KiwiSaver is a work-based retirement savings initiative, set up by the government to help New Zealanders save towards their retirement.
As an employer you need to make KiwiSaver available to your employees, and meet a few other requirements.
The AMP KiwiSaver Scheme might suit you if…
- you’re looking for an award winning KiwiSaver scheme operated by an experienced investment team
- you want the ability to simplify KiwiSaver administration and support tasks
- you want to offer your staff access to advice and financial education in a way that works for your business.
Here’s what you get:
- Consistent, high level advice and support from one source.
- An AMP KiwiSaver Scheme information pack for each employee containing all they’ll need to know.
How much does it cost?Show more
To be a part of the AMP KiwiSaver Scheme there are a few associated costs including:
- a member fee of $1.95 per month
- annual management fees (these vary depending on the fund you choose to invest in)
An award-winning scheme
In 2019, the AMP KiwiSaver Scheme received a Gold Rating for being a 'good value for money' KiwiSaver scheme in the independent SuperRatings review.
Benefits for your employees
Aside from compulsory employer contributions, KiwiSaver offers your employees a number of other great benefits, such as:
- an annual Government contribution of 50 cents for every dollar they contribute, up to a maximum of $521.43 per year (if eligible)
- help with buying their first home
Additionally, the AMP KiwiSaver Scheme offers access to an easy-to-use-online portal, and a wide range of investment options to choose from, including the Lifesteps Investment Plan. Find out more about the benefits of joining KiwiSaver.
Meeting your obligationsShow more
Here are some of the requirements you must fulfil as an employer under the KiwiSaver Act:
- If an employee is contributing to KiwiSaver, generally you also need to contribute a minimum of 3% of their gross salary or wages.
- Inland Revenue’s KiwiSaver information pack should be given to new employees who qualify, and existing employees who wish to opt in to KiwiSaver.
- You must send the names, addresses and IRD numbers of new employees to Inland Revenue.
- You’ll need to accept opt-out requests from employees, and notify Inland Revenue, and refund contributions to employees that haven’t been sent to Inland Revenue.
- You need to action any ‘savings suspension’ requests when notified by Inland Revenue.
- You are responsible for calculating and paying the required amount of Employer Superannuation Contribution Tax to Inland Revenue as part of your payday filing requirements.
What are the employer benefits of joining the AMP KiwiSaver Scheme?Show more
We have one of New Zealand’s largest, most experienced Adviser networks to help you offer your employees an attractive KiwiSaver scheme option. We’ve also been re-appointed as a default KiwiSaver provider by the Government.
The benefits you get from joining the AMP KiwiSaver Scheme include:
- your business has to deal with fewer sets of information, and questions about employees from different scheme providers.
- you and your employees will receive professional advice and support, and consistent information all coming from one source.
- you can order AMP KiwiSaver Scheme information packs for your employees online, which will cover all they need to know about the scheme.
The benefits your employees receive as members of the AMP KiwiSaver Scheme:
- access to a financial Adviser, allowing them to ask questions and get answers from professionals
- online access to their AMP KiwiSaver Scheme account through My AMP and My Amp App
- practical decision-making tools for employees
- financial planning seminars
- an 0800 support number.
What types of funds does the AMP KiwiSaver Scheme offer?Show more
Your employees will have options when it comes to investing their savings:
- The Lifesteps Investment Programme – where savings are automatically invested in funds to match a member’s age, watch our Lifesteps video to find out more.
- Members can personally select which fund or funds to invest in depending on their savings goals, how comfortable they are with taking investment risks, and what stage of life they’re at.
- A mix of both Lifesteps as well as a fund choice of their own.
To make AMP your workplace KiwiSaver provider, talk to your Adviser or call us on 0800 267 967.