ASB KiwiSaver Scheme Positive Impact Fund

We have decided to close and wind-up the ASB Positive Impact Fund (PIF) available within the ASB KiwiSaver Scheme. This follows BlackRock (UK) announcing it will wind up its Global Impact Fund in January, which makes up more than half of the PIF’s underlying investments.

We considered the future of the Positive Impact Fund in light of this development and its impact on the fund's management, alongside declining customer demand, and deemed it appropriate to wind-up the Positive Impact Fund.

With the upcoming closure, we are contacting those currently invested in the Positive Impact Fund with guidance on what you need to do. This includes reviewing your ASB KiwiSaver Scheme investment and considering whether to choose a new fund for any existing balance and future contributions that were being invested in the Positive Impact Fund.

You can visit our ASB KiwiSaver Scheme compare funds page to see if one of our other ASB KiwiSaver Scheme funds suits your goal and investment timeframe. Please let us know in advance of 15 January 2025 to ensure any instructions are processed before that date.

You can change ASB KiwiSaver Scheme funds anytime using the change fund feature via the ASB mobile app or FastNet Classic internet banking.

You can also complete a paper form.

For more information check out How can I change my fund? - ASB Help 

From 15 January 2025, the Positive Impact Fund will close, and the process to switch all remaining ASB KiwiSaver Scheme members out of the Positive Impact Fund will begin.

If you only have an investment in the Positive Impact Fund and do not choose a new fund by 15 January 2025, your balance in the Positive Impact Fund will be transferred to the ASB KiwiSaver Scheme Balanced Fund, as that is the fund with the most similar asset allocation to Positive Impact Fund.

If you’re invested in multiple funds, and don’t choose a new fund by 15 January 2025 your balance in the Positive Impact Fund will be transferred and allocated across your other ASB KiwiSaver Scheme funds that you hold at the time. Any future contributions we receive from 15 January 2025 will also be allocated to the other funds that you hold at the time.

From now until 15 January 2025, the Positive Impact Fund may experience higher volumes of withdrawal or fund switch requests. As a result, we may be required to sell down investments in the third-party underlying funds to meet those requests.

Due to notice requirements to withdraw from the iShares Green Bond Index Fund (which the Positive Impact Fund invests in for global bond exposure), instructions to sell units will not be processed until the day after they are received. This means withdrawals or switches from the Positive Impact Fund will be complete before the sale of units in the iShares Green Bond Index Fund. As a result, the proportion of the Positive Impact Fund’s total assets invested in bonds (and therefore, exposure to bond price movements) will increase for remaining investors until the instruction to sell units is complete.

The Positive Impact Fund is the only fund in the ASB KiwiSaver Scheme impacted by the closure of the underlying Global Impact Fund. You can view our other ASB KiwiSaver Scheme funds here.

The Positive Impact Fund has an impact objective and a conventional investment objective. While the other funds in the ASB KiwiSaver Scheme do not have an impact objective and are not a direct replacement, we continue to integrate responsible investment considerations into our investment decision-making process.

All of our ASB KiwiSaver Scheme funds are certified by the Responsible Investment Association Australasia according to the strict operational and disclosure practices required under the Responsible Investment Certification Program (see www.responsiblereturns.com.au for details). We’re committed to responsible investing and continuing to better understand the responsible investment needs of our customers. For more details, visit asb.co.nz/responsible-investment

We encourage customers to seek guidance and advice, which you can do by calling 0800 272 738 or using our KiwiSaver calculator and digital advice tool via internet banking or the ASB Mobile App. For more information check out how to get free financial advice on your KiwiSaver investment.