How does UniSaver work?
UniSaver is a workplace savings scheme designed to help you save for your retirement. Only employees of participating universities and certain other employers (participating employers) may become members. UniSaver is a trust under a trust deed.
Is UniSaver a KiwiSaver?
UniSaver is split into two sections – the standard section and the locked section, which works much like KiwiSaver. The locked section is a complying superannuation fund, which means it can offer some KiwiSaver benefits because it complies with rules like KiwiSaver.
Is UniSaver a complying fund?
UniSaver has a complying superannuation fund section (the locked section), which offers government contributions in the same way as KiwiSaver in return for stricter contribution and withdrawal requirements. If you are a fixed-term employee, you can only participate in the locked section.
Is UniSaver a pie?
UniSaver invests in PIE funds in New Zealand and other foreign funds. Gains or losses made by these PIEs from their investments in New Zealand-resident companies and most Australian-resident listed companies are not taxable or deductible.
Can I withdraw my UniSaver?
You can withdraw the total balance of your accounts by completing a retained member partial or total withdrawal form [PDF, 94 KB] and sending it to Mercer. Any withdrawal is subject to the rules about locked accounts (see below). You will also be charged a termination fee.
Who can join UniSaver?
Eligibility. UniSaver is open to full-time and part-time staff of participating employers. All permanent staff and most fixed-term staff are eligible to join.
How much will my KiwiSaver be when I retire?
After 65, the balance will earn a 2.5% rate of return each year (after fees and tax). The projections are adjusted for inflation, and the inflation assumption is currently 2% per annum. For the income amount, you will make regular withdrawals over 25 years (i.e.until age 90) when your balance reaches zero.
Does my employer have to match my KiwiSaver contributions?
Your compulsory employer contribution can go to one or be shared between them. For example, 2% to KiwiSaver and 1% to the complying fund. Your compulsory employer contribution must still be at least 3%. If you give less than 3% to a complying fund you must pay the difference to your employee’s KiwiSaver scheme.
Is KiwiSaver considered income?
Your KiwiSaver scheme invests your contributions so they earn money for you. You pay tax on the money your investment earns. Withdrawals from your KiwiSaver scheme are tax-free. To use the right tax rate you need to know what kind of KiwiSaver scheme you’re in.
How do I join UniSaver?
If you want to join UniSaver you need to read our product disclosure statement which includes the membership application.
What happens to my KiwiSaver when I turn 65?
In most cases, the government and your employer will stop contributing to your KiwiSaver account once you turn 65. If you’re continuing to work after 65, you can ask your employer if they’ll keep contributing to your account. When you turn 65, NZ Super will become payable for most Kiwi.
How much do you need to retire in NZ?
Single people wanting to live a “choices” lifestyle need $600,000 for retirement in provincial towns, and $688,000 for a city retirement.
What happens to my KiwiSaver if I stop working?
What happens if I stop working? If you stop working for any reason, your workplace KiwiSaver deductions will stop, but your KiwiSaver account will stay open.
What happens to KiwiSaver when you turn 65?
Can I withdraw all my super when I retire?
When withdrawing your superannuation, you can generally choose to receive it as a lump sum, a retirement income stream, or a mixture of both. If you choose a lump sum, the entirety of your superannuation balance is transferred to your bank account.
Do I have to withdraw my super when I turn 65?
Not required to access Super Benefit when aged over 65 If you are aged over 65 you are not required to access your Super Benefit as either a Pension or a Lump Sum withdrawal.
What is NZ Superannuation (NZS)?
NZ Superannuation is a universal payment for NZ citizens and residents who are 65 or older. You need to apply for NZ Super. You do not automatically get it once you turn 65.
What is the superannuation calculator?
The calculator is a tool to calculate your contribution and your employer’s contribution to your chosen superannuation scheme. While the tool provides flexibility for you to consider your options, some constraints imposed by the schemes should be factored in: KiwiSaver employer contributions are fixed at 3%.
How do I contact New Zealand Super and veterans pension?
You can also call us on 0800 552 002 (for NZ Super) or 0800 650 656 (for Veteran’s Pension).
Who can get NZ Super payments?
You may be able to get NZ Super payments if you’re aged 65 or older. What you need to know before you apply Find out about: who can get it You’re getting other income If you’re still working or getting an overseas pension, this may affect the amount of NZ Super you can get.