News & Insights

Stay up to date with the latest Aon KiwiSaver Scheme news

KiwiSaver: What's new in 2019?

27 Aug 2019 by  Amanda Beeslaar

Did you know there have been a few important changes to KiwiSaver this year?  We’ve summarised them for you, so you can learn if they affect you:

  • More choice in how much you contribute – new contribution rates of 6% and 10% were added in April, so if you’re an employee you now choose to contribute 3%, 4%, 6%, 8% or 10% of your gross salary or wages to your KiwiSaver account.  Learn more

  • Changes to the contribution holiday – the contribution holiday (where you can choose to suspend your contributions to your KiwiSaver account) has been renamed ‘savings suspension’. Also, the maximum period for a savings suspension has been reduced from five years to one year. 

  • The member tax credit has been renamed 'government contribution'.  You can find out more about the government contribution here.

  • Changes for Kiwis over 60 – Kiwis aged 65 or over can now join KiwiSaver.  In addition, since July, someone age 60 or over who joins KiwiSaver can withdraw their KiwiSaver money when they turn 65 and no longer needs to wait until they have been a member for at least five years.

From April 2020, members who joined KiwiSaver prior to 1 July and were age 60 or over at the time will be able to opt out of the five-year minimum lock-in period once they’ve reached 65. If a member does opt out, they will no longer be entitled to further government contributions or employer contributions. 

If you’d like to know more about any of these changes, and how they may affect you, get in touch with us.

Amanda Beeslaar

Amanda Beeslaar is the Head of Retirement Products and responsible for overseeing the operations and growth strategy for the Aon KiwiSaver Scheme and Aon Master Trust. Amanda has been with Aon for nearly 12 years and has a passion for retirement and financial capability and is an active participant in the financial industry.

Get in touch
Aon KiwiSaver Scheme
Administration 0800 266 463