Synonyms for kiwisaver or Related words with kiwisaver
Examples of "kiwisaver"
However, money can be withdrawn before retirement in a number of circumstances which are outlined in Schedule 1 (
scheme rules), of the
In 2000, Gareth established Gareth Morgan Investments Limited (GMI), a personal investment portfolio management service, which has grown to be one of the largest private businesses of its type in New Zealand. When the New Zealand Government initiated
in 2007, Gareth Morgan
Limited (GMK) launched the Gareth Morgan
A participant can access all their
contributions once they reach the age of entitlement for New Zealand Superannuation (currently 65), as long as they have been a
member for five years. Otherwise,
contributions can only be accessed (with restrictions) in the following circumstances:
Kiwibank’s core business consists of personal banking, business banking,
and other wealth services.
As of 30 June 2013, there were 352,600
members aged under eighteen.
In 2007 a new individual saving scheme was introduced by the same Government, known as
. The main purpose of
is for retirement savings, but younger participants can also use it to save a deposit for their first home. The scheme is voluntary, work-based and managed by private sector companies called
providers. As at 30 June 2014,
had 2.3 million active members or 60.9% of New Zealand's population under 65. NZ$4 billion was contributed annually, and a total of NZ$19.1 billion has been contributed since 2007.
Budget 2007 made a number of changes to the
The operating company, Huljich Wealth Management (NZ) Ltd, established three
funds. The company targeted "high-net-worth individuals" although smaller investors could "gain access through
or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us". In 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned
provider in the country.
and introduced a 15% research and development tax credit. It also made a number of changes to the
As the main purpose of the
fund is for retirement savings, money can be withdrawn from the fund at the age at which the person is eligible for government superannuation, currently 65, as long as they have been a
member for five years.
On 6 December 2007, 5 months after the start of
, it was announced that 316,000 people had signed up. Over half were under 45, nearly 20% were under 25, and 33,000 were under 20. By 31 May 2008 uptake had more than doubled to 673,000, with more than $900 million having been paid into
If an Australian worker has transferred funds from their New Zealand
scheme into their Australian superannuation scheme, they cannot access the ex-New Zealand portion of their superannuation until they reach the age of 65, regardless of their preservation age. This rule also applies to New Zealand citizens who have transferred funds from their New Zealand
scheme into an Australian superannuation fund.
scheme is a New Zealand voluntary long-term savings scheme which came into operation from Monday, 2 July 2007. The main purpose of the
fund is for retirement savings, but younger participants can also use it to save a deposit for their first home.
On 16 July 2009, the governments of New Zealand and Australia announced plans to allow funds in
and Australian superannuation to be transferred between the two schemes. This would allow New Zealanders who have worked in Australia to repatriate their superannuation money to New Zealand, and likewise for Australians who have worked in New Zealand to repatriate their
money to Australia. Trans-Tasman portability of retirement savings came into force on 1 July 2013; from that date New Zealanders could no longer withdraw their
funds in cash on the basis of permanent emigration to Australia.
In January 2015, CEO Rachel Brown said there was strong demand for an ethical and sustainable
provider, which was not being met by the current market: "There's a mismatch between their criteria and the options that are being presented through ethical funds at the moment." A survey the SBN had conducted of 1,400 people in June 2014 indicated that 90 percent of people wanted a sustainable
option, while 97 percent would actually move to one if the rate of return was the same as conventional schemes. Brown said she was in talks with a number of banks interested in setting up green
funds, which she hoped would launch in 2016.
scheme was one of the promises on Prime Minister Helen Clark's controversial 2005 pledge card as part of the Labour Party's promises for that election. In 2008 John Key, then Leader of the Opposition, stated that a National led government would mean "there won't be radical changes...there will be some modest changes to
therefore has broad political support, being supported by both the National and Labour parties. National has since capped employer contributions at 2% and reduced compulsory employee contributions to 2%, with effect from 1 April 2009. Mortgage diversion is no longer available.
has been critiqued as being a part of a strategy to reduce New Zealand Universal Superannuation provision and expand New Zealanders reliance on private financial institutions to fund retirement income, and can be seen as part of the wider global strategy of pension privatisation originally promoted by the World Bank and others. Winston Peters has critiqued
as a 'billion dollar rort' by the finance industry and proposed alternatively that private
funds should be invested in a government run "KiwiFund" which would invest mainly in New Zealand assets and infrastructure. Russel Norman of the Green Party has earlier proposed directing
funds into the New Zealand Superannuation Fund (also known as the "Cullen Fund") to reduce high fees paid to financial industry.
was introduced by the Fifth Labour Government in July 2007 as a voluntary retirement savings scheme on top of New Zealand Superannuation. Employees choose to contribute 3%, 4% or 8% of their gross earnings, with employers contributing 3%, and the government contributing a $1000 "kick-start" upon joining
as well as 50c per dollar on the first $1043 contributed by the employee each year. The savings are privately managed in a scheme of the person's choosing (if they don't choose a scheme, the government assigns them one), with the government's role limited to regulation, and the collecting and passing on of contributions via the PAYE tax system. An added incentive for younger people is the ability to make a one-off withdrawal from their
fund to help buy their first home. While completely voluntary, 2.15 million New Zealanders are active
members as of June 2013, equal to 56 percent of the country's population under 65.
Act 2006 (NZ) Schedule 1 sections 8 and 10 schemes require that members may withdraw to purchase a first home or in the case of significant financial hardship. A QROPS cannot allow purchases of residential property or allow access before the British pension age. So, HMRC's QROPS list published on 19 May 2015 included no
schemes and consequently a drastically reduced New Zealand list.
On calling the 2008 election, Prime Minister Helen Clark declared that it would be "about trust", labelling the National Party's recent commitments to preserve Labour Party programmes such as
and Kiwibank as "insincere".
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