Upcoming changes to KiwiSaver
We’ve been asked lately about the upcoming KiwiSaver changes and when they are due to take effect, so here’s an update.
From 1 April 2019
• Additional KiwiSaver contribution rates of 6% and 10% will be introduced.
• The contributions holiday facility, which will be renamed ‘savings suspension’, will have its maximum duration reduced from five years to one year for all new requests.
From 1 July 2019
• Those aged over 65 will be able to opt-in to KiwiSaver
• The five year lock-in period for new members will be removed (this will only impact members who join KiwiSaver after 1 July 2019 and are aged between 60 and 65)
The bill with these proposed changes is expected to be passed in March 2019.
