Rotorua Daily Post
  • Rotorua Daily Post home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Sport
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
    • All Lifestyle
    • Residential property listings
  • Property
    • All Property
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Rural
  • Sport

Locations

  • Tauranga
  • Te Puke
  • Whakatāne
  • Rotorua
  • Tokoroa
  • Taupō & Tūrangi

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales

Weather

  • Rotorua
  • Tauranga
  • Whakatāne
  • Tokoroa
  • Taupō

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Rotorua Daily Post / Lifestyle

KiwiSaver, Shelley Hanna: No top up after 65

By Shelley Hanna
NZME. regionals·
30 Jun, 2020 09:20 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Changes made to KiwiSaver mean there will be no top up after age 65.

Changes made to KiwiSaver mean there will be no top up after age 65.

Q I am a school teacher aged 62. I have been a member of the teachers' super scheme since I started teaching in the 80s and I have never joined KiwiSaver. If I join now and contribute 3 per cent of my salary, will I get the government top up for five years, or just to age 65?

A With the introduction of KiwiSaver, government super schemes like yours were closed to new members, but existing members like you can continue with their contributions. The good news is that you can be a member of both schemes. KiwiSaver members over 18 and under 65 receive annual Member Tax Credits of up to $521 based on how much they contribute — members of the teachers' super scheme do not get this top up. You can make employee contributions to both schemes (if you choose), but employer contributions will only be paid to one scheme.

The rules for new KiwiSaver members over 60 changed from July 1, 2019. Before that date, a member aged 60 to 64 could join and receive the government contribution for five years, as long as they contributed up to $1042 over the KiwiSaver year. Employer contributions also continued for five years. At the end of five years, those contributions stopped and members could withdraw their savings if they wished.

From July 1, 2019 the age restriction on joining was removed. Anyone entitled to live in New Zealand permanently can now join KiwiSaver no matter what their age.

Now someone like you who joins KiwiSaver after July 1, 2019 will only get the government contribution until they turn 65. Their employer is also only obliged to make employer contributions until you turn 65. As you are now 62, you could receive the equivalent of $10 per week to age 65 from the government, if you contribute $20 per week or more.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Existing members in this age bracket should take note that the lock-in rules changed for those in the 60-64 age bracket who joined prior to July 1, 2019. Now when you turn 65, you can choose if you wish to continue with government and employer contributions or if you would like access to your savings.

If these members advise their provider (after they turn 65) that they want to opt out of the lock-in period they can. Their entitlement to the government contribution and compulsory employer contributions will cease from the day before they advise their provider of this decision. This may be helpful to some members whose financial situation has worsened since Covid-19.

There have been multiple changes to KiwiSaver since 2007. Members in this age bracket should talk to their provider or get advice from an authorised financial adviser if they are uncertain of their entitlement.

Advertisement
Advertise with NZME.

Shelley Hanna is an Authorised Financial Adviser FSP12241. Her disclosure statement is available on request and free of charge by calling 06 870 3838 or go to www.peak.net.nz. The information contained in this article is of a general nature and is not personalised. Send your KiwiSaver questions to shelley.hanna@peak.net.nz

Save

    Share this article

Latest from Lifestyle

Rotorua Daily Post

Bustles, ballgowns and bustiers: Why costumiers get bitten by the cosplay bug

25 Jun 05:00 AM
Rotorua Daily Post

Rotorua Home & Lifestyle Show returns

20 Jun 04:00 PM
Rotorua Daily Post

How to celebrate Matariki in Rotorua

19 Jun 05:01 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Lifestyle

Bustles, ballgowns and bustiers: Why costumiers get bitten by the cosplay bug

Bustles, ballgowns and bustiers: Why costumiers get bitten by the cosplay bug

25 Jun 05:00 AM

Costumiers will wear their finest garments at a fantasy event in Rotorua next month.

Rotorua Home & Lifestyle Show returns

Rotorua Home & Lifestyle Show returns

20 Jun 04:00 PM
How to celebrate Matariki in Rotorua

How to celebrate Matariki in Rotorua

19 Jun 05:01 AM
Watch: Monteith’s Wild Food Challenge final returns to Auckland after 11 year hiatus

Watch: Monteith’s Wild Food Challenge final returns to Auckland after 11 year hiatus

18 Jun 06:32 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Rotorua Daily Post e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Rotorua Daily Post
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Rotorua Daily Post
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP