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  Taking a savings break

What
Temporarily stop your contributions to your KiwiSaver if you've had a change of circumstances.
Who
Anyone in KiwiSaver for a year or more, or those whose circumstances have changed drastically.
When
Take a break if you can no longer afford your contributions.

If your financial situation changes, you may want to take a short break from making KiwiSaver contributions. Depending on how long you've been a member, it's possible to take a savings suspension.

If you've been in KiwiSaver a year or more

All employees who have contributed and been a member for 12 months or more can have a savings suspension for 3 months to 1 year. You do not need to give a reason and you can have as many savings suspensions as you want. You can take them back-to-back.

While you’re on a savings suspension you will not get employer contributions unless your employment agreement states otherwise. If you want to get the government contribution you may need to make voluntary payments.

You can start or stop your contributions at any time while you're on a savings suspension, just talk to your employer. However, if the change is within 3 months of the last change, your employer needs to agree.

If you've been in KiwiSaver less than a year

You can apply for an early savings suspension, if you've made a KiwiSaver contribution and you're experiencing, or likely to experience financial hardship.

When you apply, we will need to see evidence of financial hardship for reasons outside your control.

If your financial circumstances have changed for reasons within your control, your application may not be accepted.

We'll work with you to decide the right length of time. The default period for a savings suspension is 3 months. Depending on your circumstances we may give you up to 1 year.

Contact us if you need to apply for an early savings suspension. You will need to provide evidence to support your application.

Changing jobs during a savings suspension

If you change jobs during your savings suspension, you will need to show your new employer your savings suspension notice. If you cannot locate your savings suspension notice, deductions are required until you get a replacement letter from Inland Revenue. Any deductions made during this period won’t be automatically refunded. You will need to contact Inland Revenue if you want them to be refunded.

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