The Fisher Funds TWO KiwiSaver Scheme for Employers
Employers have many obligations under the KiwiSaver Act. Employers must:
- Determine whether new employees are subject to automatic enrolment.
- Provide information packs to new employees aged over 18 years within 7 days of starting work.
- Send Inland Revenue new employee details, such as name, address and IRD number.
- Deduct KiwiSaver contributions, starting from the new employee's first pay. Contributions must be forwarded to Inland Revenue on a monthly basis.
- Act on any opt out or opt in requests and any savings suspension notices.
- If they have selected a preferred KiwiSaver provider, give their employees:
- A product disclosure statement from that provider
- A statement advising employees that, if they do not choose their own scheme, they will be allocated to their employer's chosen KiwiSaver scheme
- Make contributions to all employees who are contributing to KiwiSaver (or a compliant company superannuation fund) of 3% of gross salary or wages.
Practical suggestions
Employers need to be prepared for staff asking for advice on KiwiSaver. Employers should try and avoid providing financial advice, but assist employees to access information on KiwiSaver providers and the options available.
Keep KiwiSaver as simple as you can for your payroll and HR people - and most importantly your staff.
Preferred Provider
If you do wish to select a preferred provider, ensure:
- your employees understand they can still select their own provider, and
- you understand the fee structure of the preferred provider and the Governing Document which covers the operation of the scheme(s).
If you wish to speak with us about making Fisher Funds Management Limited your preferred KiwiSaver Scheme provider, please contact us on 0800 20 40 60 or by email.
Alternatively, you can download our preferred provider agreement, sign two copies keeping one for your records and send the other to us. We will then notify Inland Revenue of your election.
