Knowledge Centre

Answers to some commonly asked questions about KiwiSaver and the Aon KiwiSaver Scheme.

We answer your questions about KiwiSaver

Eligible to join KiwiSaver?
Why choose Aon?
How do I transfer to the Aon KiwiSaver Scheme?
What does the Aon KiwiSaver Scheme cost?
How much do you need to contribute?
Which funds does the Aon KiwiSaver Scheme offer?
Self-employed or not working?
Want to withdraw money for your first home?
What is a HomeStart Grant?
What is a Member Tax Credit?
What is a contributions holiday?
When can you withdraw your money?
Nearing retirement and want to know your options?
Can employers select Aon KiwiSaver Scheme as their preferred KiwiSaver provider?

I am not already in KiwiSaver. Can I join?

You can join a KiwiSaver scheme so long as you are:

  • a New Zealand citizen or entitled to live in New Zealand indefinitely

  • below the age of 65 (the current age of New Zealand superannuation); and

  • living permanently in New Zealand. 

There are a range of KiwiSaver schemes to choose from. The Aon KiwiSaver Scheme is one of these. 
Your employer may already have a preferred KiwiSaver scheme. You can go with that preferred scheme, or choose your own scheme. 

Your employer will give you the necessary forms to complete to make the necessary deductions for KiwiSaver. If neither you nor your employer have selected a scheme, Inland Revenue will allocate you to a scheme.

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Why should I choose the Aon KiwiSaver Scheme?

We’re independent. Unlike other schemes, we don’t actually invest your money ourselves. Instead, we partner with four experienced underlying investment managers and closely monitor their performance on your behalf. If one of them isn’t doing well, we can replace them. 

More underlying investment managers working for you. We have four experienced underlying investment managers who are independently monitored by an Aon Investment Consultant. You can split your money across two or all of the underlying investment managers. 

More choice. The Aon KiwiSaver Scheme has thirteen different funds. You can select up to four funds in which to invest your money. 

We understand that your circumstances might change. We appreciate that your investment strategy is likely to change depending on your stage in life. You can choose one of our  “set and forget” Russell Target Date funds, where your asset allocation  changes automatically as you get closer to your retirement age or you can choose one of our diversified funds that suits you depending on your particular tolerance to risk. 

Instant access provides you with up-to-date information. Your money is invested daily into the fund or funds you have chosen and information on your online account is updated every day, so you can be sure you have the latest information. 

You can access your account online at any time to:

  • check your account balance

  • view and edit your personal details

  • see which funds your money is invested in, including how much is in each fund

  • find out if you’ve contributed enough to get a full Member Tax Credit (the government contribution) for the year (this information is currently available during May each year).

 

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How do I transfer to Aon KiwiSaver Scheme?

To transfer call our helpdesk on 0800 266 463 or click here to join online and get the process underway.

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What does the Aon KiwiSaver Scheme cost?

A member fee of $4.15 will be deducted each month from your account. Our total annual fund charges are worked out based on the type of investment you have and are a percentage of your account balance.  These charges are calculated in the unit price and range from 0.89% to 1.70% of your account balance, depending on the fund you choose.

If you are under 18, the member fee is reduced from $50 to $40 per annum.

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How much do I need to put into my account?

Employees. As an employee, you can choose to put in 3%, 4% or 8% of your gross taxable salary or wages. Your employer will deduct this from your pay. You’ll need to let your employer know how much you want to contribute, otherwise your contribution will automatically be 3% of your gross taxable salary or wages.

Self-employed or not working. Here, you’ll agree with us on how much you want to contribute each year. This will be a dollar amount rather than a percentage of your income. You can make your contributions directly to us as a direct debit or by online banking. The Aon KiwiSaver Scheme currently doesn’t have a minimum annual amount that you need to contribute but we have a minimum payment amount of $20 per payment. You can find out more by calling our helpdesk on 0800 266 463.

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Which funds does the Aon KiwiSaver Scheme offer?

