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KiwiSaver basics
This page consists of:
- Articles on the National Party’s proposed changes to KiwiSaver.
- An outline of the KiwiSaver Basics as they currently stand – before National enacts its changes.
It’s possible some of National’s changes will be altered before they are enacted into law. For that reason, I’m not changing the KiwiSaver Basics section below until we have more precise information. Watch this page for updates.
National’s proposed KiwiSaver changes
NZ Herald article, October 9 2008: Policy won’t undermine our best savings scheme:
The National Party’s proposed changes to KiwiSaver would considerably reduce two of the biggest gripes about the scheme – that some people can’t afford it and that it ties up savings.
They also show National is broadly supportive of KiwiSaver, allaying fears that the party would make it not worthwhile to join if it became the government.
True, the freezing of employer contributions at 2 per cent of pay from next April on - rather than rising to 4 per cent by 2011 – would make KiwiSaver somewhat less attractive for employees.
But with the government kick-start, tax credits and other incentives unchanged, KiwiSaver would still be almost certainly the best way for most employees to save.
The contributions of anyone earning less than $52,150 would be tripled by employer and government input. And three times the money in means three times bigger retirement savings. (See table below)
For those on higher incomes, the numbers diminish a little. But someone earning $100,000 would still see their contributions boosted more than two and half times.
Note, too, that some employers are already giving employees more than they are legally obliged to give, and may continue to do so. Also, National has left the door open to raise employer and employee contributions to 3 per cent each at some later date, “if economic conditions permit”.
For the self-employed and non-employees, including children, KiwiSaver would be unchanged under a National government.
The reduction of the minimum employee contribution from 4 per cent to 2 per cent of pay means:
- It would be easier to afford KiwiSaver, especially after taking tax cuts into account. People earning $40,000 or less have already received tax cuts from October 1 that would more than cover 2 per cent KiwiSaver contributions, and those on higher incomes aren’t far behind.
By the time National’s April 2009 tax cuts took effect, everyone’s pay would have increased by considerably more than 2 per cent.
- People reluctant to tie up 4 per cent of their pay – usually until they buy their first home or reach NZ Super age – could tie up only half that amount and still receive the incentives. They could continue to save the other 2 per cent in a non-KiwiSaver vehicle, with the money accessible at any time.
Many would find this 2 per cent option attractive. It would enable them to take out savings to start a business or to help out family or friends – things they can’t do with KiwiSaver money, although it can be withdrawn if the member suffers serious illness, financial hardship or goes overseas.
Anyone who would prefer to tie up their money, because they would otherwise spend it, could continue to contribute 4 or 8 per cent of pay to KiwiSaver.
HOW KIWISAVER WOULD WORK FOR EMPLOYEE CONTRIBUTING 2% OF PAY UNDER NATIONAL’S PLAN
| Employee pay |
Employee 2%
contribution |
Employer 2%
contribution |
Government tax credit
(matches employee
contribution up to
$1043 a year) |
Total going
into account
each year |
| $20,000 |
$400 |
$400 |
$400 |
$1200 |
| $40,000 |
$800 |
$800 |
$800 |
$2400 |
| $60,000 |
$1200 |
$1200 |
$1043 |
$3443 |
| $80,000 |
$1600 |
$1600 |
$1043 |
$4243 |
| $100,000 |
$2000 |
$2000 |
$1043 |
$5043 |
NZ Herald article, October 11 2008: Nats tip the playing field the other way
Employees are the current favourites in the KiwiSaver game, with the self-employed and other non-employees the underdogs. At first glance, National seemed to be leveling the playing field. But now it appears to be tilting the field the other way.
What’s more, refereeing the game will turn into a nightmare.
Under National, the tax credit for employees is limited to 2 per cent of their pay. For non-employees, it’s $1040 a year.
This means, for example, that a part-time worker earning $10,000 would receive a maximum tax credit of 2 per cent of that, or $200. If that person quit work, their tax credit could be anything up to $1040, matching whatever they put in.
Admittedly, they would have to contribute more in order to get the higher tax credit, but at least they would have that option.
This is unfair, and it matters. The tax credit is powerful. It doubles the money going into the KiwiSaver account, which means the total savings will be twice as big.
The administrative issues are equally worrying.
