KiwiSaver

Posted May 26th, 2007 by Dr James Pratt

Introduction

As an employer, you will play an important role in helping your employees to save with KiwiSaver. IRD have designed KiwiSaver to use your existing payroll process, and minimise any extra work for you.

Your main roles in KiwiSaver are to:

  1. check whether new employees are eligible to join KiwiSaver;
  2. check whether new employees should be automatically enrolled;
  3. give the KiwiSaver employee information pack (KS3) to new employees who qualify for automatic enrolment; and existing employees who want to opt in;
  4. provide information to IRD about all new employees who qualify for automatic enrolment, and eligible employees who want to opt in to KiwiSaver;
  5. provide new employees with a written statement if you have an employer-chosen scheme, and also that scheme's investment statement;
  6. deduct KiwiSaver contributions at the correct rate and forward them to us by the due date along with PAYE payments;
  7. act on opt-out and contributions holiday requests;
  8. stop or start deductions when IRD advise you to; and
  9. contact IRD when you require further KiwiSaver employee information packs (KS3).

To find out more about your KiwiSaver obligations:

Your options

You don't need to promote KiwiSaver to your employees, but if you want to be more involved in encouraging retirement saving among your employees the following options are open to you:

  1. making employer contributions on behalf of your employees; and
  2. providing your own employer-based KiwiSaver scheme.

You can also continue to offer your existing superannuation scheme to your staff.

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