Processing and system upgrades 26 March - 16 April; this will impact changing funds and withdrawals.
On 30 March 2020, we will begin calculating the Portfolio Investment Entity (PIE) tax for the following:
- AMP KiwiSaver Scheme
- New Zealand Retirement Trust (NZRT)
- AMP Investment Trust (AIT)
- Personal Superannuation Scheme (PSS)
What does this mean for you?
Although we are receiving your transaction requests, we will be unable to process:
- withdrawal requests made from 26 March onwards; and
- change fund and contribution requests made from 30 March onwards
until we have completed the PIE tax end of year calculations. We expect to have these completed by 6 April 2020.
Please note: If you complete the change funds request on the MYAMP app or portal during this period your change will be processed after April 6 and cannot be cancelled. Changes to investment funds will be processed at the unit prices available on the date of processing.
Also during this period your account balance as shown on My AMP or quoted to you from one of our consultants, will be a few days older than normal due to the systems being down.
When should you expect to receive your PIE tax statement?
You will receive your PIE tax statement for the tax year ended 31 March 2020 before 30 June 2020.
Further AMP KiwiSaver Scheme withdrawal delays
Further to the above delays due to the processing of PIE tax, for AMP KiwiSaver Scheme there is going to be a further delay in processing full withdrawals. We will be unable to process full withdrawals for AMP KiwiSaver Scheme from 6 April to 16 April 2020. This is due to an Inland Revenue system upgrade which impacts all KiwiSaver providers. We will be able to process partial withdrawals during this time.
If you have any queries or concerns about how the PIE tax end of year calculations or the Inland Revenue upgrade impacts you, please call us on 0800 267 5494 or contact your Adviser.
AMP Wealth Management New Zealand Limited is the issuer of these schemes. For a copy of the Product Disclosure Statements relating to the AMP KiwiSaver Scheme, NZRT and AIT and Fund Update Booklets (where applicable) please visit amp.co.nz
A disclosure statement is available from your Adviser, on request and free of charge.
During a market drop, it can be tempting to change to a lower risk KiwiSaver fund, but this isn’t always the best idea.