Can I take a break from contributing to my ASB KiwiSaver Scheme account?
If you are an employee, you can apply to Inland Revenue to stop making contributions temporarily if one of the following applies:
- 12 months have passed since Inland Revenue or any KiwiSaver scheme received your first contribution. In this case your contributions holiday can be for a period of between three months and five years.
- you are suffering, or are likely to suffer, financial hardship and Inland Revenue has received at least one contribution from you. In this case your contributions holiday can be for a maximum of three months (unless Inland Revenue agrees otherwise).
You can stop or re-start your contributions holiday by giving notice to your employer. However, a contributions holiday must be at least three months unless your employer agrees otherwise. You can apply for another contributions holiday when one expires.
To apply for a contributions holiday, please complete the ‘KS6’ application form, available at kiwisaver.govt.nz and send it to Inland Revenue.
Remember, while you are on a contributions holiday, your compulsory employer contributions will stop unless your employer chooses to keep paying them. You can still receive annual Government contributions (if you are eligible) by making voluntary contributions direct to your ASB KiwiSaver Scheme account.
If you would like to re-start contributions, complete a ‘KS2’ deduction form (also available from kiwisaver.govt.nz) and hand it to your employer.
I’m self-employed, can I take a contributions holiday?
You may stop and start any voluntary contributions you are making to the ASB KiwiSaver Scheme at any time by contacting us. If you are self-employed and pay yourself through PAYE then you will need to apply for a contributions holiday.
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