What's new

Please read below about the changes to KiwiSaver from 1 April 2020.


Projected Balances


There are some changes to your annual statement this year. New regulations have been introduced which require the disclosure of retirement balance projections for Members aged between 18 and 65 that have been a member of the Lifestages KiwiSaver Scheme for at least 1 financial year. You will find these on page 2 of your annual statement.

For our other members, there are regulated statements that have been included on page 2.

The projected balances are calculated using a standard formula that has been set by the Government. Inflation, wage growth and investment return rates (depending on the risk profile of your investment) are standardised across all KiwiSaver providers.

The project balance is indicative only and represents a projected balance expressed in current day dollars. Your final balance is likely to be materially different.

The projected balance is recalculated each year based on your contributions made over the previous financial year and your account balance.

You can model your projected balances at any time by using our calculator.


Investments in the Scheme do not represent deposits or other liabilities of FANZ or its parent SBS Bank (or any other member of the SBS Bank group), and are subject to investment risk. The investment risk includes possible delays in repayment and loss of income or contributions invested. The principal and returns of the Scheme are not guaranteed or secured in any way by FANZ or by its parent SBS Bank (or any other member of the SBS Bank group), the Government, the Supervisor, or any other person.

You can now exit KiwiSaver when you're 65



If you joined KiwiSaver before 1 July 2019 and were aged between 60-64 you would have been locked into KiwiSaver for 5 years. It meant you could not withdraw your KiwiSaver when you were 65. From 1 April 2020 you can now either:

  • opt out anytime after you're 65 (and withdraw your savings)
  • keep your funds in KiwiSaver for the full 5 year term (and withdraw them after that).

However, from the date of payment of your withdrawal, if you have not been in a KiwiSaver Scheme or a complying superannuation fund for at least 5 years, you will lose any entitlements to further Government Contributions and any entitlement to further compulsory Employer Contributions, if any, that you would otherwise have been entitled to.

A Retirement Withdrawal form can be downloaded from our forms page.



Life-shortening Congenital Conditions


If you have been suffering a Life-shortening Congenital Condition, you may elect to retire early from the Scheme.

Your condition can be either listed or non-listed.

A “list” will be published by Government regulation in due course. If you have such a condition, it is sufficient to obtain a Doctor’s declaration confirming the same.

For other “non-listed” conditions (currently all conditions), your Doctor is required to declare your condition and confirm that the condition is expected to reduce life expectancy below the normal retirement date (currently 65) for you or persons in general with this condition.

From the date of payment, you will lose any entitlements to further Crown Contributions and any entitlement to further compulsory Employer Contributions, if any.

A Life-shortening Congenital Conditions Withdrawal Application form can be found on the forms page.

Helping you with prescribed investor rates (PIRs)


A PIR is the tax rate applied to income you earn on your investments, including KiwiSaver.

  • IRD will let your KiwiSaver provider know if it looks like you’re on the wrong PIR rate, so you pay the right amount of tax.
  • If you're a new member enrolling into KiwiSaver IRD will let you and your KiwiSaver provider know what PIR they think you should be on.
  • IRD have added a PIR calculator to myIR. It uses the income details in your account to tell you what your PIR is. If you need to you can enter any additional income. (You'll still need to tell your KiwiSaver provider what rate to use.)

Find my prescribed investor rate (PIR)

You can change this at any time when you login to your account.

Upgrades to KiwiSaver in myIR


Improvements to myIR, so it’s easier to see how much you've contributed to your KiwiSaver account, as well as the amount contributed by your employer and the government.

You can also see:

  • what was deducted from your pay per pay-date
  • your employee and employer contributions going into your account on the same day.