How to opt out of kiwisaver for torpedo 7

How to opt out of KiwiSaver for Torpedo 7


Applies to Torpedo 7 only

How to opt out KiwiSaver for Torpedo 7?

If you're a new employee who has been automatically enrolled, you can opt out of KiwiSaver between week 2 and week 8 of employment. Please fill out the KS10 “New Employee Opt Out Request” form accessible from kiwisaver.govt.nz, and forward to IRD as per the form instructions.

If you chose to join KiwiSaver, or you have been employed for more than 8 weeks, then you can't opt out, but you may be able to take a contributions holiday of up to 5 years, by contacting the IRD directly.

Thereafter, once enrolled, Team Members are committed to contribute until the age of NZ Superannuation eligibility, currently 65, unless they apply for a ‘Contributions Holiday’ by contacting IRD directly. If a team member is granted a 'Contributions Holiday' they will need to provide Payroll with a copy of the 'Contributions Holiday Letter' sent to them by IRD, to stop KiwiSaver deductions from their pay. Please scan a copy of this letter to: askpeoplesupport@twgroup.co.nz

After you opt out:
  • Inland Revenue will notify your employer.
  • Your employer will stop deducting KiwiSaver contributions from your pay, and making employer contributions.
  • Inland Revenue will refund to you any contributions already deducted from your pay
  • Inland Revenue will refund to your employer any employer contributions made
  • Your employer may refund to you any contributions already deducted from your pay but not yet forwarded to Inland Revenue.

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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