Can I take a break from contributing to my ASB KiwiSaver Scheme account?
If you are an employee, you can apply to Inland Revenue to stop making contributions temporarily if one of the following applies:
- 12 months have passed since Inland Revenue or any KiwiSaver scheme received your first contribution. In this case your savings suspension can be for a period of between three months and one year.
- you are suffering, or are likely to suffer, financial hardship and Inland Revenue has received at least one contribution from you. In this case your savings suspension can be for a maximum of three months (unless Inland Revenue agrees otherwise).
You can stop or re-start your savings suspension by giving notice to your employer. However, a savings suspension must be at least three months unless your employer agrees otherwise. You can apply for another savings suspension when one expires.
To apply for a savings suspension, please complete the ‘KS6’ application form, available at kiwisaver.govt.nz and send it to Inland Revenue.
Remember, while you are on a savings suspension, your compulsory employer contributions will stop unless your employer chooses to keep paying them. You can still receive annual Government contributions (if you are eligible) by making voluntary contributions direct to your ASB KiwiSaver Scheme account.
If you would like to re-start contributions, complete a ‘KS2’ deduction form (also available from kiwisaver.govt.nz) and hand it to your employer.
I’m self-employed, can I take a savings suspension?
You may stop and start any voluntary contributions you are making to the ASB KiwiSaver Scheme at any time by contacting us. If you are self-employed and pay yourself through PAYE then you will need to apply for a savings suspension.
Related Answers
-
If you are self-employed (and are not paying yourself via PAYE) or not employed, you have the flexibility to stop ...
-
If you have been automatically enrolled in KiwiSaver because you recently started a new job or you asked your employer ...
-
In circumstances such as significant financial hardship or serious illness, you can apply for an early withdrawal of some or ...
-
When you change jobs, ask your new employer to start making KiwiSaver deductions. These will continue to be transferred to ...
-
If you're employed, you can apply for a savings suspension of between three months and one year if you have ...
-
Not from Government paid parental leave. Any parental leave paid by your employer will be subject to KiwiSaver deductions unless ...
-
If your money is getting stretched a little too thin, you can apply for a savings suspension if you have ...
-
If you are an employee, you can change your contribution rate to 3%, 4%, 6%, 8% or 10% at any ...
-
If you are transferring to the ASB KiwiSaver Scheme, it usually takes around 10 working days before the transfer is ...
-
Contributions from your salary or wages will stop when you stop being paid. You can still make voluntary contributions. However, ...
