The Employer KiwiSaver Choice Process™
On 1st July 2007, all employers* in New Zealand are required to enroll new employees into KiwiSaver. All employers need to decide how they are going to deal with KiwiSaver, ideally prior to this date.
The Employer KiwiSaver Choice Process enables all employers to analyse the options and work out what relationship they want to have with the new KiwiSaver scheme, which comes into force on 1st July 2007. This is a step by step process, and the steps are listed in chronological order below.
*Excluding ‘exempt employers’ (those with qualifying superannuation schemes) and casual employees (those working for under 4 weeks).
The KiwiSaver Employer Participation Analyser™
This analyser provides employers with the tools to work out whether they want to use KiwiSaver as a proactive initiative with their employees, or want to do the bare minimum in relation to compliance requirements. Click here to download this document.
The KiwiSaver Legal Obligations Reviewer™
This questionnaire helps you to identify what your legal obligations are with providing financial advice to your employees, in relation to them joining KiwiSaver. At the end of this questionnaire, you should know whether handling the advice yourself is applicable, or whether you should work with a professional adviser. You can download this document here
The KiwiSaver and Employee Benefits Decision™ (Available as part of the Moneyworks Employer Membership package)
KiwiSaver provides a platform for employers to extend the Employee Benefits that they provide to employees. There are many reasons that you may wish to provide additional Employee Benefits, and this process assists you in working out what benefits might work for your organisation.
To get the best value out of this questionnaire – we recommend that you send the completed document to us at Moneyworks, and we will make recommendations and comments suitable for your situation. Our contact details are on the questionnaire, and we may have to discuss this with you before making final recommendations.
The KiwiSaver Communication and Education Solutions™ (Available as part of the Moneyworks Employer Membership package)
Once you have decided how involved you want to be, and what you want to offer to your employees – you need to work out how to deliver that offer. This process enables you to work through the different options available to you and select the solutions that will be right for you and your people.
The KiwiSaver Provider Analysis (Available for a 12 month subscription for $250.00)
This paper will be available from June 2007 and will provide an analysis of all Provider schemes available to employers, that we can get information on. As we anticipate that more information will become available during the year, the Moneyworks Employer To find our more about purchasing this report – email Carey Church on carey@moneyworks.co.nz.
The Employer KiwiSaver Choices Participation Membership™ (Available as part of the Moneyworks Employer Membership package)
Moneyworks have developed an online financial planning analysis called ‘The KiwiSaver Choices Process™’, that you can pay for and provide to your employees at a cost of $40 including GST per head. This analysis will require them to provide us with information, and we will then analyse their situation and make a recommendation as to whether they should:
a. Join KiwiSaver
b. How much they should contribute
c. What fund they should join
d. What the reasons are for our recommendations.
Each recommendation is made by a qualified financial planner, and is not computer driven. To assist your employees, we require information from you – and will require you to sign up for this Participation Membership.
