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Who can join?

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Anyone can join the Kiwi Wealth Super Scheme as an Employer Member as long as they are an eligible employee of a workplace that has a participation agreement with the Kiwi Wealth Super Scheme.

How it works

An employer enters into a participation agreement with us, and sets up a plan within the employer section of the Kiwi Wealth Super Scheme. While there are general rules for workplace-based superannuation schemes, which you can see in the Kiwi Wealth Super Scheme Trust Deedemployers may decide to amend these for their employees. 

Any specific terms and conditions which apply to the plan set up by an employer are set out in the participation agreement. This may include contribution rates and when you can make withdrawals. These specific terms and conditions will also be set out in the Supplement given to you with the Product Disclosure Statement.

Check the Supplement

While you can find some of the general rules for employer superannuation schemes on this page, your employer may have made changes to these rules as part of their participation agreement, so make sure you check the Supplement given to you with the Product Disclosure Statement to find the specific terms of your membership of the Kiwi Wealth Super Scheme. 

How to join

To join the Kiwi Wealth Super Scheme, please complete the application form at the back of the Product Disclosure Statement, or request an information pack.

We’ll need to verify your ID before you can join – you can find more information on how to do this here.

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Contributions

Your employer will decide how much and how often they make contributions to the Kiwi Wealth Super Scheme on your behalf. You can find the details about this in the Supplement given to you with the Product Disclosure Statement.

Your contributions are paid directly to the Kiwi Wealth Super Scheme by your employer. While you can make additional voluntary contributions to your account, by direct debit or cheque, you don’t have to.

Making voluntary contributions

Direct debit payments or cheques must be for at least $50 each.

By direct debit

To make a voluntary contribution to your Kiwi Wealth Super Scheme account by direct debit, simply download a direct debit form, or you can fill in the direct debit form at the back of the Product Disclosure Statement

By cheque

Cheques must be made out to the ‘Kiwi Wealth Super Scheme Trust’ and include your full name and member number.

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Withdrawals

You can withdraw all your money from your Kiwi Wealth Super Scheme account when you reach the later of:

  • Either age 55, as long as you’ve been a member of the Kiwi Wealth Super Scheme for at least five years; or
  • At a later date, if your Employer has agreed to a later date in their participation agreement. This will be set out in the Supplement.
Remember – you don’t have to cash in your investment once you're eligible to withdraw from your Kiwi Wealth Super Scheme account. You can keep your account open and set up regular withdrawals, or occasional withdrawals.

If you leave or change jobs

If you leave your employer, you may be able to withdraw all of your money from your Kiwi Wealth Super Scheme account. However, you can also remain a member and make voluntary contributions to your member account – although your employer will not be required to continue contributing. 

 

Other withdrawals

You may be able to withdraw some or all of your money earlier in certain circumstances, including the following:

Early withdrawal

If you are 55 or older, but have not yet reached your normal retirement date, you can apply for an early withdrawal. Subject to approval, you may be able to withdraw up to 20% of your total member account every 12 months. You can find more information on this type of withdrawal in the Product Disclosure Statement.

Significant financial hardship

If you suffer significiant financial hardship, as defined in the Trust Deed, you can withdraw up to the total value of your Kiwi Wealth Super Scheme account, subject to the approval of the Scheme’s Supervisor, Public Trust.

Total and permanent disablement

If you're suffering total and permanent disablement, as defined in the Trust Deed or your employer's participation agreement, you may be able to withdraw the total value of your member account.

Redundancy

If you are made redundant by your employer, you may be able to withdraw the total value of your Kiwi Wealth Super Scheme account.

Death 

The full value of your member account will be paid to your estate on your death, on application by your personal representative..

You can find more information on these withdrawals by checking the Product Disclosure Statement, or the Other Material Information - Withdrawals document on our website's Scheme and Fund documents page

What if my employer changes to a different super scheme?

If your employer changes their workplace plan to another superannuation scheme, or if they are put into liquidation or bankruptcy, or just cease particiapting in the Scheme, you can close your Kiwi Wealth Super Scheme account. If you continue to be an Employer Member with the Kiwi Wealth Super Scheme, but no longer work for the employer you joined the scheme through, or your employer no longer participates in the Kiwi Wealth Super Scheme, different benefits will apply. You can find more information about this in the Other Material Information - Withdrawals document which you can download from our website's Scheme and Fund documents page. 

Funds transferred from another super scheme

You may not be able to withdraw funds transferred from another superannuation scheme to the Kiwi Wealth Super Scheme, as the withdrawal conditions from the other scheme may apply.

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Tax

Tax on investment income

The Kiwi Wealth Super Scheme is a portfolio investment entity, so the amount of tax you pay is based on your prescribed investor rate (PIR).

Inland Revenue have a useful tool you can use to work out your PIR on their website.

If you are unsure of your PIR, we recommend you seek professional advice or contact Inland Revenue. It is your responsibility to tell us what your PIR is and to let us know if it changes. If you don’t let us know your PIR, a default rate may be applied.

It’s important that you get your PIR right – if your PIR is too high and you pay too much tax, you cannot claim the extra back and if you pay too little, by choosing a PIR that’s too low, you’ll need to complete a personal tax return and pay any tax shortfall, interest, and penalties.

Tax on employer contributions

Your employer will have to pay tax - called Employer Superannuation Contribution Tax - on any contributions they make to your Kiwi Wealth Super Scheme account. You can find out more about this on Inland Revenue's website.

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