There are a number of proposed changes that will make it easier to manage your KiwiSaver account. Some of these changes are dependent on legislation which is expected to pass in March, and the changes will take effect from mid-April 2020.
Easier to check your contributions
Upgrades to myIR will make it easier to find out how much you've contributed to your KiwiSaver account as well as the amount contributed by your employer and the government.
Improved transfers to KiwiSaver providers
Improvements to our systems will allow us to transfer your contributions to your KiwiSaver provider sooner and your details will be more accurate in your myIR account.
If you decide to change your KiwiSaver provider, the process will take around 10 days to complete. This is much faster than the current process which can take around 30 days.
Changes to the prescribed investor rate (PIR)
A PIR is the tax rate that is applied to income you earn on your investments, including KiwiSaver.
Currently you need to check your own PIR rate and provide it to your KiwiSaver provider, along with your IRD number.
The changes will allow us to let your KiwiSaver provider know if it looks like you’re on the wrong PIR rate, so you pay the right amount of tax.