myIR, payments and more
Employees become eligible to withdraw their savings when they qualify for NZ Super (currently aged 65) and have been a KiwiSaver member for 5 years or more.
Employees may continue with their KiwiSaver deductions after the date they become eligible to withdraw their savings. Employers must continue to make deductions from the employee’s salary if the employee requests this.
Employees who reach their withdrawal date can stop their deduction of contributions from their salary and your employer contributions are no longer required to be paid.
When an employee stops their deductions
- have reached their withdrawal date, and
- wish to stop having KiwiSaver deductions taken from their pay
must complete a Non-deduction notice (KS51) and give it to their employer.
An employee can ask you to recommence their KiwiSaver deductions from their pay, by completing the KiwiSaver deduction form (KS2).
They cannot ask you to stop and start too often, the minimum period before requesting a change, unless you agree otherwise, is three months.
Employer compulsory contributions
Your employer compulsory contributions can stop for these employees, unless a contractual employment agreement, or similar arrangement specifies otherwise.