Expect to know what KiwiSaver is

KiwiSaver is an exciting government initiative to encourage individuals to save for their retirement. KiwiSaver is voluntary and New Zealand citizens and permanent residents under the age of 65 are able to join. In an effort to encourage people to join, the government will  contribute $1,000 (known as a kick-start) and will subsidise a KiwiSaver account with a "member tax credit" of up to $20 per week.

Our KiwiSaver solution: SuperLife

As part of our promise to bring real service to banking, TSB Bank is committed to being involved in KiwiSaver. It is with this in mind that we have carefully chosen a KiwiSaver provider to ensure your retirement savings will be working for you. SuperLife Limited is 100% New Zealand owned and an approved KiwiSaver scheme provider. TSB Bank's KiwiSaver solution is provided through SuperLife's SuperLife KiwiSaver scheme and offers employers, employees, non-employees and children, low cost professionally managed retirement savings funds.

To join SuperLife KiwiSaver (TSB Bank’s KiwiSaver solution)

New employees

If you are a new employee, aged 18 to 64, the law requires that you are auto-enrolled in KiwiSaver. You must contribute 2% of your gross taxable pay from day one of your employment.

You may opt-out after two weeks (day 14) and before the end of eight weeks (day 56). You can opt-out after 8 weeks only in exceptional circumstances. If you do not opt-out, you will be required to save the 2% for at least a year. To opt-out you must complete the IRD form KS10.

If you decide to stay a member and not opt-out, you should complete the TSB Bank's KiwiSaver solution membership form and send it to SuperLife.

Other employees under 65

Any other employee under 65, can join KiwiSaver, but has to “opt-in”. To opt-in:

• If you are 18 to 64: complete the IRD KiwiSaver deduction form (KS2) and give it to your employer and complete the TSB Bank's KiwiSaver solution membership form and send it to SuperLife.  

• If you are under 18: complete only the TSB Bank's KiwiSaver solution membership form send it to SuperLife.


Other individuals

If you are not an employee, e.g. you are self-employed, not working, or if you are a child under 18 years of age,  you can join KiwiSaver by applying direct to a KiwiSaver provider. You can do this by completing the TSB Bank's KiwiSaver solution membership form or the TSB Bank’s KiwiSaver solution membership form – for children and, if applicable, the SuperLife KiwiSaver's Direct Debit form.  Once completed send them to SuperLife.


Choose TSB Bank's KiwiSaver solution with SuperLife KiwiSaver

You can choose which KiwiSaver scheme your savings go to. If you do not choose a KiwiSaver provider, the IRD will randomly allocate you to a default provider and your contributions will be invested in a default investment strategy. This may not be the best option for you.


Employer solutions

Simplifying the KiwiSaver process

Employers are required to give to new employees (and existing employees on request) a KiwiSaver pack provided by the IRD. The IRD pack will cover the choices they have or what happens when they don’t exercise their choice. An employer should also choose a KiwiSaver scheme for employees who do not make a decision.

Selecting SuperLife KiwiSaver (TSB Bank’s KiwiSaver solution) as your chosen scheme will make it easier for you and your employees, to benefit from the KiwiSaver advantages. By selecting SuperLife KiwiSaver, your employees will avoid having the IRD randomly select a KiwiSaver scheme for them and so avoid being directed to a default investment strategy that may not suit their needs. You also enhance your enrolment process, give your employees the opportunity to make an informed choice and reduce some of the compliance demands that come with KiwiSaver.
 
Choose a provider – SuperLife KiwiSaver 

The government incentives available to an employee, of up to $20 per week member tax credit, together with the requirement for employers to contribute, will lead to more employees wanting to join and so increase the demands on the employer. Choosing the SuperLife KiwiSaver  scheme for your employees has now become even more important. This decision will:

• Simplify the process for you the employer.

• Reduce the complexity for employees.

• Give employees better information and so allow them to make better decisions that will give them better outcomes.

• Reduce on-the-job distractions to employees with most being in the same scheme.

What to do next?

Simply complete the TSB Bank's KiwiSaver solution chosen provider advice form and mail it to SuperLife or fax it to  (09) 375 9801 .  We will do the rest. Once we receive your form, we will send you the TSB Bank KiwiSaver Solution information packs which you can distribute to your employees.  If you need any help just call us on 0800 TSB KIWI (0800 872 549), or email us at tsbbankkiwisaver@superlife.co.nz
 
For further details:

Brochure - Make KiwiSaver simple for you and your employees 

Application form - Select the SuperLife KiwiSaver scheme / TSB Bank's KiwiSaver solution as the chosen KiwiSaver scheme for your business 


TSB Bank's KiwiSaver solution document library

Investment statement – the SuperLife KiwiSaver investment statement for the TSB Bank KiwiSaver solution

Investment options – the SuperLife investment options

For employers:

TSB Bank’s KiwiSaver solution chosen provider form

For individuals:

TSB Bank’s KiwiSaver solution membership form

TSB Bank’s KiwiSaver solution membership form for children

TSB Bank’s KiwiSaver solution direct debit form

More information

For more information, contact TSB Bank's KiwiSaver solution on 0800 TSB KIWI (0800 872 549) or email tsbbankkiwisaver@superlife.co.nz.

Useful information: This information is not an Investment Statement for the purposes of the Securities Act 1978. No money is being sought, and no applications will be accepted or money received, unless the subscriber has received a SuperLife KiwiSaver scheme Investment Statement. The Investment Statement is available from TSB Bank Limited and SuperLife Limited. The TSB Bank KiwiSaver solution forms part of the SuperLife KiwiSaver scheme registered under the KiwiSaver Act 2006 and is provided by SuperLife Limited. TSB Bank Limited is involved in marketing and distributing its KiwiSaver solution, however, it is not a promoter of the SuperLife KiwiSaver scheme as defined in the Securities Act 1978. TSB Bank Limited is not providing any advice about the TSB Bank KiwiSaver solution for the purposes of the Investment Advisers (Disclosure) Act 1996. TSB Bank Limited is to receive an administration fee from SuperLife Limited in respect of each member of the SuperLife KiwiSaver scheme who joins under the TSB Bank KiwiSaver solution. TSB Bank Limited does not guarantee or underwrite the capital value of any contribution made to the SuperLife KiwiSaver scheme or any investment return, benefit or other amount associated with the TSB Bank KiwiSaver solution. An investment in the TSB Bank KiwiSaver solution does not represent a deposit with, or other liability of, TSB Bank Limited. For more information or for a copy of the Investment Statement, visit www.tsbbankkiwisaver.co.nz or phone 0800 TSB KIWI (0800 872 549).