How Can We Help
Managing your KiwiSaver account
KiwiSaver offers you the flexibility to change your contribution rate or take a contribution holiday if your work or personal situation changes.
To make certain changes, you’ll need to contact your employer or the Inland Revenue. For other changes you can download and complete a form using the links below, and send it to us at the Westpac KiwiSaver Scheme, PO Box 695, Wellington 6140. If you need further information, contact us on 0508 WPAC KIWI (0508 972 254) between 8:30am and 5:30pm Monday to Friday or come into your nearest Westpac branch.
Changes to Your Work Situation
During your lifetime, there may be a number of changes to your work situation that could affect your KiwiSaver membership. KiwiSaver offers you the flexibility to change your contributions when necessary.
Changes to your work situation may include stopping work, starting a new job and working multiple jobs.
If you are earning a salary or wage
If you stop work, your employer will stop deducting contributions from your pay and stop making compulsory employer contributions to your KiwiSaver account.
If you would like to continue to contribute, you can contact Westpac to make voluntary contributions at any time.
Effect on member tax credit
Stopping work may affect the amount of member tax credit that you are entitled to. To maximise your member tax credit entitlement you need to contribute at least $1,042.86 to your KiwiSaver account each year. The maximum member tax credit is $521.43 per year.
If you make regular contributions directly to the Westpac KiwiSaver Scheme and you stop working, you’ll need to contact us if you wish to arrange a change to your contributions.
Starting a new job
If you still earn a salary or wage in your new job:
You'll need to fill out a KiwiSaver deduction notice (KS2) available at www.ird.govt.nz to give to your new employer. Your employer will then start making employer contributions to your KiwiSaver account and start deducting contributions from your pay (and pay these into your KiwiSaver account). Your contributions are made at the rate you choose on the form – either 3%, 4% or 8%.
If you don't tell your employer what your preferred rate is, the default rate of 3% will be used.
Working multiple jobs
If you're a KiwiSaver member and you start working a secondary job:
- contributions will also be deducted from any new jobs you start, and
- you'll get compulsory employer contributions from all your employers.
If twelve months (or more) have passed since you made your first contribution, you can apply for a contributions holiday and apply it to any or all of your jobs.
Changes to Your Personal Situation
During your lifetime there may some changes to your personal situation that could affect your KiwiSaver membership. KiwiSaver offers you the flexibility to change your contributions when necessary.
When you turn 18 you may be eligible to start receiving member tax credits. The Government will contribute 50 cents for every dollar you contribute, up to a maximum Government contribution of $521.43 each year, until you turn 65 or have been a KiwiSaver member for five years, whichever is later. In the year you turn 18, your member tax credit entitlement will be calculated in proportion to the length of time you were eligible to receive member tax credits during the year.
If you are earning a salary or wages and contributing at least 2% (increasing to 3% on 1 April 2013) to KiwiSaver, your employer will also start making compulsory employer contributions into your KiwiSaver account.
Going overseas short term or permanently will have an effect on your KiwiSaver membership.
Member tax credit eligibility
If you live outside of New Zealand at any time, please call us on 0508 972 254 or +649 367 3317 as this may affect your member tax credit entitlement.
If you are being paid while you are overseas because you're taking annual leave or you are a government employee serving outside New Zealand, your employer will keep making payments to your KiwiSaver account on your behalf, as well as making compulsory employer contributions.
If you are not being paid while you are overseas, you are not required to make any KiwiSaver contributions. You can continue to make voluntary contributions.
You can continue to make voluntary contributions or put them on hold.
One year after you've permanently emigrated you can apply to withdraw your funds and close your KiwiSaver account. It is important to note that accumulated member tax credits cannot be withdrawn (member tax credits will be returned to the Government when your KiwiSaver account is closed).
If you decide to return to New Zealand
If you decide to return to New Zealand, you can rejoin KiwiSaver if you're eligible, but you won't receive another $1,000 kick-start.
Changing financial circumstances
You may want to stop making your KiwiSaver contributions for financial reasons.
If you've been a KiwiSaver member for 12 months or more then you can apply for a contributions holiday.
If you've been a KiwiSaver member for less than 12 months then you can apply for an early contributions holiday, if you're experiencing, or likely to experience, financial hardship. You will need to provide evidence to support your application.
