KiwiSaver for employers
Many of your employees may want to sign up for KiwiSaver to receive compulsory employer contributions to their KiwiSaver savings. Westpac offer a range of services in connection with the Westpac KiwiSaver Scheme, which can assist you and your staff.
Employers can choose a KiwiSaver scheme for their staff
Employers can choose a preferred KiwiSaver scheme. Staff members who do not choose a scheme for themselves will be allocated to their employer's preferred scheme, if they have selected one.
Employers who choose a scheme for staff members will need to provide them with a copy of the chosen scheme's investment statement. If neither you nor your staff member chooses a KiwiSaver scheme, the Inland Revenue (IR) will assign the staff member to a default scheme.
Selecting the Westpac KiwiSaver Scheme for your staff
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Either post the form to:
BT Funds Management (NZ) Limited
PO Box 6088
Or fax it back to (09) 367 3301
About employer contributions to KiwiSaver
Compulsory employer contributions
Compulsory employer contributions are 3% of an eligible employee's gross salary or wages.
Employers will generally be required to contribute if the employee is:
- over 18 and under 65 (or over 65 but has been a KiwiSaver member for less than five years)
- contributing to KiwiSaver from their salary or wages.
Employer Superannuation Contribution Tax (ESCT) is deducted from employers’ contributions to KiwiSaver before the contributions are credited to an employee’s KiwiSaver account via IR. Please refer to the Inland Revenue website link and/or the Westpac KiwiSaver Scheme Investment Statement below for more information.