Frequently Asked Questions
The National Bank KiwiSaver Scheme is offered and managed by ING (NZ)
Limited and distributed through The National Bank of New Zealand
What are the benefits of KiwiSaver?
KiwiSaver offers a number of benefits, including:
-
A one-off $1,000 contribution from the Government
when you join your first KiwiSaver scheme to get you started
-
A tax credit to your KiwiSaver scheme - this is
applicable to KiwiSaver members aged 18 years and over,
contributions will be matched by the Government up to $20 per week
(approximately $1,040 per year)* and are paid annually to the scheme
in cash to the credit of your account
-
The Government will currently to contribute $40 per eligable
member per year towards the administration costs of your
KiwiSaver scheme *
-
A first home deposit subsidy - up to $1,000 per
year of membership (up to a maximum of $5,000 for five years) after
three years of saving through KiwiSaver*
-
Tax free employer contributions - employer
contributions of up to the lesser of the employee's contribution or
an amount equal to 4% of the value of the employee's salary or wages
(excluding employer superannuation contributions) are exempt from
tax.
How do I join the National Bank KiwiSaver Scheme?
To join the National Bank KiwiSaver Scheme (National Bank KiwiSaver),
please read the Investment Statement, complete the enclosed application form
and return it to:
National Bank KiwiSaver Scheme
Freepost 324
P O Box 7149
Wellesley Street
Auckland 1141
If you are a new employee and do not already belong to a scheme, you
will be automatically enrolled in the National Bank KiwiSaver Scheme if it
is your employer's preferred scheme, unless you select your own KiwiSaver
scheme. Your employer will provide you with a National Bank KiwiSaver Scheme
Investment Statement. If you are an existing employee and choose to 'opt-in'
to KiwiSaver, you will be enrolled in your employer's preferred scheme
unless you choose a scheme yourself.
Do I have any choices to make?
There are a few choices to make when you select the National Bank
KiwiSaver Scheme:
-
Choose a contribution rate of either 4% (the default rate if no
choice is made) or 8% of your gross salary or wages
-
Choose the fund you wish to invest in
-
Whether or not to pay additional lump sums, contribute via direct
debit or transfer current superannuation investments to your
National Bank KiwiSaver Scheme.
What is a contributions holiday and how does it work?
After 12 months in KiwiSaver, you can choose to stop and start
contributing as you wish by applying for a contributions holiday. A
contributions holiday can be for between three months and five years.
You can apply to Inland Revenue to take a contributions holiday if
either:
-
12 months have passed since your first contribution was received by
Inland Revenue or a KiwiSaver scheme; or
-
You are suffering, or likely to suffer, financial hardship and at
least one contribution has been received from you by Inland Revenue.
At the end of the period, contributions will resume unless a further
contributions holiday is applied for. You must reapply to Inland Revenue to
renew the contributions holiday.
What happens if I change jobs and already belong to a
KiwiSaver scheme?
You will remain part of your existing scheme, and your new employer will
deduct the relevant contribution amount and pay this to Inland Revenue, who
will then pay this amount to your KiwiSaver scheme.
You can choose to transfer between KiwiSaver schemes at any time.
What is the Government 'start-up' contribution and how is
it allocated?
The Government will contribute a one-off payment of $1,000 to the first
KiwiSaver scheme you become a member of. This payment will be made about
three months after your first KiwiSaver contribution is received by Inland
Revenue or the scheme.
How will the housing deposit subsidy work?
After three years, you may be eligible for a one-off deposit subsidy of
up to $1,000 for every year you have been a member of a KiwiSaver Scheme -
up to a maximum of $5,000.
If you have a partner also saving through KiwiSaver, you can combine
your deposit subsidies. So, after five years' saving, a couple could get up
to $10,000, provided you have a total household income below the income cap
and meet any other criteria. The caps are still to be finalised.
How can I access my benefit?
Your funds will generally remain locked in until you reach New Zealand
superannuation qualification age (currently 65) or you've been in a
KiwiSaver scheme (or 'complying superannuation fund') for five years,
whichever is the later.
The exceptions to this restriction are if:
-
You are suffering from or are likely to suffer significant financial
hardship (you can withdraw all but the $1,000 Government
contribution and member tax credit)
-
You are suffering from serious illness (you can withdraw all but the
$1,000 Government contribution)
-
You emigrate permanently. The funds excluding member credits can be
paid out after 12 months have passed since you permanently emigrated
from New Zealand. You may at any time after you permanently emigrate
from New Zealand apply to have your KiwiSaver benefit transferred
into an overseas superannuation scheme authorised for that purpose
under KiwiSaver legislation
-
You are purchasing your first home and three years have passed since
Inland Revenue received your first KiwiSaver contribution, or you
have been a KiwiSaver member for three years or more. (A withdrawal
for this purpose can not include the $1,000 Government contribution
and member tax credit)
-
You pass away, in which case the balance of your KiwiSaver account
will be paid to your estate when requested
-
Required under an Act of Parliament.
See the
Investment Statement for more details on accessing your benefit.