KiwiSaver Glossary

KiwiSaver Glossary

  • Exempt employer - an employer making a registered superannuation scheme available to its employees can apply to be exempt from the KiwiSaver automatic enrolment requirements if the scheme meets certain criteria.   Currently that criteria is, the scheme has a minimum employee contribution rate combined with a maximum employer contribution that is at least 3% of basic earnings; any employer contributions included within the 3% calculation must vest within five years of the employee becoming a member of the scheme; the scheme is portable and is open to all permanent, including part-time, employees.
  • Complying fund - a registered superannuation scheme, or a section within a registered superannuation scheme, that has been approved by the Government Actuary as having met certain criteria similar to KiwiSaver.  The same contribution requirements as for an exempt employer apply, and access to benefits must be restricted as for a KiwiSaver scheme.
  • Age of eligibility for NZ Superannuation - the KiwiSaver rules frequently refer to the age of eligibility for NZ superannuation when setting age related criteria.  This is currently age 65, but could change in the future. Throughout the WSNZ website, for simplicity we refer to ‘age 65' rather than ‘the current age of eligibility for NZ Super'.
  • ESCT - Employer Superannuation Contribution Tax
  • SSCWT - Specified Superannuation Contribution Withholding Tax