Quick Answer: Can You Contribute More Than 8% To KiwiSaver?

How often can I change my KiwiSaver fund?

every 3 monthsYou can change your contribution rate once every 3 months, unless your employer agrees to a shorter timeframe.

To do this you need to let your employer know in writing.

If you want to contribute more than the maximum rate, you can make a payment directly to your scheme provider..

What happens to KiwiSaver if you die before 65?

Kiwis often don’t know what happens to their KiwiSaver money if they die before reaching the age of 65. Don’t worry – it doesn’t go to the government, as many people think. How KiwiSaver works is, after a small amount of form filling, the funds are paid into your estate and goes to whoever inherits from you.

Should I increase my KiwiSaver contributions?

Increase your KiwiSaver contributions Contributing more to KiwiSaver is a great way to boost your numbers. Raising your KiwiSaver contribution rate to 8% from 3% or 4% could give you hundreds of thousands of dollars more in retirement.

Can the government take your KiwiSaver?

The government – through Inland Revenue – has set up KiwiSaver and makes sure that the money you put in (and any KiwiSaver employer contributions) goes into your account. … But that money is yours and cannot be taken back by the government.

Which bank is best for KiwiSaver?

Simplicity’s Conservative Fund is the #1 performer for 1-year and 3-year returns. Its low fee structure helps achieve this and means you can spend the money (and not lose it in above-average fees). More details: Simplicity KiwiSaver review.

Can I use my KiwiSaver to buy a car?

Q. Can you apply to withdraw your KiwiSaver savings for a holiday or to purchase a boat or a car? A. No, unfortunately a withdrawal can’t be made for these reasons.

Who has the best KiwiSaver scheme?

Best Performing KiwiSaver Funds – Mar 2020Conservative Fund Category: Milford Conservative Fund (Five Year Returns: 5%).Moderate Fund Category: Generate Conservative Fund (Five Year Returns: 5.4%).Balanced Fund Category: Milford Balanced Fund (Five Year Returns: 6.2%).Growth Fund Category: Milford Active Growth Fund (Five Year Returns: 7.3%).More items…

Who gets my KiwiSaver if I die?

If you die while you are a member of a KiwiSaver scheme your full account balance will be paid to your estate. You can’t nominate people (called ‘beneficiaries’) to receive your funds directly from your KiwiSaver Scheme; your provider always has to pay it to your estate.

What happens to my KiwiSaver if I stop working?

What happens if I stop working? If you stop working for any reason, your workplace KiwiSaver deductions will stop, but your KiwiSaver account will stay open.

How do I get the most out of my KiwiSaver?

Here are our 5 Must-Do’s for making the most of your KiwiSaver:Start early! It’s never too early to start KiwiSaver and make your first contributions. … Contribute as much as you can. … Get the full Member Tax Credit. … Don’t pay too much tax! … Get in the right fund, with the right advice.

Can I use my KiwiSaver to pay off debt?

Your KiwiSaver funds are an asset. You may be able to use your KiwiSaver funds to pay off your debts if you become bankrupt. However in the case of a KiwiSaver scheme, the funds are protected from your creditors while they remain in the fund.

How much does the government contribute to KiwiSaver?

Annual Government Contribution. If you’re eligible, you could get a boost to your KiwiSaver savings thanks to an annual contribution from the Government. For every $20 you save into your KiwiSaver account, the Government will contribute $10, up to a maximum of $521.43 each KiwiSaver year (1 July to 30 June).

How much can you contribute to KiwiSaver?

To get it all you must save to contribute at least $1042.86 of your own money between 1 July to 30 June each year. Employer contributions, past government contributions and funds moved from Australian retirement schemes do not count towards the $1,042.86. You can contribute through: salary and wage deductions.

Can you quit KiwiSaver?

If you’ve been automatically enrolled but do not want to be a KiwiSaver member you can opt out. … If you do not opt out, you will stay in KiwiSaver and your employer will continue to deduct contributions from your pay.