.... I got auto enrolled, might have got something in an envelope that sat on the dining table for a month or so until I threw it away, can't remember.
I hope you have corrected the assignment to one of the default schemes, otherwise you are losing quite a bit of money.
likely not loosing money, just not making as much money as you could in a similar scheme with a different provider.
All right, let me explain. If you are auto-enrolled you will be assigned, randomly, one of approx 5 default providers. You will be enrolled in their conservative fund. Conservative funds are the safest but provide the lowest returns. Conservative funds are best for those who need their money in the shorter term and don’t provide the best results over the medium or longer term. Conservative funds are not good choices for those without access to to their money for 10 years+, which is most KiwiSaver participants.
So you will lose money compared to being in a more appropriate medium to long term fund structure; and so it pays to have your money in a balanced or a growth fund, if you are 10 years or more from 65. A 25-year old on the average wage will lose many many thousands of $ if they are in a conservative fund compared to if they are in a growth fund. If that’s not losing money, I don’t know what is.
the retirement commissioner has recommended to the government that the default funds not be conservative.
in any event, simply letting a random algorithm manage your money for you isn’t a good idea, it would pay, literally, to get some advice if you lack awareness or confidence in managing your money.