Changes to KiwiSaver this year
There have been a number of changes to KiwiSaver this year.
Some of these changes took effect on 1 April 2020:
· All members aged 65 years or over can make a retirement withdrawal
· KiwiSaver providers will be notified of prescribed investor rate (PIR) changes from Inland Revenue (IR). The KiwiSaver provider is required to update your PIR with the information provided to them from IRD. You can provide your provider with a different PIR if you believe that it is incorrect.
· Transfer timeframes between KiwSaver providers have been reduced from six weeks to two weeks
· New early withdrawal category for life-shortening congenital conditions
From 15th May 2020
· Changes to the KiwiSaver member’s annual account statements to include an estimate of what a member’s KiwiSaver balance might be at retirement, as a lump sum and weekly income stream.
This article and newsletter is operated by Moneyworks NZ Ltd and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. Moneyworks NZ Ltd is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click Here