KiwiSaver Changes in 2019
From 1 April 2019
Contribution Rates – Two new contribution rates added to KiwiSaver, 6%and 10% . You can now select 3%, 4%, 6%, 8% and 10%
Contribution Holiday renamed “Saving Suspension”
The suspension will now also have a maximum period of one year before a KiwiSaver member will need to renew it.
Member Tax Credit (MTC) now renamed Government Contribution
From 1 July 2019
People 65 and over will now be eligible to join KiwiSaver.
New members will no longer be locked in to the scheme for five years. Members between the ages of 60 to 64 (inclusive) who enrol on or after 1 July 2019 will be able to withdraw their KiwiSaver funds at 65.
From 1 April 2020:
KiwiSaver members impacted by the 5-year lock in period (i.e. members who enrolled before July 2019, and who were aged between 60 and 64 inclusive when they enrolled) can elect to opt out of this lock in period any time after they reach the age of eligibility for NZ Super. However, this means they will no longer be eligible for compulsory employer contributions or the government contribution.
Kind Regards
Brendon White
The Certus Team
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