UniSaver and KiwiSaver
You may be thinking of joining UniSaver instead of or as well as KiwiSaver. You can’t transfer your KiwiSaver savings into UniSaver because our scheme operates under different rules. However, there is nothing to stop you belonging to both schemes. This page explains your options.
If you don’t want to continue contributing to KiwiSaver
You are required to continue your member’s contribution to KiwiSaver, but if you’ve been in KiwiSaver for a year, you can suspend contributions by applying for a contributions holiday. (Inland Revenue may consider an early contributions holiday if you’re experiencing or likely to experience financial hardship.)
You can apply for a contributions holiday for a period of between three months and five years. At the end of that time, you can apply for another contributions holiday, effectively suspending your contributions indefinitely.
To apply for a contributions holiday either:
- print off a Contributions holiday request (KS6) form and post it to Inland Revenue (address details are on the form, which you can download from the Inland Revenue website), or
- call Inland Revenue on 0800 549 472 or (04) 978 0800 if calling from a mobile.
Inland Revenue will send you a contributions holiday notice. You’ll need to give HR/payroll a copy of this before they can stop deducting contributions from your pay.
You won’t be able to withdraw any savings you have in KiwiSaver until you become eligible under the KiwiSaver rules (usually when you reach age 65).
If you want to contribute to KiwiSaver
If you want to start or continue contributing to KiwiSaver, you’ll need to fill out a KiwiSaver deduction form (KS2) and give it to HR/payroll. (You can get a KS2 form from HR/payroll or download one from the Inland Revenue website.)
Contributions will be deducted from your pay at the rate you choose on the form (3%, 4% or 8%). You will continue to receive the government’s contribution of $521.43 a year if you contribute $1,042.86 a year or more (called the member tax credit).
Your eligibility for employer contributions to UniSaver depends on your membership category. If you are a category A member, your employer will contribute up to 6.75% of your salary to UniSaver less the percentage of salary they contribute to your KiwiSaver scheme. If you are a category B member, your employer will contribute compulsory KiwiSaver employer contributions of 3% of your salary to either your:
- KiwiSaver scheme, or
- UniSaver locked accounts if you join the locked section.