Below are some of the most frequently asked questions that we receive from our existing KiwiSaver clients.
- How do I find out the value of my ASB KiwiSaver Scheme savings?
- Is my ASB KiwiSaver Scheme investment guaranteed?
- I have been sent an ASB KiwiSaver Scheme Investment Statement by Inland Revenue, what does that mean?
- Can I stop my payments to the ASB KiwiSaver Scheme?
- What is a contributions holiday?
- How do I change the ASB KiwiSaver Scheme Investment Fund I am invested in?
- What happens if I change employers?
- Can I make payments to my ASB KiwiSaver Scheme via Inland Revenue using FastNet Classic?
- What are member tax credits?
How do I find out the value of my ASB KiwiSaver Scheme savings?
To find out the value of your ASB KiwiSaver Scheme savings you can contact us on 0800 ASB RETIRE (0800 272 738). You also have the option to register for our Master Trust internet service, which allows you to log into our secure Internet member site to find out your balance any time you want. Contact us on 0800 ASB RETIRE (0800 272 738) to find out more.
Is my ASB KiwiSaver Scheme investment guaranteed?
Your investment in the ASB KiwiSaver Scheme is not guaranteed. However ASB Group Investments is a professional fund manager with extensive experience in managing superannuation funds. Prudent investment practices are followed and investments are diversified to reduce the amount returns move up and down (referred to as volatility) and also to limit the impact of any one event on your overall investment.
You should expect to see some volatility in the returns on most investment funds and this will be greater for investments with a higher proportion of the investment in growth assets such as shares and property. For more information on choosing an investment fund with a level of volatility that suits your investment needs, please refer to the Investing my money page.
I have been sent an ASB KiwiSaver Scheme Investment Statement by Inland Revenue, what does that mean?
If you have been automatically enrolled, or asked your employer to enrol you in KiwiSaver and you haven't chosen your own KiwiSaver scheme, then you are likely to have been allocated to a default KiwiSaver scheme by Inland Revenue. If Inland Revenue have sent you the ASB KiwiSaver Scheme Investment Statement you have been enrolled in the ASB KiwiSaver Scheme (which is a default KiwiSaver scheme). More information
Can I stop my payments to the ASB KiwiSaver Scheme?
If you are self-employed or not employed, you can stop any payments you are making at any time. If you are employed, you will need to apply for a contributions holiday (see the next question).
What is a contributions holiday?
If you're contributing through your salary or wages, a contributions holiday allows you to put a hold on your contributions for a period between three months and five years. You can take a contributions holiday at any time at least 12 months after your first contribution to KiwiSaver. In cases of financial hardship, you can apply for a contributions holiday of three months in your first year of KiwiSaver membership. Your employer will restart your contributions at the end of the contributions holiday, unless you apply for another contributions holiday. Any employer contributions and matching Government contributions will also stop while you are on a contributions holiday. Read more on contributions holidays
How do I change the ASB KiwiSaver Scheme Investment Fund I am invested in?
You can change your ASB KiwiSaver Scheme Investment Fund(s) by completing the Switch Form. For help in choosing which ASB KiwiSaver Scheme Investment Fund(s) to change to, click here
What happens if I change employers?
When you change employers, your KiwiSaver contributions will continue and you will remain with the same KiwiSaver scheme. The exceptions to this are if you request to change your current KiwiSaver scheme or your current KiwiSaver scheme is open only to employees of your previous employer, in which case you may be required to choose a new KiwiSaver scheme.
Can I make payments to my ASB KiwiSaver Scheme via Inland Revenue using FastNet Classic?
Yes. When logged into FastNet Classic, choose the IRD Payments option and select the appropriate KiwiSaver payment type. For one off payments to your own KiwiSaver account this will be the KiwiSaver member account (KSS).
What are member tax credits?
Find out here who is eligible for member tax credits and when they are paid. Contributing $1,042.86 each year will mean you receive a member tax credit from the Government of $521.43 (after deducting any Mortgage Diversion contributions) if you are eligible.