Who can become a KiwiSaver member?

Any person under the New Zealand Superannuation qualification age (currently age 65) who is a New Zealand citizen or entitled to remain in New Zealand indefinitely and is living, or normally living, in New Zealand.

Do I have to join a KiwiSaver scheme?

No. KiwiSaver is a voluntary savings initiative.
However, apart from certain exceptions, if you’re aged between 18 and 65 and start a new job, your new employer will automatically enrol you in a KiwiSaver scheme. You then have up to eight weeks (56 days from, and including, the day you start your new job) to decide if you want to stay in the scheme or ‘opt out’.

If you’re not automatically enrolled and are eligible for KiwiSaver, you can choose to "opt in" to KiwiSaver, or not. It's up to you.

How do I join the OneAnswer KiwiSaver Scheme?

Applying for the OneAnswer KiwiSaver Scheme is easy. See 'How to join'

Can I change my investment funds?

You may switch your investment balance from one fund to another by completing a change form.

Can I change to another KiwiSaver scheme?

You can change KiwiSaver schemes at any time, but you can only be a member of one KiwiSaver scheme at a time.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

 

Contributions

How much can I save?

If you’re employed, you can elect to contribute an amount equal to 3%, 4% or 8% of your before-tax salary or wages. You can also make lump-sum contributions and additional regular contributions at any time.

How can I make contributions?

If you’re working, your contributions will be automatically deducted from your salary or wages by your employer. You can also make additional contributions directly to your KiwiSaver account.

Can I make contributions if I’m self-employed or not working?

If you’re self-employed or not working (or your salary or wages are not subject to PAYE) you can choose to make regular or lump sum contributions directly to your KiwiSaver account.

Can I stop making contributions?

Yes. If you’re working, 12 months after your first contribution to Inland Revenue or a KiwiSaver scheme, you can apply to Inland Revenue to take a contributions holiday. If you’re suffering from financial hardship you can apply to take a contributions holiday earlier. Further details can be found on the Inland Revenue website.

What is a contributions holiday and how long is it for?

If you're working, a contributions holiday allows you to stop making contributions for a period of between three months and five years, unless Inland Revenue agrees to a longer period. At the end of the period, your contributions will resume unless you reapply to Inland Revenue to renew the contributions holiday.

 


Employees

 

General

What happens if I am automatically enrolled and I don’t choose a scheme?

If you don't actively choose a KiwiSaver scheme and your employer has enrolled you in KiwiSaver because you have started a new job, you will be automatically allocated to your employer’s preferred provider scheme. If your employer doesn't have a preferred scheme, Inland Revenue will allocate you to one of the default schemes.

If you want to opt out of your employer’s preferred KiwiSaver scheme, or the scheme Inland Revenue has allocated you to, you need to do so within eight weeks (56 days from, and including, the day you start your new job). To opt out you need to send a completed Opt-out request form (KS10) to the Inland Revenue or your employer.

Do I have to choose my employer’s preferred scheme?

No. You can join any registered KiwiSaver scheme by reading that KiwiSaver scheme's product disclosure statement and completing the application form. If you don't choose your own scheme, you will be automatically enrolled in your employer’s preferred scheme unless you opt out.

If your employer doesn't offer a preferred scheme, and you don’t choose your own, Inland Revenue will automatically allocate you to one of the nine default schemes.

If you want to opt out of KiwiSaver, you need to do so within eight weeks (56 days from, and including, the day you start your new job). To opt out you need to send a completed Opt-out request form (KS10) to the Inland Revenue or your employer.

Can I opt out of KiwiSaver?

If you're an employee who's been automatically enrolled by your employer or Inland Revenue, you can opt out of KiwiSaver within the first eight weeks (56 days from, and including, the day you start your new job). of starting your new job. If you don't opt out within the first 56 days, you will remain a KiwiSaver member and contributions will continue to be made into your KiwiSaver account, unless you take a contributions holiday.

To opt out you need to send a completed Opt-out request form (KS10) to the Inland Revenue or your employer.

If you actively choose to join KiwiSaver you can’t opt out, but you may be able to take a contributions holiday.

How much do I have to contribute?