Under the present system, some time after June 30 KiwiSaver providers send to Inland Revenue a list of how much each of their member contributed during the July-June year, along with the date the provider received that member's first payment.
Inland Revenue then calculates each person’s tax credit and sends the money to the provider to be credited to member accounts.
The process has already proven complicated. Two major providers have still not sent their lists to Inland Revenue for the year ending last June, says a spokeswoman. (For more on this see the Money column in today’s Business section).
She adds that she expects the system to be more streamlined next year, but that’s hard to imagine if National is in government and doesn’t change its policy.
English is optimistic. “On the administrative side, there may be some issues there. But if we’re the government, of course, we would have the resources of Inland Revenue and the KiwiSaver providers to sort through any particular wrinkles.”
He added, though, that Inland Revenue “do seem to be overburdened now with sorting out administrative issues”.
If National is in power, presumably the department would have to ensure that each employee’s tax credit didn’t exceed 2 per cent of their July-June income. The mere fact that the KiwiSaver year is different from the April-March tax year would surely pose problems.
And with people entering and leaving the work force, and their pay levels fluctuating, it doesn’t bear thinking about.
It’s quite possible the added administrative costs could end up costing the government more than it saves by limiting the employee tax credit. Time for a rethink, Bill.
Syndicated Column, October 14 2008: The facts on National’s KiwiSaver plans
Forget the rhetoric; let’s look at the facts. The National Party’s plans for KiwiSaver would leave some better off, some worse off, some weighing up pros and cons – and more people in the scheme.
The winners are:
- Employees who would like to join KiwiSaver but can’t afford Labour’s minimum 4 per cent of their pay, or are unwilling to tie up that much money until they buy their first home or reach NZ Super age. National’s 2 per cent makes it easier to join the scheme, even if the National version is less generous.
- KiwiSavers who joined for the kick-start but are now on contributions holidays because of affordability or reluctance to tie up money. The 2 per cent minimum might enable them to start contributing again and receive the KiwiSaver incentives.
- Employees uninterested in KiwiSaver. They may benefit from National’s plan to permit their employers to give non-KiwiSavers a pay rise to match the employer KiwiSaver contributions, as long as employer and employees negotiate this in good faith.
- KiwiSavers who are self-employed or not employed. Their incentives are unchanged and, as taxpayers, less of their money is going into the scheme.
- People over 65, who are ineligible to join KiwiSaver. As taxpayers, they also benefit from the reduced costs of the scheme.
Losers – at least in the short term - include employers, who will no longer receive the employer KiwiSaver tax credit from next April. However, after a couple of years this will be offset by National’s plan to keep employer contributions at 2 per cent of pay, rather than rising to 3 per cent in 2010 and 4 per cent from 2011 on.
The way the numbers work, KiwiSaver will cost all employers more under National until April 2010. In most cases this will continue in the following year. But from April 2011 on, employers whose workers earn more than $52,150 will be better off under National.
On balance, the losers also include most employees already in KiwiSaver.
Their employer contributions, currently at 1 per cent in most cases, won’t rise past 2 per cent from 2010 on – unless they have a generous boss who puts in more than they have to. Also, while employees can continue their own contributions at 4 or 8 per cent, their tax credit is capped at 2 per cent – lower than under the current system.
What’s more, if their employer decides to give non-KiwiSaver employees a pay rise to match their KiwiSaver contributions, they will miss out on that pay rise. In that situation, in effect they pay their own employer contributions.
Even so, they still benefit from the tax credit, which considerably boosts their savings. The tax credit is the only major ongoing incentive that non-employees have received all along, and many of them are keen KiwiSavers.
And there are some pluses for employee KiwiSavers. Those struggling to afford contributions will welcome the chance to switch to 2 per cent. And those who dislike tying up their money could put 2 per cent in KiwiSaver and the other 2 per cent into more accessible savings.
For these two groups, the added flexibility under National may be more important than the reduced employer contributions and tax credits.
In summary, some people’s savings will be smaller, some will be unchanged - and more people will actively take part in KiwiSaver.
For more on how National's changes would affect KiwiSavers, see the Freelance Articles page.
KiwiSaver Basics as they currently stand – before National enacts its changes.
The truth about some common misconceptions
There's a lot of misinformation about KiwiSaver. Here are some key points to understand. There is more detail on them all later in the book.
