| Do all employers have to provide KiwiSaver facilities in their workplace? |
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Yes. As an employer you must meet all of the employer obligations, unless you are not a New Zealand resident or do not operate your business from a fixed establishment in New Zealand and choose not to apply the KiwiSaver Act.
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| What are my obligations as an employer? |
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As an employer you must meet all of the employer obligations.
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| Do all employees have to join a KiwiSaver scheme? |
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No. KiwiSaver is a voluntary savings initiative. However, once employees have joined they will generally remain KiwiSaver members until they reach the New Zealand Superannuation qualification age (currently 65) or if they join after the age of 60, once they have been a member of a KiwiSaver scheme for five years.
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| What about overseas workers? |
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Only people under the New Zealand Superannuation qualification age (currently 65) who are entitled to permanently reside in New Zealand, and are living in New Zealand (subject to certain exceptions), can join a KiwiSaver scheme. Employees on temporary work visas cannot join.
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| What about part-time and temporary workers? |
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Part-time workers can join a KiwiSaver scheme, however staff on contracts of 28 days or less do not have to be automatically enrolled in KiwiSaver. Employers are not required to automatically enrol casual employees.
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| What happens when new staff join? |
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You must enrol all new eligible staff members aged 18-65 who are not already KiwiSaver members in a KiwiSaver scheme (unless you are an exempt employer). They then have up to eight weeks (56 days) to decide if they want to remain a KiwiSaver member or ‘opt out’.
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| What if new staff are already KiwiSaver members? |
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Because KiwiSaver accounts automatically follow employees from one job to the next, new staff may already have a KiwiSaver account when they join your organisation. In that case, you need to deduct contributions from their salary or wages at the rate advised by the employee (or if no rate is given, at the default rate), make the relevant employer contribution, and forward them to Inland Revenue.
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| What about existing staff members? |
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Existing employees who are eligible can ‘opt in’ to a KiwiSaver scheme at any time by giving you a deduction notice.
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| If I choose the ANZ KiwiSaver Scheme as my preferred provider scheme, do all my employees have to become ANZ customers? |
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No. Employees don’t need to be ANZ customers to join the ANZ KiwiSaver Scheme.
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| What if I don’t offer a preferred provider scheme? |
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If you don’t offer a preferred provider KiwiSaver scheme,employees simply choose their own scheme, or if an employee does not choose their own scheme, Inland Revenue will allocate that employee to one of six default schemes.
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| Do I have to make an employer contribution? |
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Yes, employers are required to make contributions to a KiwiSaver scheme at a minimum of 3% (2% until 31 March 2013) of gross salary or wages for contributing employees who are members aged 18 or over, and have not reached the end payment date (aged 65 or five years of membership, whichever is later).
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| How much can an employer contribute? |
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Over and above the level of any compulsory employer contributions, you can contribute as much or as little as you like, and set your own rules and conditions around those additional contributions you make. All employer contributions are subject to employer superannuation contribution tax (ESCT).
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| What’s the impact on payroll? |
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As an employer you will be responsible for passing on all employee contributions to Inland Revenue as part of your fortnightly or monthly PAYE process.
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| What records will I need to keep? |
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You’ll be required to keep KiwiSaver records in the same way you keep PAYE records. This will include recording which of your employees are KiwiSaver members, their contribution rates, and any notification of contributions holidays or opt-outs.
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| Will I need to give financial advice to employees? |
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No. Neither you nor any of your staff will be expected to provide financial advice. Inland Revenue will provide you with KiwiSaver information packs to give to your employees. These packs explain how KiwiSaver works,and tell employees how they can receive more information.
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| How do I choose the ANZ KiwiSaver Scheme as my preferred provider scheme? |
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It’s easy to choose the ANZ KiwiSaver Scheme as your preferred provider scheme. See how to apply.
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Certain aspects of all KiwiSaver schemes, such as minimum contribution levels, the Government incentives and the circumstances in which benefits may be withdrawn, are prescribed in KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such amendment may impact on the ANZ KiwiSaver Scheme.
Investments in the ANZ KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together “ANZ Group”), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee OnePath (NZ) Limited. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
A copy of the Investment Statement for the ANZ KiwiSaver Scheme is available on request from any branch of ANZ or by calling ANZ Managed Funds on 0800 736 034.