You can choose between the available contribution rates of 3%, 4% or 8% of your before-tax pay. This amount will be deducted from your after-tax pay.

You can continue to contribute at the rate you choose until:

  • you decide to change your contribution rate; or
  • you start new employment, in which case you complete a KiwiSaver deduction form (KS2) to recommence your KiwiSaver contribution.

Your new rate will apply to the next payment of salary or wages calculated after your employer receives your instruction. Unless your employer agrees otherwise, you may only change your contribution rate at intervals no less than three months apart.

What if I change jobs?

Your KiwiSaver account will automatically follow you from one job to the next. That means you only need one KiwiSaver account over your entire working life.

Under 18

How can I join if I’m under 18?

The rules which apply differ depending on:

  • your age;
  • whether you are joining a KiwiSaver scheme for the first time or transferring from another KiwiSaver scheme; and
  • whether or not you have a guardian appointed under the Children, Young Persons and Their Families Act 1989 (a “CYPFA Guardian”).

Please refer to our Proof of Guardianship Guide for more information.

What happens if I start working?

If you’re under 18 and working, you will not be automatically enrolled in a KiwiSaver scheme.

You can join at any time by ‘opting in’; however you will not be eligible to receive the annual member tax credit or matching compulsory employer contributions until you turn 18. You will, however, need to make contributions from your salary or wages.

For rules on how people under 18 can join KiwiSaver, please see How can I join if I’m under 18?

First Home Buyers

How do I apply for an early withdrawal from KiwiSaver for my first home?

Once you've been a KiwiSaver member for at least three years, you may be able to use your KiwiSaver savings to help buy your first home. To get started, you can use this online form to request a KiwiSaver first home withdrawal pre-approval letter. Along with your letter, you'll also receive a guide to using KiwiSaver to buy your first home, as well as an application form so you can take the next step when you're ready.

More information about KiwiSaver first home withdrawals

What is the KiwiSaver HomeStart grant and how can I apply?

If you’ve been a regular contributor to KiwiSaver you might also be eligible for a grant to help you buy your first home. The amount of the grant depends on whether the home is existing or newly built. You could get:

  • $1,000 a year for each year you've been a KiwiSaver member, up to a maximum of $5,000, if your first home will be an existing home.
  • $2,000 a year for each year you've been a KiwiSaver member, up to a maximum of $10,000, if your first home will be newly built. 

The Government pays this directly to your solicitor on settlement day - it does not come out of your KiwiSaver account.

Some criteria apply, including limits on your income and the value of the house you intend to buy, and requirements for a minimum deposit. See the Housing New Zealand website for more information.

Significant financial hardship

What is significant financial hardship and how can I apply?

If you can provide evidence that you're suffering or likely to suffer significant financial hardship, you may be able to withdraw some of your KiwiSaver savings. There are strict criteria that you have to meet to qualify for significant financial hardship.

See our KiwiSaver Significant Financial Hardship guide for more information on eligibility criteria and next steps. If you think you’re eligible to apply for a withdrawal, you can complete our KiwiSaver Significant Financial Hardship Withdrawal application form.

Nearing retirement

When can I withdraw my savings?

You can withdraw your KiwiSaver savings when you reach the New Zealand Superannuation qualification age (currently 65).

If you join KiwiSaver after your 60th birthday, you’re unable to withdraw your KiwiSaver savings until you have been a member of a KiwiSaver scheme and/or a complying superannuation fund for at least five years.

If you have transferred retirement savings from an Australian complying superannuation scheme to the OneAnswer KiwiSaver Scheme, you will be able to withdraw these savings if:

  • you are aged 60 or over, and your employment has come to an end after age 60, or
  • you are aged 60 or over and have retired (this means you have stopped working in paid employment, and do not intend to ever again work in paid employment for 10 or more hours per week), or
  • you are aged 65 or over and have been a member of a KiwiSaver scheme (or complying superannuation fund, or a mix of both) for at least five years.

Self-employed or not working

What if I am self-employed or not working?

You can make voluntary lump sum or regular contributions to KiwiSaver if you’re self-employed or not working.

Prescribed investor rate (PIR)

What is a PIR?

The OneAnswer KiwiSaver Scheme is a Portfolio Investment Entity (PIE). This means that the scheme’s taxable income is shared by its members based on the number of units they hold.

