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.