What are the proposed changes?
Additional contribution options
Typically the KiwiSaver contribution options have been 3%, 4% and 8%. Although you’ve always been able to make voluntary contributions on top of one of these options, the proposed changes are now bringing in a 6% and 10% option so that you can save more towards your retirement if you choose.
Proposed change: From 1st April 2019, the available contribution rates will be 3%, 4%, 6%, 8% and 10%.
Contribution Holiday changes
The term holiday often brings about thoughts of a nice break or getaway and is probably a bit too positive a word for putting your KiwiSaver contributions on hold. As some people may need to stop their contributions for whatever reason, this option isn’t being removed, it’s just having a name change to ‘Savings Suspension’ so that people realise the gravity of losing money from their savings and don’t use this option unless absolutely necessary.
The amount of time you can suspend your contributions for is also changing – instead of suspending it for five years, the maximum time for this will be reduced to one year. You can suspend it for longer than this, but you’ll need to actively apply each year.
Proposed change: From 1st April 2019, Contributions Holidays will now be called Savings Suspension and will be available for a maximum term of one year before re-application.
Options for people over 60
In the current KiwiSaver scheme, the maximum age that people can join KiwiSaver is 65. This is changing so that people over 65 can also join KiwiSaver if they wish.
If you’re over 60 and you join KiwiSaver after the 1st July 2019, there won’t be a lock-in period – all new members will be able to withdraw their funds after their 65th birthday.
People over 60 who join before 1st July 2019 will still have a 5 year lock-in period in which they won’t be able to access their funds.
Proposed change: From 1st July 2019, people over 65 years old will be able to join KiwiSaver. The 5 year lock-in period will also be removed.
If you’re not sure what these changes mean for you, or you’d like to know more about how KiwiSaver works, talk to your Haven Adviser today!
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The Winner will be notified by email, phone (voice or text), mail or in person. Where attempts to contact the Winner fail (e.g. when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
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The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.
Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years (c) all people without a qualifying delivery address.
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Refer someone else to complete a financial review with any of Haven’s advisers for any service during the entry period and if they complete the review you will receive one entry each into the Competition.
The Winners will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.
The Winners will be notified by email, phone (voice or text), mail or in person. Where attempts to contact a Winner fail (e.g. when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
Where the Winner is required to claim the prize in person, they must provide proper identification (eg driver’s licence, passport, birth certificate).
The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions.
The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated.
The Promoter (Haven Financial Advisers Limited) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.
The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.
Prizes may be subject to additional terms and conditions imposed by a third party.
The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.
The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.
The Haven Travel Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older.
Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years.
The Competition begins on Monday 13th March 2023 to Wednesday 31st May 2023.
Complete a financial review with any of Haven’s advisers for any service during the entry period and you will receive one entry into the Competition.
The final winner will be drawn on Monday 5th June via random selection by Haven Financial Advisers.