Your PIR is your tax rate for PIE income, which is the rate a PIE uses to calculate and pay tax on your taxable income.

How do you use my PIR?

We use your PIR to calculate how much tax to pay on your share of the scheme’s taxable income. We pay this tax for you from your investment account by cancelling units in your investment account equal to the value of the tax you need to pay. We will do this:

  • at the end of the tax year (following 31 March)
  • when you withdraw, transfer or switch all of your investment from a fund
  • at any other time when the value of your units is insufficient to cover your accrued tax liability.

In certain circumstances the OneAnswer KiwiSaver Scheme receives tax refunds. When it does, we add units to your investment account equal to the value of your share of the tax refund.

Why do I need to tell you my PIR?

You need to tell us your PIR and also let us know if it changes. You also need to tell us your IRD number. If you don’t give us both your PIR and IRD number, the default PIR of 28% will apply.

How can I find out my PIR?

See our PIR diagram; this will help you determine your prescribed investor rate (PIR).

How can I change my PIR?

Use this form to update your PIR.

What if I’m not sure about my PIR?

Use our PIR diagram to determine your PIR and if you’re still uncertain about KiwiSaver and your personal tax situation you should consult a tax professional.

 


Retirement withdrawals

 

When can I access my KiwiSaver retirement savings?

You can withdraw your KiwiSaver savings when you turn 65, as long as one of the following applies:

  • Inland Revenue received a contribution to a KiwiSaver scheme for you at least five years ago
  • you have been a member of KiwiSaver for at least five years
  • if you became a member of KiwiSaver as a result of a transfer from a complying superannuation fund, you first became a member of that complying superannuation fund at least five years ago.

We will send you a notification letter a few weeks prior to you reaching the KiwiSaver retirement criteria, letting you know your options and next steps.

If you have transferred retirement savings from an Australian complying superannuation scheme, you may be able to withdraw these savings if:

  • you are aged 60 or over, and your employment has come to an end after age 60, or
  • you are aged 60 or over and have retired (this means you have stopped working in paid employment, and do not intend to ever again work in paid employment for 10 or more hours per week), or
  • you are aged 65 or over and have been a member of a KiwiSaver scheme (or complying superannuation fund, or a mix of both) for at least five years.
Do my employee contributions stop automatically once I reach the KiwiSaver retirement criteria?

No. Your personal contributions via your employer will continue after you reach the KiwiSaver retirement criteria. Your employer will be advised by Inland Revenue that you’re approaching the KiwiSaver retirement criteria.

How do I stop my employee contributions after I reach the KiwiSaver retirement criteria?

You can ask your employer to stop KiwiSaver deductions from your salary or wages once you reach the KiwiSaver retirement criteria by giving them a completed KiwiSaver non-deduction notice (KS51) available on the Inland Revenue website.

Do my employer contributions stop automatically once I reach the KiwiSaver retirement criteria?

Your employer could stop some or all of your employer contributions as they are not obliged to make these contributions once you reach the KiwiSaver retirement criteria. Talk to your employer about future employer contributions to your KiwiSaver account.

Do I continue to receive the annual member tax credit once I reach the KiwiSaver retirement criteria?

No. The annual member tax credit is paid to eligible members who are between the age of 18 and the date the member is eligible for a KiwiSaver retirement withdrawal (65 or five years of membership, whichever is the later).

The member tax credit is paid to KiwiSaver managers once a year (at the end of June). Any annual member tax credits you’re entitled to (for the period 1 July to 30 June) will not be received until July.

If you request a full withdrawal within an eligible member tax credit year, we’ll apply for a final payment prior to finalising your withdrawal and closing your KiwiSaver account. This can take up to 10 working days to process and cannot be applied for until you meet the KiwiSaver retirement eligibility criteria and complete a Statutory Declaration form.

How long can I stay in KiwiSaver?

For as long as you choose. If you withdraw all of your funds your account will be closed and you will be unable to join another KiwiSaver scheme.

Do I have to withdraw my retirement savings when I become eligible to withdraw?

No, you do not have to take money out when you’re eligible to; you can leave some or all of your funds in your KiwiSaver account and continue to contribute for as long as you choose.

