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.
phone 0508 WPAC KIWI (0508 972 254 Monday to Friday, 9am to 5pm)
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 (IRD) will assign the staff member to a default scheme.
Selecting the Westpac KiwiSaver Scheme for your staff
BT Funds Management (NZ) Limited PO Box 6088 Wellesley Street Auckland
Or fax it back to (09) 367 3301
About employer contributions to KiwiSaver
Compulsory employer contributions
Compulsory employer contributions are 2% of an eligible employee's gross salary or wages. The Government intends to increase the minimum employer contribution rate to 3% from 1 April 2013.
If employees are 18 and over and are having KiwiSaver contributions deducted from salary or wages, then employers will generally be required to contribute.
Employer contributions are exempt of withholding tax subject to a cap of the lesser of:
the employees contribution, or 2% of their gross salary or wages until 31 March 2012. From 1 April 2012, the Employer Superannuation Contribution Tax (ESCT) will be deducted from employers’ contributions to KiwiSaver before they are credited to an employees KiwiSaver account. ESCT is usually the same as, or less than a person’s marginal tax rate.
The Government intends to increase the minimum employee contribution rate to 3% from 1 April 2013.
The information above is based on information current at the time of writing and from sources Westpac believes to be accurate and reliable as at July 2011 and is subject to changes to government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time (as referred to in the investment statement). The material on this website is provided for general information purposes only and is not a recommendation or opinion in relation to the Westpac KiwiSaver Scheme. You should not rely solely on the information on this website. We recommend that you consult a Westpac investment adviser if you would like advice in relation to the Westpac KiwiSaver Scheme.
.
Investments made in the Westpac KiwiSaver 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 principle invested. None of BT Funds Management (NZ) Limited, any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited, or any director or nominee of any of those entities, or any other person guarantees the Westpac KiwiSaver Scheme’s performance, returns or repayment of capital.
The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.
