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
> download the Westpac KiwiSaver Scheme employer choice form
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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.
BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme.
Investments made in the Westpac KiwiSaver Scheme (Scheme) do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as trustee), or any director or nominee of any of those entities, or any other person guarantees the Scheme’s performance, returns or repayment of capital.
For a copy of any applicable investment statement or term sheet for your investment or for more information about the Scheme, contact a Westpac branch or call 0508 972 254. You can also download the investment statement.
Disclosure statements under the Financial Advisers Act are available on request and free of charge from a Westpac Financial Adviser.
Reference to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability and content of such websites.