Can I still contribute, even though I’m entitled to withdraw?

Yes.

How do I withdraw my KiwiSaver savings?

To make a regular, partial or full withdrawal you’ll need to download and complete the  retirement withdrawal form and return the forms with your appropriate identification. See the 'Accessing your savings' tab under the KiwiSaver - Making the most of KiwiSaver section to download the form you need.

To make a partial or full withdrawal of funds transferred from an Australian complying superannuation scheme you'll need to complete the Retirement Application Form (Australian sourced funds) and return with your appropriate identification.

Will I receive my money immediately?

No, a withdrawal request can take up to 10 working days to process and cannot be initiated until you become eligible for a retirement withdrawal.

Can I email through the forms?

Forms for first withdrawals must be sent by post. For subsequent withdrawals the form can be emailed.

How will I be notified if my withdrawal application is successful?

You will receive a letter within two weeks of applying; either notifying you of your approval, requesting for further information or notifying you if your application has been declined and for what reasons.

Can my KiwiSaver retirement savings be paid to another person?

No, we are not able to make payments to third parties. The proceeds of any withdrawal can only be paid to your own bank account.

What is the minimum regular withdrawal amount?

For regular withdrawals, the minimum withdrawal amounts are $200 per fortnight, $400 per month or $1,000 per quarter. For partial withdrawals, the minimum is $1,000 unless you’re withdrawing your full balance.

If I don’t have enough funds to cover my regular withdrawals what happens?

We will get in touch with you to advise that the next payment we make will be your last.

If I withdraw all of my savings and change my mind, can I join KiwiSaver again?

No, once you have withdrawn all of your money from your KiwiSaver account and your account is closed, you cannot sign up to the same or any other KiwiSaver scheme after the age of 65.

Will Inland Revenue know I’ve fully withdrawn from KiwiSaver?

Yes, an account closure message will be sent from ANZ Investments, the issuer and manager of your KiwiSaver account to Inland Revenue. If you’re contributing to KiwiSaver from your salary or wages you’ll need to ask your employer to stop making deductions.

I think my KiwiSaver start date is incorrect – how do I check this?

If you do not agree with the start date we have on file, you can go directly to Inland Revenue. If you have access to the “My KiwiSaver” log-on on the Inland Revenue website, you’re able to print your start date and send directly to us.

Why do I have to sign a statutory declaration?

The declaration is required by legislation and allows us to pay the member tax credits that you’re eligible for.

A statutory declaration isn't required if you are only withdrawing funds transferred from an Australian complying superannuation scheme.

Why do I have to provide identification?

If you believe you’ve already given us proof of your identity you don’t need to provide it again. We’ll be in touch if we haven’t received complete identification for you or if we need additional identification because of recent law changes. If you have not previously provided certified identification we cannot process your retirement withdrawal application. You will need to send us valid certified identification. We are required to hold the necessary identification information before making your withdrawal payment.

What is considered ‘valid and certified’ Identification?

See our Identity guide for more information on acceptable forms of identification.

What happens if I have been outside of NZ for a period during my KiwiSaver membership?

Under the KiwiSaver Act 2006 a member (over the age of 18 and under the KiwiSaver retirement criteria) must have their principal place of residence in New Zealand (subject to some exceptions) to be eligible for the annual member tax credit.

I’m eligible to withdraw but am living overseas, how do I withdraw my KiwiSaver savings?

To make a regular, partial or full withdrawal you’ll need to download and complete the retirement withdrawal form (see the 'Accessing your savings' tab under the KiwiSaver - Making the most of KiwiSaver section to download the form) and return the forms with your appropriate identification.

Note we’re unable to pay your fund withdrawals to a non New Zealand bank account, as an alternative we can pay you by cheque in New Zealand dollars.

Who can witness my statutory declaration if I’m overseas?

The equivalent persons as described on the Statutory Declaration form are required. For example, if you’re in the UK, declarations and certifications can be signed by a solicitor, and often by a justice of the peace (lay magistrate).

There are also a special class of solicitors called Notaries Public who can sign documents that can be accepted internationally, and there are Commissioners for Oaths to administer oaths and take affidavits.

Doing a search on the internet is very helpful.

