I didn't choose a KiwiSaver scheme and I see I've been signed up to the ASB KiwiSaver Scheme, what happens now?
If you have been automatically enrolled in KiwiSaver because you recently started a new job or you asked your employer to sign you up to KiwiSaver, you may not have chosen a KiwiSaver scheme yourself.
If you haven’t chosen a scheme, you will have been placed in the ASB KiwiSaver Scheme because it’s your employer’s chosen KiwiSaver scheme.
In this situation you should have been given an ASB KiwiSaver Scheme Product Disclosure Statement by your employer.
You should receive a welcome pack from ASB. We encourage you to read it carefully and complete and return the Additional Information form. This form collects important information such as your chosen fund and your Prescribed Investor Rate (PIR), the rate at which tax will be paid on your share of the taxable income earned by the fund. If you do not complete this form, you will invest in the Conservative Fund and pay tax at the highest PIR.
For more information about how your investment is taxed see section 6 (What taxes will you pay?) of the Other Material Information document.
Related Answers
-
If you are self-employed (and are not paying yourself via PAYE) or not employed, you have the flexibility to stop ...
-
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 you are an employee, you can apply to Inland Revenue to stop making contributions temporarily if one of the ...
-
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, ...
