Q. I am a NZ permanent resident and have been enrolled in Kiwi Saver since 2012. I will be 65 in April 2015. I work for a NZ-based company and plan to continue working until 67 years of age. My question is, can I remain in KiwiSaver beyond my 65th birthday? There is nothing in my Collective Employment Agreement forcing me to retire and furthermore my employer contributes 4 per cent of my salary into the fund, which, I imagine, will continue until I retire.
I find your question interesting because of your genuine concern that your KiwiSaver account could close when you turn 65.
In fact, nothing could be further from the truth. While people aged 65 or over can't join KiwiSaver, as long as they are 64 or under when they sign up they can stay in the scheme for as long as they wish.
There are some changes for most people at age 65, however. If they have been in for at least 5 years their funds are unlocked and they can start making withdrawals. As you joined in 2012 your KiwiSaver account cannot be accessed until 2017, or 5 years since you joined. By then you will be 67. That should fit in well with your plans to give up work at that age.
Because you still have 3 years to go to reach the 'age of eligibility' you will continue to receive up to $521 in member tax credits from the Government, as long as your contributions reach or exceed $1042 each year to 30 June. Anyone earning $34,762 or more should achieve this at the minimum contribution of 3%.