                         

 

Do all employers have to contribute to KiwiSaver in their workplace?

Yes. As an employer you must meet all of the employer obligations, unless you’re 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.

What are my obligations as an employer?

As an employer you must meet all of the employer obligations.

Do all employees have to join a KiwiSaver scheme?

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.

What about overseas workers?

Only people under the New Zealand Superannuation qualification age (currently 65) who are a New Zealand citizen or entitled to remain in New Zealand indefinitely, and are living, or normally living, in New Zealand (subject to certain exceptions), can join a KiwiSaver scheme. Employees on temporary work visas cannot join.

What about part-time and temporary workers?

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.

What happens when new staff join?

You must enrol all new eligible staff members aged 18-65 who are not already KiwiSaver members in a KiwiSaver scheme (unless you’re an exempt employer). They then have up to eight weeks (56 days from, and including, the day they start their new job) to decide if they want to remain a KiwiSaver member or ‘opt out’.

What if new staff are already KiwiSaver members?

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 contributions and forward them to Inland Revenue.

What about existing staff members?

Existing employees who are eligible can ‘opt in’ to a KiwiSaver scheme at any time by giving you a deduction notice.

What if I don’t offer a preferred provider scheme?

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 the default schemes.

Do I have to make an employer contribution?

Yes, employers are required to make contributions to a KiwiSaver scheme at a minimum of 3% 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).

How much can an employer contribute?

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).

What’s the impact on payroll?

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.

What records will I need to keep?

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.

Will I need to give financial advice to employees?

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.

How do I choose the OneAnswer KiwiSaver Scheme as my preferred provider scheme?

It’s easy to choose the OneAnswer KiwiSaver Scheme as your preferred provider scheme. See the KiwiSaver - For employers section.

 

What is the Trans-Tasman Retirement Savings Portability Scheme?

The Trans-Tasman retirement savings portability scheme allows KiwiSaver members who permanently emigrate to Australia to move their KiwiSaver savings to a complying superannuation scheme that is regulated by the Australian Prudential Regulation Authority in Australia ("Australian complying superannuation fund"). It also allows Australians who permanently immigrate to New Zealand, and returning New Zealanders, to move their superannuation from an Australian complying superannuation scheme to a KiwiSaver scheme if they want to.

 


Emigration from Australia to New Zealand

 

Do I have to transfer my savings into KiwiSaver? Can I transfer them to my bank account or another superannuation scheme in NZ?

Retirement savings transferred from Australia may only be transferred into a KiwiSaver scheme in New Zealand. This means Australian savings cannot be transferred into any other retirement schemes (including complying funds), personal managed funds or New Zealand bank accounts.

Should I transfer my Australian retirement savings back to New Zealand?

 There are a number of considerations to take into account, including tax, insurance (if applicable) and fees. Therefore, it’s best to talk to your financial adviser about what would be best for your personal and financial situation. They may also refer you to a specialist tax adviser.

What could be the benefits of transferring my Australian retirement savings back to New Zealand?

Transferring your Australian retirement savings may provide the following benefits:

  • it will enable you to consolidate your retirement savings in your country of residence;
  • you will avoid paying fees and charges on accounts in two countries;
  • you will have easier access to information relating to your retirement savings account through a local provider’s customer services team and portals; and
  • you can source financial advice from a local financial adviser.
Can I use the savings that I’ve transferred from Australia for the purposes of buying my first home?

No. Savings transferred into a KiwiSaver scheme from an Australian complying superannuation fund are not available for first home withdrawal. This is consistent with Australia’s retirement savings policy. However, investment earnings on the transferred amount can be withdrawn to help with the purchase of your first home.

Can I move my Australian sourced retirement savings to another country in the future?

Once your Australian retirement savings have been transferred to a KiwiSaver scheme, those funds cannot be transferred to a third country.

Can the funds transferred into my KiwiSaver scheme from my Australian fund be counted towards the annual member tax credit?

No. When your Australian balance is transferred into your KiwiSaver account, your KiwiSaver manager cannot count this as a contribution that qualifies towards the annual member tax credit.

Are there any tax implications?

