FAQs - KiwiSaver for Employees
On my pay slip I see contributions deducted from my wages, where do these go?
After contributions are deducted from your wages, your employer forwards these on to Inland Revenue with their PAYE schedule.
Your contributions remain at Inland Revenue earning interest for a three month period before being forwarded onto the Fisher Funds TWO KiwiSaver Scheme. The three month period begins on the date that Inland Revenue receive your contributions from your employer, not when the contributions are first deducted from your wages.
After three months, Inland Revenue processes your contributions and forwards them on to the Fisher Funds TWO KiwiSaver Scheme. We then invest those contributions into the Investment Fund(s) that you have selected, the Balanced Fund if you haven't chosen a Fund or the Cash Enhanced Fund if you have been automatically enrolled.
Please note that it can take longer than three months before we receive your contributions through Inland Revenue due to when your employer submits their PAYE schedule and Inland Revenue processing times.
You are able to keep track of contributions paid to Inland Revenue (but not yet forwarded to Fisher Funds TWO KiwiSaver Scheme) by visiting www.kiwisaver.govt.nz.
From time to time Inland Revenue experience delays with their processing. If you have contributions that have been delayed we suggest calling Inland Revenue on 0800 549 472 (0800 KIWISAVER), or 04 978 0800 if using a mobile.
Is it compulsory for my employer to make contributions to my KiwiSaver account? If so, how much is it?
Your employer is required to contribute to your Fisher Funds TWO KiwiSaver Scheme account if:
- You're aged 18 or over, and not yet entitled to receive a retirement benefit from KiwiSaver
- Contributions to KiwiSaver are being deducted from your salary or wages; and
- You aren't having complying member contributions already deducted from your salary or wages in relation to a complying superannuation scheme, or certain other superannuation schemes.
Your employer must contribute a current minimum of 3% of what you earn, less Employer Superannuation Contribution Tax, to your Fisher Funds TWO KiwiSaver Scheme account.
My contributions have been credited to my account, but my employer contributions haven't. Why is this?
Inland Revenue is required to transfer your member contributions deducted from salary or paid by your employer to the Fisher Funds TWO KiwiSaver Scheme as they receive them (after the first three months). Employer contributions are not transferred until Inland Revenue has reconciled your employer's monthly schedule. If there are issues with the schedule, the employer contributions may be delayed.
What happens if I change jobs?
KiwiSaver is transferable. If you change jobs simply advise your new employer that you are already a member of a KiwiSaver scheme and they will commence making deductions from your pay packet.
What happens if I stop working?
If you stop working for any reason, your workplace KiwiSaver deductions will stop, but your KiwiSaver account will stay open.
You have the option to continue contributing to KiwiSaver on a voluntary basis — and if you want to receive the annual Government tax credit payment of $521.43, you will need to contribute at least $1,042.86 yourself and be over 18 and not yet entitled to withdraw from your KiwiSaver account.
If you don't want to keep contributing, you don't have to do anything.
Are KiwiSaver contributions deducted from redundancy pay-outs?
No they are not. The KiwiSaver Act specifically excludes redundancy pay-outs from the definition of Salary or Wages, so your redundancy pay-out will have no money deducted for KiwiSaver.