time and we will arrange for a financial adviser to contact you.

Another way to think about risk

All managed funds (including KiwiSaver schemes) must have a risk indicator. A risk indicator is rated from 1 (low) to 7 (high). The rating reflects how much the value of the fund’s assets goes up and down (volatility). A higher risk generally means higher potential returns over time, but more ups and downs along the way.

You can see Summer risk indicators along with a summary of the investment objective and strategy on each fund page or in our Product Disclosure Statement.


Like to know more? Take a look at our Product Disclosure Statementcall 0800 11 55 66 or email info@summer.co.nz. Alternatively, fill in the form below and we'll call (or email) you!

You can also register below to receive updates.

Ready to join? Click the 'Join Summer' button below and have your IRD number and driver licence or passport handy. Once the form is complete, we'll take care of the rest, including getting in touch with your current provider. Easy. 

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