How does KiwiSaver work for Torpedo7?

Applies to Torpedo7 only

How does KiwiSaver work for Torpedo7?

The Kiwisaver scheme utilises the deductions from a team member’s pay as a means of saving for their retirement. The funds are collected by IRD and then forwarded on to a nominated fund manager who invests the employee’s contributions.

To be eligible to join team members must:

• be a New Zealand citizen or be entitled to stay in New Zealand indefinitely, and

• be under the age of eligibility for New Zealand Superannuation (NZ Super) which is currently age 65.

How does KiwiSaver work?

• The Company will send KiwiSaver information to all new team members with their Employment Agreement and Induction information pack. It is the team member’s responsibility to read this material, consider their options, and then take a course of action that fulfils their need.
  
• All new team members (that are eligible to join KiwiSaver*) are automatically enrolled. However, they have the option to ‘opt out’ between week 2 and week 8 of employment. If you wish to opt out within the first 2 months, please fill out the KS10 “New Employee Opt Out Request” Form accessible from kiwisaver.govt.nz
  
• Existing team members can voluntarily ‘opt in’ to KiwiSaver, by filling a KS2 “Kiwi Saver Deduction Form” accessible from kiwisaver.govt.nz
  
• Once enrolled, Team Members are committed to contribute until the age of NZ Superannuation eligibility, currently 65, unless they apply for a ‘Contributions Holiday’ via IRD.
  
• Team members will choose to contribute either 3%,4% or 8% of their regular pay (gross earnings). This is deducted from the employee’s pay and forwarded to IRD, who in turn forward it to the employee’s nominated fund manager (or the Company’s preferred fund manager). If you do not select a supplier, IRD will allocate you to the default scheme.
  
• If you're eligible, your employer will also contribute an amount equal to 3% of your pay to your KiwiSaver savings. If an employee wishes to consider a fund provider other than the Company’s preferred supplier, they must contact the alternative provider directly.
  

How To Find Out More:

For general information on KiwiSaver, employees can visit the Government website ww.ird.govt.nz/kiwisaver, or the Retirement Commission website www.sorted.org.nz.

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