More than two million people have joined KiwiSaver.
But KiwiSaver expert Binu Paul says many people are a bit confused about how the savings scheme works. He is the founder of SavvyKiwi, an app that allows people to manage their KiwiSaver account.
So Newshub is looking at some of the myths and misunderstandings about KiwiSaver.
4: High profile fund managers must be really good.
Binu Paul says investment management is not a popularity contest.
"Even if indirectly, you may be paying for all the glossy brochures, advertising slots and media spots. Also, funds are never managed the one person who is in the media. Typically, there will be a team of individuals behind them who make decisions about your money."
He says there are more scheme providers than there are investment teams based locally. In some cases, you can buy the same talent cheaper from another scheme provider who contracts their management out to those investment teams.
His advice is to shop around.