How does KiwiSaver work for NLG?

How does Kiwisaver work for NLG?


Applies to: All Noel Leeming Team Members

Overview

The Kiwisaver scheme utilises the deductions from a team member’s pay as a means of saving for their retirement. The funds are collected by IRD and then forwarded on to a nominated fund manager who invests the employee’s contributions.

To be eligible to join team members must:
• be a New Zealand citizen or be entitled to stay in New Zealand indefinitely, and
• be under the age of eligibility for New Zealand Superannuation (NZ Super) which is currently age 65.

How does KiwiSaver work?

• NLG will send KiwiSaver information to all new team members with their Employment Agreement and Induction information pack. It is the team member’s responsibility to read this material, consider their options, and then take a course of action that fulfils their need.
• All new team members (that are eligible to join KiwiSaver*) are automatically enrolled. However, they have the option to ‘opt out’ between week 2 and week 8 of employment. If you wish to opt out within the first 2 months, please fill out the KS10 “New Employee Opt Out Request” Form accessible from kiwisaver.govt.nz
• Existing team members can voluntarily ‘opt in’ to KiwiSaver, by filling a KS2 “Kiwi Saver Deduction Form” accessible from kiwisaver.govt.nz
• Once enrolled, Team Members are committed to contribute until the age of NZ Superannuation eligibility, currently 65, unless they apply for a ‘Contributions Holiday’ via IRD.
• Team members will choose to contribute either 3%,4% or 8% of their regular pay (gross earnings). This is deducted from the employee’s pay and forwarded to IRD, who in turn forward it to the employee’s nominated fund manager (or the Company’s preferred fund manager). NLG has selected ASB Group Investments as its preferred fund manager, however team members can choose to use an alternative fund manager. If you do not select a supplier, IRD will allocate you to the default scheme.
• If you're eligible, your employer will also contribute an amount equal to 3% of your pay to your KiwiSaver savings. If an employee wishes to consider a fund provider other than ASB, they must contact the alternative provider directly.

How To Find Out More:

To find out more about ASB Group Investments employees can call the ASB contact centre on : 0800 782 330 or visit www.asb.co.nz/kiwisaver.  If an employee wishes to consider a fund provider other than ASB, they must contact the alternative provider directly.

Alternatively, for general information on KiwiSaver, employees can visit the Government website www.ird.govt.nz/kiwisaver, or the Retirement Commission website www.sorted.org.nz.



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