"Examples of updated information about KiwiSaver on sorted.org.nz"
21 July 2008 Examples of updated information about KiwiSaver on sorted.org.nz Can you still afford KiwiSaver? • If you are an employee and have been a member for a year or more, you can put your payments on hold for between three months and five years by taking what’s called a ‘contributions holiday’. • If you’ve been a member for less than 12 months, and if you suffer or are likely to suffer financial hardship you may be eligible for an early contributions holiday. Financial hardship is defined on the Inland Revenue KiwiSaver website www.kiwisaver.govt.nz • If you’re self-employed or not working, you will need to talk to your scheme provider to negotiate a savings break or reduce the amount of your payments. • After paying in for 12 months you may be able to divert up to half of your KiwiSaver contributions to mortgage payments on the home you live in (not an investment property). Check with your scheme provider and mortgage lender. Are you thinking about changing KiwiSaver Schemes? • There are several reasons why you may want to change schemes or providers. There is a checklist on sorted.org.nz to help you make an informed decision. • You can change KiwiSaver schemes at any time by contacting a scheme provider directly. Note that you can only belong to one KiwiSaver scheme at a time, and you may be charged a transfer fee by your current scheme providers. • You can also change funds within your current provider for example from a low to a higher risk fund. NOTE: For more detailed answers to these questions go to www.sorted.org.nz Sorted also has decision making tools and information for those thinking about joining KiwiSaver, including the Quick KiwiSaver calculator and the KiwiSaver Decision Guide. For more information please contact: Catriona Robertson Senior Communications Adviser Retirement Commission T: 04 494 6243 M: 021 242 7936 E: email@example.com