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.
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 Deed, employers 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.
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.
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.
Direct debit payments or cheques must be for at least $50 each.
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.
Cheques must be made out to the ‘Kiwi Wealth Super Scheme Trust’ and include your full name and member number.
You can withdraw all your money from your Kiwi Wealth Super Scheme account when you reach the later of:
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.
You may be able to withdraw some or all of your money earlier in certain circumstances, including the following:
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.
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.
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.
If you are made redundant by your employer, you may be able to withdraw the total value of your Kiwi Wealth Super Scheme account.
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.
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.
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.
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.
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.