Anyone can join the Kiwi Wealth Super Scheme as a Personal Member - all it takes to get started is an initial contribution of at least $50.
You can make this contribution either by direct debit or cheque. You may also be able to transfer your balance from another scheme into your Kiwi Wealth Super Scheme account.
Once you've made your initial contribution of at least $50, you then choose how much and how often you contribute to your account. The minimum contribution amount per payment is $50.
If you and your employer agree, your employer can also make contributions of any amount to your Kiwi Wealth Super Scheme account, even if they don't have a participation agreement with the Kiwi Wealth Super Scheme.
You can also make additional voluntary contributions of at least $50 to your account by direct debit or cheque.
You aren’t required to make any voluntary contributions, but if you don’t then there's a risk that fees, charges and inflation could eat away at any amount invested over time. You can find out more about the fees we charge on our Fees page.
To make a voluntary contribution to your Kiwi Wealth Super Scheme account by direct debit, simply download the form. Or you can find a copy of the 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 may be able to transfer any amount over $50 into your Kiwi Wealth Super Scheme account from another superannuation scheme or workplace savings scheme. We don't charge a fee for processing any transfers from other superannuation schemes to the Kiwi Wealth Super Scheme.
Get in touch to find out more.
You can withdraw all of your money from your account when you reach the qualification age for New Zealand Superannuation, which is currently 65, or when you are 60, if you can show that you have permanently retired.
You may be able to withdraw some or all of your money earlier in certain circumstances, including the following:
This type of withdrawal allows you to begin payments from your Kiwi Wealth Super Scheme account up to ten years before you reach the New Zealand Superannuation qualification age. You have to be able to show that you are eligible for this withdrawal and payments will be made regularly, in accordance with the superannuation scheme rules.
You can make periodic withdrawals over a maximum 10 year period which are calculated according to a formula set out in the superannuation scheme rules, and which should result in you having some money in your account when you reach the New Zealand superannuation qualification age.
You can withdraw money from your Kiwi Wealth Super Scheme account if the Supervisor of the Scheme is satisfied that you’re suffering significant financial hardship. This may include not being able to meet minimum living expenses, or meet mortgage repayments on your principal family residence and other situations set out in the superannuation scheme rules.
Withdrawals can be any amount approved by the Supervisor, up to the total amount in your Kiwi Wealth Super Scheme account.
If you’re suffering from a serious illness, and can no longer work, then you may also be able to withdraw money from your Kiwi Wealth Super Scheme account, subject to the approval of the Supervisor. The rules around this kind of withdrawal are laid out in the superannuation scheme rules. The Supervisor will require you to provide certain information about your circumstances to assess your eligiblity for this withdrawal.
Withdrawals can be any amount approved by the Supervisor, up to 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 may not always be able to withdraw funds that you’ve transferred to your Kiwi Wealth Super Scheme account from another superannuation scheme, as the withdrawal conditions from the other scheme may apply. Check with the superannuation scheme you are transferring from to find out more.
The Kiwi Wealth Super Scheme is a portfolio investment entity, which means that the amount of tax you pay is calculated according to 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.
If your employer makes contributions to your Kiwi Wealth Super Scheme account, then they'll have to pay tax - called Employer Superannuation Contribution Tax - on these contributions, which will affect the amount you receive from them. You can find out more about this on Inland Revenue's website.