- Not all KiwiSaver accounts are volatile. In some, your balance is practically guaranteed to always grow, never fall - like a bank savings account.
- All non-employees, including beneficiaries and the self-employed, can afford KiwiSaver. They can join some KiwiSaver schemes and put in nothing ever - and still get money from the government.
- Almost all employees can afford it. While most have to put in 4% of pay for a year, after that they can stop all contributions. And some have to put in only 2% for a year.
- The KiwiSaver incentives in many cases double and sometimes triple or even quadruple your money - hugely boosting your returns.
- You don't have to pay tax to get the so-called tax credit. It's given to all KiwiSavers aged 18 to 64.
- Many KiwiSaver investors will pay lower tax than they would on other investments.
- If you don't normally file a tax return, that won't change because of KiwiSaver. Tax is taken care of in the KiwiSaver scheme.
- Mucking around for a couple of years before you join means you miss out on lots of money in retirement - more than $100,000 for some young people.
- KiwiSaver is flexible, generally allowing you to stop and start contributing, to vary your contributions, and to invest in a wide range of assets.
- While on a contributions holiday, you can still put in any amount you choose, including $1,043 a year to maximise the tax credit. Your employer might also put in $1,043 - as they will be reimbursed - enabling you to triple your money.
- An obliging employer might even keep contributing $1,043 a year - at no cost to them - while you take a contributions holiday and put in nothing.
- KiwiSaver schemes are not like finance companies. Take the advice in this book, and there is very little chance you will lose the money you put in.
- When you die - before or after retirement age - your KiwiSaver money is paid to your estate, available for your heirs to spend.
- Distrust of the government is no reason not to join. There is nothing a government is at all likely to do that would make you wish you hadn't joined KiwiSaver. If you don't like a government change to the scheme, you can always stop contributing.
KiwiSaver concept and rules
Who's in and who's out
- Nobody has to join KiwiSaver. But practically everyone 18 to 64 who starts a new job will be automatically enrolled - unless their employer has a qualifying alternative scheme. After two to eight weeks, they can opt out if they wish.
- Anyone else - from babies to 64-year-olds, working or not working - is eligible if they are:
- a New Zealand citizen, or entitled to live in New Zealand indefinitely, and
- living or normally living in New Zealand, and
- under the age of eligibility for NZ Super (currently 65).
- In many cases, state sector employees serving outside New Zealand and voluntary/charitable workers overseas can also join.
- If you hold a temporary, visitor or student permit you can’t join KiwiSaver.
Joining
If you are a non-employee, join KiwiSaver by approaching a provider directly.
If you are an employee, and you join KiwiSaver via your employer - either by automatic enrolment when you start a new job or by filling out a KS2 form and handing it to your employer - you will invest with:
- The employer's chosen provider - if the employer has made a choice.
- If the employer has not chosen a provider - and many have not - Inland Revenue will allocate you to one of the default providers.
If you would prefer to be with a different provider, you need to approach the provider directly.
No provider is obliged to sign you up if you approach them directly - although most will welcome all comers, as long as you meet any minimum contribution requirements they have. (see Contributions - amount and pattern). But if you join via your employer, the provider must accept you even if your 4% contributions are tiny.
Your contributions - and stopping them
- Employed KiwiSavers usually contribute 4% (or 8% if they prefer) of their total before-tax income - including bonuses and overtime pay - for at least a year. The following pay is excluded from income in the calculation: redundancy pay, accommodation benefits and taxable allowances for accommodation and living costs overseas. The exception to the 4% rule: If you and your employer agree, you can each contribute 2% of your pay until March 2010, then 3% each for a year, and 4% each from April 2011 onwards. See 'Employees - negotiating with the boss')
- If an employee suffers financial hardship during their first year of membership, Inland Revenue may allow them to stop contributing before a year is up.
- After a year in KiwiSaver, employees can keep contributing or take a contributions holiday of any period from three months to five years. You can renew the holiday when it ends, and keep doing that until retirement if you wish, or start contributing again. Contributions holiday forms are available at www.ird.govt.nz or by ringing 0800 KIWISAVER (0800 549 472). By phone, the process should take up to 10 working days. If you send in a form, it may be a bit longer.
