If you’ve recently joined or switched to the Kernel KiwiSaver Plan, you’re probably wondering when your balance will show up on your Kernel dashboard.
The time it takes for your funds to arrive and become visible depends on your specific situation. Here is a breakdown of the typical timeframes:
1. If you are new to KiwiSaver
If you are joining KiwiSaver for the very first time, it takes more than 2 months for your funds to appear in your Kernel dashboard.
This is due to the Inland Revenue (IRD) holding process. The IRD holds your contributions for 62 days from the date they are notified that you are a new KiwiSaver member. Once the IRD releases the funds, it takes about another 5 days for the transfer to complete, as we purchase the units in your selected funds.
2. If you are transferring from another provider
If you are already a KiwiSaver member and are simply switching your provider to Kernel, the process is much faster. It typically takes 2 full weeks for your balance to transfer and appear in your dashboard.
During this time, your current provider and Kernel coordinate the transfer of your funds. You don’t need to do anything!
3. If you are transferring from an Australian Superannuation fund
Bringing your retirement savings across the Tasman is a more manual process. You should expect this to take at least 1 month.
You can find more detailed steps on how to initiate this in our article on transferring Australian Superannuation.
4. What can cause delays?
While we aim to get your funds invested as quickly as possible, there are a few common factors that can slow down the process:
Data mismatches: If the name, IRD number, or date of birth provided in your Kernel KiwiSaver application doesn't exactly match the records held by the IRD or your previous provider, the transfer may be paused or rejected. If this happens, our team will send you an email to let you know and help get it sorted.
Public holidays: Our Kernel team and KiwiSaver transfer processing only operate on business days. Public holidays in New Zealand will cause a slight delay as there is no processing on those days.
Why can't I see my balance yet?
If you have recently joined and your dashboard still shows a zero balance, it is likely because the funds are still in transit. While you wait, the 'KiwiSaver' tab in your Kernel account will show that your transfer is in progress.
Please note that we are unable to investigate or track a transfer until the standard timeframes mentioned above have passed, as the funds are not yet held by Kernel. We recommend waiting until the full period has elapsed before reaching out for an update.
Rest assured, as soon as your KiwiSaver reaches us, it is invested into your chosen funds at the next available trading point, and your dashboard will update to reflect your new balance.
If your transfer is taking significantly longer than the timeframes mentioned above, please feel free to reach out to our team at support@kernelwealth.co.nz and we’ll be happy to look into it for you.
Where are my funds during the transfer?
It is common for your funds to leave your old provider a few days before they appear in Kernel. If you want to track your contributions during this period, you can log into your myIR account via the Inland Revenue website. Under the 'KiwiSaver member' section, you can view a 'Contributions summary'.
A note on unfunded KiwiSaver accounts
If you have never made a contribution to your KiwiSaver before, your Kernel dashboard will continue to show that your transfer is "in progress." This status will update once your first contribution is received from the IRD, or via a voluntary contribution. Here's how to make a voluntary contribution to your KiwiSaver.