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What's changing for KiwiSaver this year?

There are some changes being made to KiwiSaver this year. These changes apply to all KiwiSaver schemes.  We explain what these changes are and how they can help you get on top of your KiwiSaver savings.

From 1 April 2020

All members aged 65 years or over can now make a retirement withdrawal

KiwiSaver members who joined before 1 July 2019 and were 65 or over at the time would be bound by the five-year membership lock-in period. From 1 April 2020, these members will now have the option to opt out of the lock-in and make a retirement withdrawal. If you do opt out, you’ll no longer be eligible for Government contributions or compulsory employer contributions.

You can opt out the five year membership lock-in period and make a retirement withdrawal by completing the retirement withdrawal form.

New early withdrawal category

A new withdrawal category has been introduced, allowing people with a life-shortening congenital condition to apply to withdraw their savings before the age of 65.

You can apply for an early withdrawal if you were born with a condition that is expected to reduce life expectancy below age 65 (either for you or people in general with the condition). It’s important to note that if you make a life-shortening congenital condition withdrawal, you’ll no longer be eligible for Government contributions or compulsory employer contributions.

You can apply for an early withdrawal by completing the life-shortening congenital conditions withdrawal form.

A list of life-shortening congenital conditions eligible for this withdrawal under the KiwiSaver regulations will be provided in the withdrawal guide and on this webpage as soon as the list is available.

We’ll be notified of prescribed investor rate (PIR) changes

If Inland Revenue believes your PIR with us is incorrect, they may provide us with an updated PIR for you. We’ll be required to update your KiwiSaver account with the new PIR.

You can subsequently change your PIR if you believe Inland Revenue hasn’t given us the correct one. You’ll also need to contact Inland Revenue and explain why you think the PIR is incorrect – you may need to provide them with updated income details for the past two years.

From the 2021 tax year end onwards, Inland Revenue will automatically refund you any PIE tax you’ve overpaid. They’ll notify you if you’re due a refund.

 

From 15 May 2020

Retirement savings and income projections

If you’re aged between 18 and 65, your annual account statement may include an estimate of what your balance may be at retirement, both as a lump sum amount and as a weekly income stream for your retirement. The projections are based on assumptions set by the Government. 

You should receive your account statement by mail before 15 June. It’ll also be available on ANZ Internet Banking and goMoney.

For more information on your account statement and income projections please see our statement guide or visit fma.govt.nz.

 

Do I need to do anything?

Are you on track for retirement?

It’s important to ensure your current choices are right for you and your retirement savings goals. To see what your KiwiSaver savings could look like at retirement, check our retirement calculator.

Check you’re on the right PIR

We recommend checking your PIR regularly to ensure the correct tax is being paid on your investment. Find more information on choosing the right PIR choosing the right PIR. Alternatively, you can call us on 0800 736 034, or consult a tax adviser. 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Important information is available under terms & conditions

Download the guide and product disclosure statement.