You may have been automatically enrolled in the BNZ KiwiSaver Scheme by your employer or Inland Revenue.
How you became automatically enrolled
If you start a new job with a new employer, your employer will enrol you in KiwiSaver unless they are exempt from doing so. If you don’t opt out of KiwiSaver all together or if you don’t choose a KiwiSaver scheme, you’ll be allocated to your employer's chosen KiwiSaver scheme (if they have one) or one of the nine Government-appointed default KiwiSaver schemes. The BNZ KiwiSaver Scheme is one of the default KiwiSaver schemes.
What to do once you’ve been enrolled
Once enrolled, you can decide how you want your KiwiSaver account to work for you. You can do this by:
- Choosing which fund you’d like to invest your KiwiSaver savings into. You have a choice of six different funds and you need to choose one that’s right for you. It’s easy to do using our What kind of investor am I? tool. If you don’t make a choice, your contributions will be automatically invested in the Conservative Fund.
- Selecting a Prescribed Investor Rate (PIR), which we’ll use to pay tax on your share of the BNZ KiwiSaver Scheme’s taxable income. Selecting the correct rate will ensure we pay the right amount of tax for you. Use the Work out my PIR tool to help you with this. If you don’t choose a PIR, we’ll apply the highest PIR, which is currently 28%.
- Viewing and managing almost every aspect of your BNZ KiwiSaver Scheme account online through Internet Banking. If you’re not already set up for Internet Banking, call us on 0800 269 5494 and we’ll take care of this for you.
For more information or for help getting started with your decisions about KiwiSaver, give us a call on 0800 269 5494, email us at email@example.com, or visit your local BNZ store.