The transfer of your retirement savings from Australia to New Zealand will not be subject to exit or entry taxes. Different tax rates and rules apply in each country – your retirement savings will be subject to the tax rules in New Zealand once transferred. Before you decide whether or not to transfer your retirement savings, you should consider any tax implications.

We recommend you seek independent tax advice in Australia and New Zealand.

If your Australian retirement savings include any amounts originally transferred from a UK pension scheme, a transfer of these funds to the OneAnswer KiwiSaver Scheme may have UK tax implications. We recommend you seek independent tax advice if this applies to you.

Will the exchange rate affect my savings?

If you transfer your Australian retirement savings to the OneAnswer KiwiSaver Scheme, the amount transferred from Australia will be converted into New Zealand dollars (NZD).

If your Australian provider pays the funds electronically into our Australian dollar clearing account, the funds are converted to NZD the next business day and applied to your OneAnswer KiwiSaver Scheme account when we receive a withdrawal statement from your Australian provider. The withdrawal statement can be received up to 30 days after the electronic payment.

If your Australian provider pays your funds by cheque, we aim to convert the funds to NZD and apply them to your OneAnswer KiwiSaver Scheme account within seven business days. 

Until your funds are converted into NZD and applied to your OneAnswer KiwiSaver Scheme account your funds are out of the market.

The exchange rate between Australian and New Zealand dollars will affect the amount which is credited to your OneAnswer KiwiSaver Scheme account.

ANZ New Zealand Investments Limited (ANZ Investments) has a foreign exchange contract with ANZ Bank New Zealand Limited who receive a margin on the amount exchanged, in accordance with standard commercial terms.

You should consider the impact of the exchange rate before making a decision on whether or not to transfer your retirement savings.

Are there any restrictions if I want to transfer my KiwiSaver savings (including any savings from Australia) to another KiwiSaver manager?

The KiwiSaver scheme you want to transfer to must be able to accept superannuation funds from Australia. Some managers may choose not to accept superannuation funds from Australia under the Trans-Tasman portability rules. The OneAnswer KiwiSaver Scheme accepts these transfers.

Is there a transfer fee?

The OneAnswer KiwiSaver Scheme does not charge a fee to transfer your Australian retirement savings. If you wish to transfer your Australian retirement savings to another KiwiSaver scheme, you should check whether they charge a transfer fee. You may also wish to check whether your Australian provider(s) will charge a fee for transferring from Australia.

Do I have to transfer my savings if I move to Australia or vice versa?

No, the arrangements are voluntary.

If I transfer savings from Australia, can I withdraw these for reasons of significant financial hardship or serious illness?

Yes, Australian savings transferred to New Zealand will be subject to KiwiSaver rules regarding significant financial hardship and serious illness access. Likewise, New Zealand savings transferred to Australia will be subject to Australian rules regarding financial hardship and serious illness access. The withdrawal criteria for KiwiSaver schemes can be found here.

My Australian super account has an insurance component. What happens to that?

Your Australian super account may insure you against death, or illness or an accident that leaves you unable to return to work. If you have insurance cover attached to your Australian super accounts, your cover may cease if you transfer your Australian retirement savings to a KiwiSaver scheme. You should review your insurance to ensure you remain protected.

How can I transfer my Australian super to KiwiSaver?
  1. You'll need to confirm whether you have superannuation in Australia, how much and where it is.
    The Australian Tax Office (ATO) will be able to give you:
    - your Australian Tax File Number (TFN)
    - the name of the provider of each Australian Fund you belong to.
    You can call the ATO on +61 2 6216 1111. You will need to provide them with your full name, date of birth, and address(es) where correspondence from the ATO might have been sent to you.
    If you are classed as a "lost" member, your Australian provider(s) may have transferred your Australian balance to the ATO.
    The ATO will be able to confirm this for you.
     
  2. Once you have located your Australian Fund(s), you'll need to apply to each of those Australian Fund provider(s) to start the process of transferring your funds to your KiwiSaver account.
    Contact each of your Australian provider(s) directly to confirm the application form(s), statutory declaration and other documentation they require to process your transfer.
     Most Australian providers have their own application forms that they require you to complete. If they don’t, we have a covering letter and an application form (which includes a New Zealand statutory declaration) you can complete to send to your Australian provider(s). These are available on our website or by calling us on 0800 736 034.If you have multiple Australian providers you will need to complete an application form and statutory declaration for each Australian Fund that you want to transfer to your KiwiSaver account. 

