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KiwiSaver Changes

KiwiSaver Changes

Shelley Yeates
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A number of KiwiSaver changes are taking place in the 2019 year, these include:

  • There are two new employee contribution rates for KiwiSaver being 6% and 10%.  The employee contribution rate options are now 3%, 4%, 6%, 8% and 10%.
  • The ‘Contribution Holiday’ where members can elect to temporarily cease contributing to their KiwiSaver account, has been renamed as a ‘Savings Suspension’.  This suspension will now also have a maximum period of one year before a KiwiSaver member will need to renew it.

 

From 1 July 2019:

  • People over 65 will now be eligible to join KiwiSaver.
  • New members aged between 60 and 64 will no longer be locked into the scheme for five years.  If they enrol on or after 1 July 2019, they will be able to withdraw their KiwiSaver funds at 65 if they want to.
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