How does KiwiSaver work for WSL?
Applies to WSL only
How does KiwiSaver work for WSL?
The KiwiSaver scheme utilises the deductions from a team member’s pay as a means of saving for their retirement. The funds are collected by IRD and then forwarded on to a nominated fund manager who invests the employee’s contributions.
To be eligible to join team members must:
• be a New Zealand citizen or be entitled to stay in New Zealand indefinitely, and
• be under the age of eligibility for New Zealand Superannuation (NZ Super) which is currently age 65.
How does KiwiSaver work?
- The Company will send KiwiSaver information to all new team members with their Employment Agreement and Induction information pack. It is the team member’s responsibility to read this material, consider their options, and then take a course of action that fulfils their need.
- As a new Team Member, you will not be automatically enrolled into KiwiSaver. To join KiwiSaver you will need to opt in when filling in your new starter details on MyPay.
- You can choose which fund provider you wish to invest your contributions with. TWG has chosen Super Life to be our default provider for KiwiSaver. This means that if you join KiwiSaver and do not choose a fund, or do not want to choose a fund, you will be enrolled with Super Life.
- All new team members have the option to ‘opt out’ of KiwiSaver between week 2 and week 8 of employment. If you wish to opt out within the first 2 months, please fill out the KS10 “New Employee Opt Out Request” form accessible from kiwisaver.govt.nz
- Existing team members not already enrolled in KiwiSaver can voluntarily ‘opt ¬in’ to KiwiSaver, by filling a KS2 “Kiwi Saver Deduction Form” accessible from kiwisaver.govt.nz
- Once enrolled, Team Members are committed to contribute until the age of NZ Superannuation eligibility, currently 65, unless they apply for a ‘Contributions Holiday’ via IRD.
- Team members will choose to contribute either 3%,4% or 8% of their regular pay (gross earnings). This is deducted from the employee’s pay and forwarded to IRD, who in turn forward it to the employee’s nominated fund manager (or the Company’s preferred fund manager). If you do not select a supplier, IRD will allocate you to the default scheme.
- If you're eligible, your employer will also contribute an amount equal to 3% of your pay to your KiwiSaver savings. If an employee wishes to consider a fund provider other than the Company’s preferred supplier, they must contact the alternative provider directly.
- If you wish to change the contribution % of your KiwiSaver deductions, you can do so anytime via MyPay.
How To Find Out More:
For general information on KiwiSaver, employees can visit the Government website ww.ird.govt.nz/kiwisaver, or the Retirement Commission website www.sorted.org.nz.
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