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KiwiSaver is a voluntary, long-term savings initiative to help you prepare for your future. |
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More KiwiSaver info
Contact us
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| Who is eligible for KiwiSaver? |
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| To be eligible for KiwiSaver you must be: |
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a New Zealand citizen or entitled to live in New Zealand indefinitely |
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living or normally living in New Zealand |
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under the qualification age for New Zealand Superannuation (currently 65). |
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| How do I join KiwiSaver? |
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| If you are eligible, you can join KiwiSaver by either: |
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choosing to join at any time (either by advising your employer or contacting a scheme provider directly), or |
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being automatically enrolled when starting new employment if you’re 18 years or over. |
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| To join the Westpac KiwiSaver Scheme |
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read the Westpac KiwiSaver Scheme Investment Statement, which contains important information about the investment |
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complete and sign the application form included at the back of the Investment Statement |
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return your completed application form to your nearest Westpac Branch, or post it to The Westpac KiwiSaver Scheme, P O Box 695, Wellington. |
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| If you are automatically enrolled when you start new employment, the IRD will provisionally allocate you to: |
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your employer's chosen scheme (if they have one), or |
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a default KiwiSaver scheme. |
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| You can opt out of KiwiSaver between weeks 2 and 8 of commencing new employment. You can choose your own KiwiSaver scheme at any time. |
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| What happens after I join? |
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| Once we receive your completed application, we’ll let IRD know you have chosen the Westpac KiwiSaver Scheme. |
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| If you earn a salary or wage, IRD will tell your employer to deduct contributions from your pay. If you are over 18 and eligible for compulsory employer contributions, your employer will also start contributing to your scheme. |
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| IRD will hold your contributions for 3 months after receiving your first contribution. Contributions will then be transferred to your KiwiSaver scheme together with interest. |
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| If you’re self-employed or not currently working you can make regular payments to the Westpac KiwiSaver Scheme through direct debit from your bank account or lump sum payments. |
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| How do I opt out of KiwiSaver? |
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| Only new employees who are automatically enrolled by their employer (either into a KiwiSaver scheme chosen by their employer or to one of the government appointed default schemes) can opt out of KiwiSaver between weeks 2 and 8 of commencing new employment. |
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| If you choose to join KiwiSaver by contacting a scheme provider directly or advising your employer, you won’t be able to opt out at a later date. |
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| How much do I contribute to the Westpac KiwiSaver Scheme from my salary or wages? |
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| Employees can choose to contribute 2%, 4% or 8% of their gross salary or wages. |
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| If you don’t choose a contribution rate, your employee contributions will be 2% of your gross salary or wages. |
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| > download Westpac KiwiSaver Scheme Investment Statement for more information on contributions |
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| How much will my employer contribute to the Westpac KiwiSaver Scheme? |
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| If you’re employed and contributing, from age 18 until you can withdraw your KiwiSaver savings on retirement, your employer will generally be required to contribute to your KiwiSaver scheme. The mandatory contribution rate for employers is 2% of your gross salary or wages. |
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| Your employer may also make voluntary contributions to your KiwiSaver scheme on your behalf. All employer contributions must be made through IRD. |
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| How do I make contributions to the Westpac KiwiSaver Scheme if I’m not earning a salary or wages? |
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| If you are self-employed or not currently working, you can still contribute to the Westpac KiwiSaver Sheme. |
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| You or another person such as a parent or partner (other than your employer) can contribute to the Westpac KiwiSaver Scheme either by direct debit or by lump sum payments. |
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| > download Westpac KiwiSaver Scheme Investment Statement for information on making contributions |
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| How do I transfer to the Westpac KiwiSaver Scheme? |
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| All you need to do is complete the application form, including the section titled ‘Transfers’, and return the form to your nearest Westpac Branch, or post it to Westpac KiwiSaver Scheme, P O Box 695, Wellington. We’ll do the rest for you. |
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| > download Westpac KiwiSaver Scheme Investment Statement and application form |
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| When can I withdraw my KiwiSaver savings? |
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| Your savings are generally ‘locked in’ until you reach the New Zealand superannuation qualification age (currently 65) or until you have been a member of a KiwiSaver scheme (or a complying superannuation fund) for at least 5 years—whichever is the later. |
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| You can apply to make an early withdrawal in certain circumstances, including: |
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the purchase of a first home |
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significant financial hardship |
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serious illness |
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permanent emigration from New Zealand |
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where required by statute or upon death. |
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| Some early withdrawals may exclude the Government kickstart contribution and member tax credits. |
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| > download Westpac KiwiSaver Scheme Investment Statement for information on withdrawal rules |
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