Just joined KiwiSaver

If you've just joined KiwiSaver and are not sure what you need to do now, the page below is designed to help. If you have a question not covered below, contact us on 0800 ASB RETIRE (0800 272 738) or retire@asb.co.nz

• I didn't choose a KiwiSaver scheme and am in the ASB KiwiSaver Scheme, what next?
• What happens to my contributions?
• When do I get the Government contributions?
• What communications do I get?
• What if I have transferred to the ASB KiwiSaver Scheme from another KiwiSaver scheme?

What happens when you first join KiwiSaver depends on how you joined and whether you are employed or not.

I didn't choose a KiwiSaver scheme and am in the ASB KiwiSaver Scheme, what next?

If you have been automatically enrolled in KiwiSaver because you recently started a new job or you asked your employer to enrol you in KiwiSaver you may not have chosen a KiwiSaver scheme yourself. This doesn't matter, as you don't have to choose a scheme if you don't want to. If you haven't chosen a scheme you will have been placed in the ASB KiwiSaver Scheme because:

• it's your Employer's Chosen KiwiSaver scheme (if they have one) or
• it's one of the six default KiwiSaver schemes and Inland Revenue have allocated you to the ASB KiwiSaver Scheme.

In these situations you will have been either given an ASB KiwiSaver Scheme Investment Statement by your employer or sent one by Inland Revenue.

If this is how you joined KiwiSaver, you now have the option of:

• Choosing to stay with the ASB KiwiSaver Scheme or selecting a different KiwiSaver scheme. Find out why you should stay with the ASB KiwiSaver Scheme
• If you have been automatically enrolled in KiwiSaver, you are able to opt-out of KiwiSaver by telling your employer or Inland Revenue between the end of the second and eighth weeks of starting your new job. Find out why you should stay in KiwiSaver

If you joined by either of these methods we will send you an Additional Information Form to complete with your ASB KiwiSaver Scheme welcome letter (see below). This form:

• Ensures we have your correct contact details so we can send you information about your savings.
• Allows us to identify you when you contact us so we can provide you with information and make any changes you request.
• Lets you choose which ASB KiwiSaver Scheme Investment Funds you wish to invest your savings in.
• Allows us to set up your online access to our Master Trust Internet Service.

Please complete this form and return it to us as soon as possible.

What happens to my contributions?

• If you are employed, for the first three months after joining Inland Revenue will hold all contributions before transferring them to your ASB KiwiSaver Scheme account. This is to allow you time to decide if you want to stay with the ASB KiwiSaver Scheme. Your contributions will earn interest while they are held at Inland Revenue.
• If you are self-employed or not employed, you will make your contributions direct to the ASB KiwiSaver Scheme (there is no minimum required amount). You can do this by one off lump sum payments or by setting up a regular direct debit. You can find the forms to do this here.
• If you are employed you have the option of choosing the level of contributions you make from the options available. Find out about your contributions choices

When do I get the Government contributions?

Everybody gets the Government contributions at the same time, regardless of how you joined:

• Your $1,000 kick-start will be paid approximately three months after you first joined KiwiSaver.
• The member tax credits are paid as soon as possible after 30 June each year. The member tax credit year runs from 1 July to 30 June each year - find out more about how to ensure you are eligible for these here

What communications do I get?

In addition to communications you will receive from Inland Revenue, you will receive the following communications from us:

• A welcome letter (along with an Additional Information Form for completion in some cases). This letter will also contain instructions on how to set up your online access to our Master Trust Internet Service.
• New member certificate when we receive the first funds to your ASB KiwiSaver Scheme account.
• An annual member statement for your account over the year to 31 March.
• An annual tax certificate showing the tax paid on your account over the year to 31 March.
• The ASB KiwiSaver Scheme Annual Report for the year to 31 March which is sent to members around September each year.
• Regular updates on the ASB KiwiSaver Scheme, including information on returns to investors and changes to the Scheme.

What if I have transferred to the ASB KiwiSaver Scheme from another KiwiSaver scheme?

If you have transferred to the ASB KiwiSaver Scheme from another KiwiSaver scheme, the above information will still apply if you have transferred within the first three months of joining KiwiSaver. If you transfer to the ASB KiwiSaver Scheme more than three months after joining, then we will arrange for your KiwiSaver savings to be transferred from your previous scheme to the ASB KiwiSaver Scheme.