The Aon KiwiSaver Scheme has thirteen different funds, provided by four different underlying investment managers. Each fund has a different investment strategy resulting in different investment returns. You can choose up to four different funds to invest your money in. Your selection isn’t set in stone – if you want to change funds simply let us know and we’ll handle it all for you.

You can find out about the funds available here.

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Can I join the Aon KiwiSaver Scheme if I’m self-employed or not working?

Yes you can. We’ll need to agree how much you want to contribute. This can then be done via a direct debit or payments via online banking. You’ll pay your contributions directly to us. Currently, there is no minimum annual contribution for the Aon KiwiSaver Scheme for those who aren’t employed but we have a minimum payment amount of $20 per payment. 

You may still be able to qualify for a government contribution (member tax credit) as long as you are eligible to receive it and over 18 years of age.

You can find out more about contributing here, or call our helpdesk on 0800 266 463. 

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How does the first home withdrawal work?

You could qualify for a first home withdrawal if you:

  • have been a member of KiwiSaver (or a complying superannuation fund) for at least three years; and,

  • intend living in the home you buy (you can’t use your KiwiSaver money to purchase a rental property).

If you qualify, you may be able to withdraw pretty much all of the money from your KiwiSaver account. You just need to leave in $1,000, plus any money that has been transferred from an Australian Complying Superannuation Scheme.

You can find out more information about using KiwiSaver to help buy your first home here.

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What is a HomeStart Grant?

The HomeStart Grant is provided by the government and Housing New Zealand. Currently, if you are buying an existing home the Grant is $1,000 for each year you have been contributing to KiwiSaver, up to a maximum of $5,000. If you are buying an existing home as a couple and you’ve both been contributing to KiwiSaver, you may qualify to get a Grant of up to $10,000.

This amount doubles if you are purchasing a brand new home or buying a home off building plans.  

For more information on the HomeStart grant, and to see whether you may qualify, go to the Housing New Zealand website

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What is a Member Tax Credit – and how does it work?

A Member Tax Credit is the contribution that the Government may make to your Aon KiwiSaver Scheme account. As long as you’re eligible, for every dollar you put in to your KiwiSaver scheme, the Government will contribute 50 cents, up to a maximum of $521.43 each year. 

This is on top of contributions from you and your employer. It is paid directly into your KiwiSaver account by Inland Revenue after 30 June each year.

Please note that if you are under 18, you won’t receive a Member Tax Credit.

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Can I stop contributions and then start them again?

It may be that changes in your life mean you need to suspend contributions for a while. You can apply for a Contributions Holiday as long as you have been a member of KiwiSaver for at least 12 months. To apply, you need to complete a KS6 form and send it to Inland Revenue. 

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When can I get my money out?

You can access your KiwiSaver money when you reach the qualifying age for New Zealand Superannuation (which is currently age 65) as long as you have been a KiwiSaver member for at least 5 years.

Unexpected events may mean that you need to withdraw your money before you reach age 65.  There are special circumstances where you may be able to apply for an early withdrawal.

These special circumstances include:

  • serious illness

  • significant financial hardship

  • permanent emigration to another country; and

  • paying income tax or student loan obligations that result from Foreign Superannuation Transfers.

 

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I have reached the retirement eligibility age. What are the options for my Aon KiwiSaver Scheme money?

Once you reach 65 and have been in KiwiSaver for at least five years, you can access the money in your KiwiSaver account – but you don’t have to withdraw it all. 

In fact, your KiwiSaver money can continue to work for you long after you retire – so you can continue to enjoy your lifestyle with the money you have accumulated.

Aon KiwiSaver Scheme gives you a range of options for managing your retirement savings. You can: 

  • keep your money invested in KiwiSaver

  • set up regular withdrawals from your KiwiSaver account to boost your pension or other sources of retirement income

  • access some or all of your money

  • continue to make regular contributions by completing a Direct Debit Form You can still withdraw additional money when you want to.

You can find out more about your options here.

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As an employer, can I select Aon KiwiSaver Scheme as my preferred KiwiSaver Scheme?

Yes you can – there are benefits in selecting a preferred KiwiSaver provider.  You can find more here.

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Get in touch
Aon KiwiSaver Scheme
Administration 0800 266 463