- When you go on a contributions holiday, it will also apply to any other jobs you hold, even if you have been in those other jobs for less than a year. However, if you prefer, you can take a contributions holiday for one job and keep contributing for another job.
- During a contributions holiday, you can still contribute any amount, regularly or occasionally, as long as your provider will accept it. You won't receive any compulsory employer contributions, but your employer may contribute anyway, and you will still receive the tax credit.
- For non-employees - including the self-employed, early retirees, beneficiaries, child carers or children - contribution levels are flexible, and can be zero if your provider accepts that.
- Non-employees can simply stop contributing whenever they wish, as long as their provider permits that - and most do. However, it's usually best to keep contributing if possible, to receive the tax credit.
- Recipients of ACC weekly payments and paid parental leave payments have a choice. You can tell ACC or Inland Revenue to put 4% or 8% of your payments into KiwiSaver, or you can contribute flexibly, like a non-employee. Either way, you won't get employer contributions.
Incentives
- After three months, the government will contribute a kick-start of $1,000.
- If you are over 18, the government will contribute a ‘tax credit’ of $1043 ($20 a week) every year, as long as you have contributed at least that much during the year. If you’ve contributed less, the government will deposit the same amount as you contributed. Despite the name, you don't have to pay tax to get the tax credit. If you leave New Zealand, you won't get tax credits even if you continue to contribute. See tax credit timing, below.
- If you are an employee over 18, since April 2008 your employer has been required to contribute 1% of your total before-tax income - unless they are contributing to another qualifying super scheme. That will rise to 2% from April 2009, 3% from April 2010 and 4% from April 2011 onwards. The government will partly reimburse employers for this expense. Compulsory employer contributions do not have to be paid to people under 18. (KiwiSavers receiving ACC or paid parental leave won't receive employer contributions from ACC or Inland Revenue.)
- Some employers are contributing more than the required amount to their employees’ KiwiSaver accounts. No tax will be payable on employer contributions – up to the amount of the contribution made by the employee or 4% of the employee's total before-tax income, whichever is smaller.
- If you are eligible, the government will also contribute towards the purchase of your first home – starting at $3,000 if you have been contributing around 4% of your income to KiwiSaver for three years, ranging up to $5,000 if you have contributed for five years. A couple can get up to $10,000. (See 'Help with buying a home)
- If you have previously owned a home but no longer do, and Housing New Zealand determines that you are in the same financial situation as a first-time buyer, you may also be eligible for a government subsidy towards buying a home. (See 'No longer own your home)
- The government will pay $40 a year towards administration fees to KiwiSaver members - including children. The amount is not directly subtracted from fees. Instead, you get $20 credited to your account three months after joining, and then six monthly.
For most people, the incentives end when they reach NZ Super age - currently 65. But if you join KiwiSaver between 60 and 64, you can participate fully for the next five years, including receiving tax credits, the fee subsidy, the first home subsidy and compulsory employer contributions throughout those five years.
Tax credit timing
The tax credit year runs from July 1 to June 30. After every June 30, Inland Revenue will gather information on member contributions from KiwiSaver providers. Within 30 days of receiving that information Inland Revenue will pay the tax credit money to providers who will put it into members' accounts.
In your first year in KiwiSaver, the maximum credit is proportionate to how much of the July-June year you have been contributing.
While employees have to contribute 4 or 8% of their pay, non-employees can make a first contribution of any size and then not contribute again until the following June, if they wish.
What is your start date? Inland Revenue says generally it's the earliest of:
- The date the account was opened by your scheme.
- The first day of the month in which deductions were first made from your pay.
- The first of the month when your provider or Inland Revenue received your first contribution.
However, there is an exception to the above rules for any employee or non-employee who joined KiwiSaver directly through a provider before October 1, 2007. For them, the start date for their tax credit is the first of the month in which they signed up for KiwiSaver - even if they didn't make any contribution for a while - as long as they made their first contribution by October 31, 2007.
Once you have worked out your start date, calculate your maximum credit at $20 a week from that date to the following June 30. That will be near enough to correct.
Investment
- KiwiSaver investments are managed by private sector companies called providers, which must meet some specific government requirements. While a few providers offer just one KiwiSaver savings fund, most offer a choice of funds that invest in different types of assets - usually ranging from low-risk to higher-risk. Some also allow you to set your own investment strategy. For more on this, see Chapter 8.
