Contributions
- a choice of three contribution rates: 2%, 4% or 8% of your gross taxable earnings
- the ability to contribute lump sum amounts
- by agreement with your employer, they may contribute all or part of the employer subsidy to Wiks rather than Wisf. Employer contributions matching yours up to a maximum of 2% are exempt from the withholding tax normally payable on employer contributions
- contributions from government in the form of a $1,000 kick start, and annual tax credits matching your contributions up to a maximum of $20 per week
- your contributions will initially be paid to the IRD which will forward them on to Wiks
Investments
- a choice of two distinct and clearly defined investment strategies – balanced and conservative
- professional, low cost investment management
Benefits
Retirement – at the age of eligibility for NZ Superannuation (currently age 65) you may withdraw your full account balance, provided you have been a member for at least five years.
Death – your full account balance will be paid to your estate. An additional death benefit may be paid from Wisf if both you and your employer are paying at least 4% contributions when you die.
Ill-health, Disability – subject to criteria set out in the KiwiSaver rules, you may withdraw your account balance excluding the kick start which will remain in your account.
Financial Hardship - subject to criteria set out in the KiwiSaver rules, you may withdraw your account balance excluding the kick start and tax credits which will remain in your account.
Permanent Emigration - subject to criteria set out in the KiwiSaver rules, you may withdraw your account balance excluding the tax credits which will be repaid to the government.
First Home Purchase - subject to criteria set out in the KiwiSaver rules, you may withdraw your account balance excluding the kick start and tax credits. You may also be eligible for a subsidy from Housing NZ of $1,000 per year of membership to a maximum of $5,000.
Change of Employment
You may continue to contribute to Wiks, or you may transfer your account to another KiwiSaver provider.
In Retirement
You will be offered the same options as members of Wisf:
- the ability to leave all or part of your benefits invested in the Fund including being able to keep contributing
- the option of receiving regular monthly payments from any benefits you have deferred
- the ability to make lump sum withdrawals from your deferred benefits.
