These changes will allow more people to join the scheme and also allow members to better tailor their KiwiSaver account to fit their needs.
From 1 April
- There are two new contribution rates added to KiwiSaver, giving members more options in how they contribute their savings. The new contribution rates are 6% and 10% - there are now 3%, 4%, 6%, 8% and 10% options for all members.
- The ‘Contribution Holiday’ – where members can elect to temporarily cease contributing to their KiwiSaver account for a specific period of time, has been renamed to a ‘Savings suspension’. The suspension will now also have a maximum period of one year before a KiwiSaver member will need to renew it. Find out more about savings suspension
- We’re also renaming the ‘Member Tax Credit (MTC)’ to ‘Government Contribution’.
For more information about KiwiSaver and how these changes may affect you, head to the KiwiSaver website