Question: Can I Have 2 KiwiSaver Accounts?

Can an employer pay more than 3 KiwiSaver?

Your employer may choose to make voluntary contributions to your KiwiSaver account above 3%.

This includes making voluntary payments if they are not required to make compulsory contributions..

What happens to my KiwiSaver if I die?

If you die while you are a member of a KiwiSaver scheme your full account balance will be paid to your estate. You can’t nominate people (called ‘beneficiaries’) to receive your funds directly from your KiwiSaver Scheme; your provider always has to pay it to your estate.

How long does a KiwiSaver withdrawal take?

Full KiwiSaver retirement withdrawals can take between 10 – 15 working days to process from when we receive your application. The process takes longer than you might expect because your final annual Government contributions need to be claimed from Inland Revenue.

Can I use my KiwiSaver to pay off debt?

Can You Use Your KiwiSaver To Pay Off Debt? Yes – if your application for financial hardship is approved.

Do employers match KiwiSaver?

Your employer needs to contribute at least 3% towards your KiwiSaver account if you’re a KiwiSaver member making contributions from your pay. If you’re a KiwiSaver member making contributions from your pay, your employer also has to put money in. This is equal to 3% of your pay.

How many times can you change your KiwiSaver fund?

You can change your KiwiSaver scheme provider at any time, but you can only belong to one at a time. To change your scheme provider, you must apply directly to the provider of the scheme you want to join. Your new provider arranges the transfer of your savings from your old scheme to the new one.

How much should I put in my KiwiSaver?

For every dollar you put into your KiwiSaver account the government puts in 50 cents – capped at $521.43 a year. To get the full $521.43 you need to have put in at least $1042.86 each year.

Can the government take your KiwiSaver?

The government – through Inland Revenue – has set up KiwiSaver and makes sure that the money you put in (and any KiwiSaver employer contributions) goes into your account. … But that money is yours and cannot be taken back by the government.

What is the average KiwiSaver balance?

The average balance of everyone enrolled in KiwiSaver is NZ$17, 130.

Who has the best KiwiSaver scheme?

Best Performing KiwiSaver Funds – Mar 2020Conservative Fund Category: Milford Conservative Fund (Five Year Returns: 5%).Moderate Fund Category: Generate Conservative Fund (Five Year Returns: 5.4%).Balanced Fund Category: Milford Balanced Fund (Five Year Returns: 6.2%).Growth Fund Category: Milford Active Growth Fund (Five Year Returns: 7.3%).More items…

Is KiwiSaver a good investment?

KiwiSaver can be a cost effective and accessible form of investment for retirement. There is no need to cash it up. Leaving all your money in bank deposits for a 30-year retirement is an unnecessarily conservative approach and KiwiSaver funds offer the ability to remain diversified with exposure to growth assets.

Can you withdraw from KiwiSaver twice?

You can only make a KiwiSaver first home withdrawal once. If you’ve owned property before, you may qualify for a second chance home buyer withdrawal. You may also qualify for a HomeStart grant.

How do I find out if I have a KiwiSaver account?

Not sure who yours is? It’s not hard to find out. Contact Inland Revenue and if you’re a member, they will have your details on file. Call 0800 KIWISAVER or log in to My KiwiSaver to find out your provider.

How is KiwiSaver paid out?

Yes, you will be eligible to take out all the money that is in your KiwiSaver account. That’s all your contributions, your employer contributions, the government kick start and member tax credits, plus or minus any returns on your investments. … But you don’t have to take your money out.

Can I use my KiwiSaver to buy a house?

If you have been a member of KiwiSaver for at least three years, you may be able to withdraw all, or part, of your savings to put towards buying your first home. … However at least $1,000 must remain in their KiwiSaver account. You must intend to live in the property. It cannot be used to buy an investment property.

Does KiwiSaver get taxed?

Your KiwiSaver scheme invests your contributions so they earn money for you. You pay tax on the money your investment earns. Withdrawals from your KiwiSaver scheme are tax-free.

Can you contribute more than 8% to KiwiSaver?

You can choose to contribute 3%, 4%, 6%, 8% or 10% of your pay. The default rate is 3% if you don’t choose a higher rate. You can change your contribution rate once every 3 months, unless your employer agrees to a shorter timeframe. To do this you need to let your employer know in writing.

Does it cost to change KiwiSaver funds?

If you do decide to change KiwiSaver providers, simply complete a membership form for the new one. They will tell Inland Revenue and arrange for your funds to be transferred, which typically takes between 10 and 35 days. Some providers charge a transfer fee to move out of their scheme: Aon ($35) and Booster ($30).