- If you are a non-employee, you must choose your provider and fund. If you are an employee, you may choose but you don't have to. If you don't, and your employer has chosen a fund, your money will go there. Otherwise, Inland Revenue will allocate you to a ‘default’ provider and their default fund.
- Each person can be in only one KiwiSaver scheme - although many providers will let you be in more than one fund within their scheme. You can change your provider at any time - although a few providers will charge an exit fee.
- The government doesn't guarantee you won't lose money in KiwiSaver. But as long as you choose your provider and fund wisely - and this book gives you the guidance you need on that - it's highly unlikely that you will lose the money you put in, and highly likely you will end up with much more.
What's what?
Some people are confused about the terminology used around KiwiSaver. In this book I use:
- Provider - the company that runs a KiwiSaver scheme.
- Scheme - The whole KiwiSaver package offered by a provider.
- Fund - An investment fund within a scheme. While a few schemes offer just one fund, most offer several funds, usually with varying degrees of risk.
Ownership
- Your KiwiSaver savings – including money contributed by the government and your employer – remain yours, whether you change jobs or stop or start working. The only exception - and it's not likely to be common - is if your employer contributes more than the compulsory amount and includes 'vesting' rules. That means you will be entitled to the employer's extra contributions only if you continue to work for that employer for a certain period.
- In the normal course of events, there's only one situation in which any of the money can be taken away from you. That's if you leave New Zealand permanently and want the use of your money before retirement - in which case the government takes back the tax credits. (See 'I'm planning to go overseas'). It’s also possible that KiwiSaver money could be taken from you in a divorce settlement or bankruptcy. See below.
Getting the money out
Generally, your money will be tied up until the age that NZ Super starts, currently 65. If you are over 60 when you join, you can’t access your money for five years. For example if you join at 63 you can't take out the money until you are 68. Once you gain access to your money in retirement, you can spend it all at once, or gradually - in whatever way you wish. The money is not taxed at that stage, it's all yours!
There are eight circumstances under which money can be taken out of your KiwiSaver account before NZ Super age:
1. If you suffer significant financial hardship you can withdraw some or all of your contributions, employer contributions, and investment returns earned on your money (interest, dividends etc) - in other words, everything but the $1,000 kick-start and tax credits. Note, though, that the trustees of your fund will release only an amount that will 'ease financial suffering' - not necessarily the full amount.
2. If you or a family member suffers serious illness (permanent and total disability or near death) you can withdraw all money except the $1,000 kick-start.
3. If you leave New Zealand permanently, after a year you can withdraw everything except the tax credits, which will be returned to the government. But if you wait until you reach NZ Super age you can withdraw all money even while overseas. (See 'I'm planning to go overseas').
4. If you are buying a first home or in the same financial situation as a first-time buyer, after three years of membership you can withdraw your contributions, any compulsory employer contributions and all investment returns. If your employer has also made extra contributions, you may be able to get that money out too. (See 'Help with buying a first home', and 'No longer own your home?').
5. After a year of contributing, you can divert half of your future contributions to payments on your home mortgage if your provider and mortgage lender permit that. (See Mortgage Diversion)
6. When a marriage or similar relationship breaks up, KiwiSaver accounts are treated like other savings. The money is relationship property, to the extent it was contributed during the relationship. A court may order some or possibly all of your KiwiSaver money to be transferred to your former partner.
7. If you go bankrupt, some or all of your KiwiSaver money may be used to pay creditors. This will depend on circumstances.
8. When you die (before or after retirement age) your KiwiSaver money goes to your estate. It's available to your heirs right away. If you are under 65 when you die, they don't have to wait until you would have been 65.
Less life insurance?
Because your heirs will get your KiwiSaver money when you die, you may not need as much life insurance as before you joined the scheme. Obviously this is not the case when your KiwiSaver account is just starting. But keep it in mind as your balance builds up to an appreciable amount.
The good news about taxes
The returns on your KiwiSaver investment will in most cases be taxed at a lower than normal rates, because practically all KiwiSaver funds have been set up as PIEs (portfolio investment entities). (The rates in the following are in effect in mid-2008. After the Labour Government announced income tax cuts in its 2008 Budget, it said PIE tax rates will remain the same "for the time being, while we discuss the impact of the tax rate changes with the managed funds industry". The government will then decide whether PIE rates will also be lowered, which would make KiwiSaver even more attractive.)
