If you’re making employee contributions, you can apply to suspend them for between three months to one year. This is called a ‘savings suspension’.
Who can apply?
You can apply for a savings suspension from 12 months after the date your first contribution was paid to Inland Revenue (unless you’re in financial hardship). You don’t need to give a reason.
However, if you’re experiencing financial hardship you can apply earlier. This is known as an ‘early savings suspension’ and you’ll need to provide evidence of financial hardship for reasons outside your control.
How long can you suspend contributions for?
You can apply to suspend your contributions for between three months and 1 year.
What happens to my employer contributions?
Your employer is not required to make employer contributions while you’re on a savings suspension.
How often can I apply for a savings suspension?
You can apply to suspend your employee contributions as often as you like. However don’t forget that each savings suspension can affect how much savings you’ll have when you retire.
How do I apply?
Visit Inland Revenue's KiwiSaver site to find out more about applying for a savings suspension.