Recent KiwiSaver changes
In March 2019, the Taxation (Annual Rates for 2018-19, Modernising Tax Administration, and Remedial Matters) Act 2019 became law and made a number of changes to the KiwiSaver Act 2006.
Some of them impact the Fund, but only with respect to those members who have locked-in accounts held on a KiwiSaver-like basis.
Some of them impact the Fund, but only with respect to those members who have locked-in accounts held on a KiwiSaver-like basis.
| Changes made to KiwiSaver | Date change takes effect |
| Adding new KiwiSaver employee contribution rate options of 6% and 10% (in addition to the existing 3%, 4% and 8% options). | 1 April 2019 |
| Reducing the maximum period for each (renewable) contributions holiday election from five years to one year, and changing the name from ‘contributions holiday’ to ‘savings suspension’. | 1 April 2019 |
| Permitting individuals who have reached NZ Super age (currently 65) to join KiwiSaver, though without any entitlements to either compulsory employer contributions or government contributions. | 1 July 2019 |
| Removing the five-year minimum ‘lock-in’ period (which required members joining KiwiSaver after reaching age 60 to wait five complete years before accessing their savings) for members who join on or after 1 July 2019 – allowing those members to access their savings at age 65. | 1 July 2019 |
| Allowing members who joined KiwiSaver before 1 July 2019 after reaching age 60, and would otherwise be prevented by the five-year lock in period from accessing their savings, to opt out of that lock-in period (thus permitting them to access their savings at age 65). Members who opt out of that lock-in period cease, from the later of age 65 and the date of making that election, to be eligible to receive either compulsory employer contributions or government contributions. |
1 April 2020 |
This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.This information has been prepared by Mercer (N.Z.) Limited for general information only. The information does not take into account your personal objectives, financial situation or needs.
19 July 2020