PIEs have the following features:
- If you don't currently have to file a tax return, being in a PIE KiwiSaver scheme won't change that.
- The highest tax rate for any investor in a PIE is 30%. (It dropped from 33% on April 1 2008). For someone in the 39% tax bracket that means a saving of $90 for every $1,000 of investment income. For someone in the 33% tax bracket, it's a saving of $30 per $1,000 of investment income - and even that will amount to a fair bit if your KiwiSaver income builds up over the years.
- Lower-income investors will in most cases be taxed at 19.5% on their PIE income. This is a small tax break for those who would normally pay 21% tax on every extra dollar of income. Currently that is people with income of $9,500 to $38,000. (That changes to $14,000 to $40,000 in October 2008, with further changes to the income range scheduled after that).
- What's more if, in any of the two prior years, your non-PIE taxable income is below $38,000 a year, and your total taxable income plus PIE income is below $60,000 a year, then all of your PIE income will be taxed at 19.5%. That’s a considerable bonus on income between $38,000 ($40,000 from October 2008) and $60,000 - which is normally taxed at 33%. For every $1,000 of investment income, you will save $135 in tax. This can amount to several thousand dollars a year.
- A PIE that invests in New Zealand shares and/or in most large Australian listed shares won’t be taxed on capital gains on those shares, even if the shares are traded frequently. In the past, schemes that traded frequently did pay tax on that income, and managed funds that haven't become PIEs still do - as do some direct investors in shares. One fund manager calculated that, if his fund had enjoyed that tax advantage over a recent five years, the annual returns would have averaged around 18% instead of the actual 13%.
- Your tax rate in a PIE is called your ‘Prescribed Investor Rate’ or PIR. Each year your provider should ask you whether your PIR will be 19.5% or 30% (until April 1, 2008 it was 33%) for the coming year, and explain how to work that out. If you don't reply, you will be taxed at 30%. The provider will send the tax to Inland Revenue on your behalf, in much the same way that banks pay tax on your interest income.
- If your PIE income doesn't have to be declared on a tax return - which will be the case for most people - it won't affect entitlements such as family assistance or child support, or repayments on student loans.
What about non-PIE KiwiSaver investments? For this book, I surveyed all 31 KiwiSaver providers who accept the general public as members. The only one who said some of its investments are not PIEs is ABN AMRO Craigs. That's because it offers a rather different investment option. In its kiwiSTART Personalised KiwiSaver scheme, investors' choices include four Defined Portfolios, which are all PIEs, and more than 130 other securities, 19 of which are PIEs. But some of the securities don't qualify as PIEs. If you invest in some non-PIEs through this scheme, the income on that part of your portfolio will be taxed as ordinary investment income, but it will still all happen within your KiwiSaver account. You won’t have to do anything.
Other points about tax and KiwiSaver:
- Employees' contributions are 4% or 8% of their total before-tax pay. But the money is taken out of after-tax pay, so it will be more than 4% or 8% of after-tax pay. For example, an employee earning $50,000 contributes 4% or $2,000. But that person's after-tax pay is $38,630, and $2,000 is more than 5% of that after-tax amount.
- Employers' contributions to KiwiSaver - up to the lower of the employee's contributions or 4% of the employee's total pay - are not taxed. The employee gets to keep the full employer contributions in their KiwiSaver account.
- The KiwiSaver member tax credit - of up to $1,043 a year - has nothing to do with tax, and you don't have to pay tax to receive it. It is a tax-free payment of government money into your KiwiSaver account.
- The other government contributions - the $1,000 kick-start and fee subsidy - are tax-free. So is interest paid by Inland Revenue on KiwiSaver money while it is held by the department, en route to a provider.
- The employer tax credit is a reimbursement of the employer's KiwiSaver contributions, with a maximum for each employee of $1,043 or the amount the employee contributed, whichever is lower. The credit is netted against PAYE money the employer pays to Inland Revenue.
- You won't have to have to pay any tax when you take money out of your KiwiSaver account in retirement, or to buy a first home or at any other time.
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