+ Can I change my investment portfolio/option(s)?
Yes. If you're a member of the AMP KiwiSaver Scheme, you can change your investment option as often as you wish and it's free of charge. Please contact us for advice or to receive a copy of the AMP KiwiSaver Investment Statement and a ‘change of investment option’ form.
+ Can my children join KiwiSaver?
Yes. There's no lower age limit to join KiwiSaver. If they're under the age of 16, all parents or legal guardians will need to sign their application form. If they're 16 or 17, the applicant and at least one parent or guardian will need to sign the application form. You'll also need to attach a copy of their birth certificate.
+ How much do I need to contribute, and by when, to get the maximum Government Member Tax Credit (MTC)?
The KiwiSaver MTC year runs from 1 July to 30 June. To get the maximum MTC of $521.43 you must meet all of the following criteria:
- you're aged between 18 and your qualifying date, and
- you have mainly lived in New Zealand for the full year, unless you're living overseas as a Government employee or you're volunteering (or working for token payment) for specified charitable organisations.
- you have contributed at least $1,042.86 between 1 July and 30 June; and
- you have been a member for the full year (1 July to 30 June).
If you have not been a member for the full year, or you turned 18 during the year, your MTC will be based on the number of days in the KiwiSaver MTC year that you were eligible.
Please note: Any savings transferred from an Australian complying superannuation fund to a KiwiSaver scheme will not be included in the calculation of any member tax credits for that KiwiSaver MTC year.
+ When can I access my money?
Unless you qualify for an early withdrawal (including to buy your first home), you can't make a withdrawal from your KiwiSaver scheme until your qualifying date, which is:
- when you qualify for New Zealand Superannuation (currently at age 65); or
- if you joined after age 60, after five years' membership of a KiwiSaver scheme or a complying superannuation fund.
After your qualifying date, there are a number of options for you and decisions that you will need to make.
Please contact us to discuss your plans and we will help you make the right decision with your hard earnt savings.