    As well as your completed application form, you will need to send each Australian provider:

    • certified identification. Contact your Australian provider to confirm what identification they require and who they will accept as a certifier.
    • evidence that you have permanently left Australia to live in New Zealand. For example, a utility bill in your name issued in the last three months
    • a completed New Zealand statutory declaration (the regulations governing Trans-Tasman Portability statutory declarations have changed. Please see “Who can witness my statutory declaration” FAQ above).

Once you have completed all of the required forms and have the additional documents ready, please post them directly to your Australian provider(s).

How long does the process take?

The time it will take to transfer your Australian retirement savings will vary. Once you have supplied all of the required information to your Australian provider(s) they have 30 days to assess your application. If approved, it may take a further 30 business days for your Australian provider(s) to send us the funds and a withdrawal statement.

If your Australian provider pays the funds electronically into our AUD clearing account, the funds are converted to $NZD the next business day and applied to your OneAnswer KiwiSaver Scheme account when we receive a withdrawal statement from your Australian provider. The withdrawal statement can be received up to 30 days after the electronic payment.
If your Australian provider pays your funds by cheque, we aim to convert the funds to $NZD and apply them to your OneAnswer KiwiSaver Scheme account within seven business days.
Until your funds are converted into $NZD and applied to your OneAnswer KiwiSaver Scheme account your funds are out of the market.

 

 

Emigration from New Zealand to Australia

 

How do I find out whether I have any retirement savings in Australian and where it is?

You can search for you superannuation savings by going to www.ato.gov.au and using the Australian Tax Office (ATO) online tool SuperSeeker. The search can be completed in a couple of minutes by providing the following details:

  • Name
  • Date of birth
  • Australian Tax File Number (TFN)

Alternatively, if you don't know your TFN, you can call the ATO (please see our Trans-Tasman Portability brochure for how to contact the ATO).

How do I know if an Australian superannuation scheme is approved for the purposes of accepting my KiwiSaver savings?

You can find information on Australian schemes at the Australian Government Super Fund Lookup site.

While Australian complying superannuation schemes must allow transfers to KiwiSaver schemes if you emigrate to Australia, it is not compulsory for those Australian schemes to accept transfers from KiwiSaver schemes. You will need to check whether your Australian scheme will accept your transfer and whether they are eligible to participate.

We are currently only aware of a limited number of Australian providers who will accept KiwiSaver transfers so please check with your Australian provider first.

If I transfer my savings to Australia, when will I be able to access them?

You will be able to access your KiwiSaver savings on or after the day when you reach the standard qualifying age for New Zealand Superannuation (currently 65).

Any investment performance on these KiwiSaver savings, as well as contributions made while in Australia will be subject to the Australian rules regarding access to savings.

Can I transfer some savings to Australia and leave some in New Zealand?

No. If you choose to transfer your savings to Australia when you permanently emigrate, you must transfer them all.

Does Australia tax any transfers?

No, Australia does not specifically  tax the transfer of retirement savings to or from New Zealand. However, transfers of New Zealand savings are subject to non-concessional contribution caps which are:

  • up to AU$450,000 (AU$540,000 from 1 July 2014) for persons aged under 65; and
  • AU$150,000  (AU$180,000 from 1 July 2014) for persons aged 65 or more.

If the amount you’re transferring exceeds the non-concessional contributions cap for the relevant year (or three year period, if applicable) it may be rejected by your Australian provider.

If the amount you wish to transfer exceeds the amounts above please talk to your Australian provider before you apply for more information. For more information go to the Australian Tax Office website.

It is recommended that you seek independent and professional Australian and New Zealand tax advice.

Can I move my KiwiSaver savings to another country in the future?

No. Once your KiwiSaver savings have been transferred to an Australian superannuation scheme, those funds cannot be transferred to a third country.

I am a member of the OneAnswer KiwiSaver Scheme, how can I transfer my KiwiSaver savings to Australia?

See the 'Trans-Tasman transfers' tab under the KiwiSaver - Managing KiwiSaver section for further details.

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