As part of Budget 2015, the government has abolished the $1,000 kick-start payment that all new KiwiSaver members received on joining the scheme. Anyone enrolling on or after 2pm, Thursday 21 May will not be eligible for the kick-start. Please note this is subject to legislation being enacted but we understand the legislation will be retrospective.
Removal of the kick-start payment will not affect existing KiwiSaver members, including those already in the three month provisional period, or their current entitlements.
Minister Bill English cited costs to the taxpayer as the reason for the decision. Member tax credits have not been affected, so contributing KiwiSaver members will continue to receive the annual payment, up to a maximum of $521 if entitled.
If you are worried whether this affects your current application, please give the Kiwi Wealth team a call on 0800 427 384.
This website is operated by Kiwibank Limited and is not endorsed by, or affiliated with, Inland Revenue. Kiwibank Limited is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click here.
Kiwibank now distributes the Kiwi Wealth KiwiSaver Scheme. The Kiwibank KiwiSaver Scheme has been wound up. View the periodic disclosure statements for the Kiwibank KiwiSaver Scheme. If you want to view any other information relating to this scheme, please contact us.
Kiwi Wealth Limited is the Issuer and Manager of the Kiwi Wealth KiwiSaver Scheme (the Scheme) and is a related company of Kiwibank Limited. Kiwibank is a distributor but is not an issuer or promoter of the Scheme. Investments made in the Scheme do not represent bank deposits or other liabilities of Kiwibank and neither they nor any other person guarantees the repayment of members’ interests in the Scheme or the payment of any earnings or returns on investment in the Scheme. Investments in the Scheme are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances and loss of investment value.
Download the Investment Statement for the Kiwi Wealth KiwiSaver Scheme (PDF 6.7 MB) or pick up a copy from your local Kiwibank.