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Employees become eligible to withdraw their savings when they qualify for NZ Super (currently aged 65). Employees who joined KiwiSaver before 1 July 2019 must also have been a KiwiSaver member for 5 years or more to withdraw their savings.
Employees may continue with their KiwiSaver deductions after the date they become eligible to withdraw their savings. Employers must continue to make deductions from the employee’s salary if the employee requests this.
Employees who reach their withdrawal date can stop their deduction of contributions from their salary and your employer contributions are no longer required to be paid.
must complete a Non-deduction notice (KS51) and give it to their employer.
An employee can ask you to recommence their KiwiSaver deductions from their pay, by completing the KiwiSaver deduction form (KS2).
They cannot ask you to stop and start too often, the minimum period before requesting a change, unless you agree otherwise, is three months.
Your employer compulsory contributions can stop for these employees, unless a contractual employment agreement, or similar arrangement specifies otherwise.