As the net transfer figures in the research show the banks and local heroes Huljich, Gareth Morgan and Fidelity are winning this game, mainly at the expense of the default funds. Stephen Jonas, head of marketing for the KiwiSaver scheme of stockbroking firm Craig Investment Partners, says providers will “step up their interest in transfers, as average balances grow and as more information [re performance and fees] becomes available”.  “It will be a challenge as I expect there will be a level of ‘inertia’ (as there is with telcos and power companies), but I also worry that if transferring is simple then members will ‘chase returns’ and will elect to transfer to last year’s best performer.”  David Boyle, OnePath NZ head of bank distribution, is also concerned KiwiSaver members are switching schemes without much thought or advice. But Boyle says KiwiSaver can only improve the financial literacy levels of New Zealanders over time.  “Because of KiwiSaver more New Zealanders than ever before are thinking about saving for their retirement,” he says. The light has been switched on.