You can continue to make voluntary contributions, or take a break at any time.
On your death, all your KiwiSaver savings will generally be paid to your estate.
Change your contribution rate
If you earn a salary or wage
You can choose to contribute 3%, 4% or 8% of your pre-tax salary or wage.
The minimum that you can contribute is 3% and this is the default rate.
To elect or change your contribution rate you need to let your employer know in writing.
You can do this:
- by letter, indicating your new rate (3%, 4% or 8%)
- by completing a KiwiSaver deduction form (KS2) from www.ird.govt.nz and giving it to your employer.
If you are self-employed or not earning a salary or wage and you are making voluntary contributions to the Westpac KiwiSaver Scheme
You can change the amount and frequency of your contributions at any time.
- If you are making automatic or lump sum payments you can change these using Westpac online banking or by visiting a Westpac branch.
- If you are contributing by direct debit you can write to us at the Westpac KiwiSaver Scheme, PO Box 695, Wellington 6140.
- If you have established payments from an account with another bank, you’ll need to contact that bank to change the details.
Take a contributions holiday
If contributions are being deducted from your salary or wages, you can apply to Inland Revenue to take a contributions holiday to take a break from making KiwiSaver contributions from your pay. A contributions holiday may be granted by Inland Revenue if:
- you've been a KiwiSaver member for 12 months or more; or
- you've been a member for less than 12 months and you are suffering or likely to suffer financial hardship
How to apply for a contributions holiday
To apply for a contributions holiday you’ll need to contact Inland Revenue on 0800 549 472 or 04 978 0800 or visit the website (www.kiwisaver.govt.nz) to download a contributions holiday request (KS6).
What happens to your contributions?
While you're taking a contributions holiday:
- your employer does not need to make compulsory employer contributions
- you can still make voluntary contributions
Westpac KiwiSaver Scheme Forms
Use this form to change personal details including your address and prescribed investor rate.
Westpac KiwiSaver Scheme Change of Details form (PDF 50kB)
Use this form to change your investment option
Westpac KiwiSaver Scheme Investment Option Switch Request (PDF 57kB)
Use this form if you are a personal representative or a person entitled to make a claim under section 65 of the Administration Act 1969 to apply to close the account of a deceased KiwiSaver member.
Westpac KiwiSaver Scheme Deceased Estate Withdrawal Form (PDF 60kB)
Use this form to withdraw your contributions and close your KiwiSaver account if you have lived overseas for at least twelve months and do not intend to return to New Zealand.
Westpac KiwiSaver Scheme Permanent Emigration application (PDF 61kB)
Important information for KiwiSaver members who have emigrated to Australia
From 1 July 2013, permanent emigration withdrawals from KiwiSaver will not be permitted for members who have emigrated to Australia. If you intend to apply for a permanent emigration withdrawal, please complete the application form and return all of the required documents to us before 28 June 2013.
Use this form to transfer your KiwSaver balance to an Australian super provider.
Use this form to apply to withdraw your own and your employers KiwiSaver contributions to help purchase your first home (criteria apply).
Westpac KiwiSaver Scheme Home Purchase Withdrawal form (PDF 167kB)
Use this form to set up a regular contribution to your KiwiSaver account.
Westpac KiwiSaver Scheme Automatic Payment form (PDF 134kB)
Use this form to apply for your first retirement withdrawal from you KiwiSaver account (criteria apply).
Westpac KiwiSaver Scheme Initial Retirement Withdrawal Form (PDF 36kB)
Use this form to apply for a subsequent retirement withdrawal only, i.e. if you have previously made a retirement withdrawal from your Westpac KiwiSaver Scheme account and provided a Statutory Declaration (criteria apply).
Westpac KiwiSaver Scheme Subsequent Retirement Withdrawal Form (PDF 162kB)
If the form you are looking for is not here, or you require assistance completing a form please contact us on 0508 972 254.
The information above is subject to changes to government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time.
BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme.
Investments made in the Westpac KiwiSaver Scheme (Scheme) do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited (as trustee), or any director or nominee of any of those entities, or any other person guarantees the Scheme’s performance, returns or repayment of capital.
For a copy of the investment statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254. You can also download the investment statement.
Reference to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability and content of such websites.