Moving to Dunedin

Old Mar 22nd 2018, 11:23 am
  #16  
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Default Re: Moving to Dunedin

Originally Posted by escapedtonz View Post
I believe it is mandatory that a new Kiwisaver must remain with or in the government run scheme with the government provider for at least the first 3 months until the account holder becomes eligible to join any other kiwisaver scheme provider.
No, I will say again there are no government run schemes or providers; the providers are all independent. There are default providers which are allocated to you, if you do not choose one of your own. You of course will argue I am sure that Kiwi Bank is a Government affiliated bank but still I would not consider it a Government run Kiwisaver scheme.

https://www.interest.co.nz/kiwisaver...e-passes-first
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Old Mar 23rd 2018, 12:45 am
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Default Re: Moving to Dunedin

Originally Posted by Bo-Jangles View Post
No, I will say again there are no government run schemes or providers; the providers are all independent. There are default providers which are allocated to you, if you do not choose one of your own. You of course will argue I am sure that Kiwi Bank is a Government affiliated bank but still I would not consider it a Government run Kiwisaver scheme.

https://www.interest.co.nz/kiwisaver...e-passes-first
Correct, you can join whichever Kiwisaver scheme you like by contacting that provider directly or if you don't select one then a default will be chosen for you, BUT once you have joined and assuming you are employed, your Kiwisaver provider informs the IRD that you have enrolled.
From that point it is the IRD who instructs the employer when to start deducting your pay and when the employer also has to make contributions.....and for the first three months from the date of your first contribution, all of your contributions remain with the IRD, who if I'm not mistaken are still a government run department.....so as I said the government holds on to your contributions for at least the first three months.
The IRD will also pay interest on those contributions at 0.91% which is credited to your Kiwisaver account during that initial set up period. It is only after this period does the IRD release the contributions plus interest to your scheme provider and you carry on in that scheme.
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Old May 2nd 2018, 11:30 am
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Default Re: Moving to Dunedin

Hi Alan,

Originally Posted by Neve18 View Post
First post, so go easy. As per post title, hopefully moving to Dunedin by the year end, leaving Glasgow behind.
We are off to Dunedin in a couple of months (eeek!) and my wife's in the NHS and has been investigating similar. How's your move progressing? Maybe we'll bump into each other (our kids are 7 and 5)!

Fraser.
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Old May 2nd 2018, 11:54 am
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Default Re: Moving to Dunedin

Originally Posted by escapedtonz View Post
Correct, you can join whichever Kiwisaver scheme you like by contacting that provider directly or if you don't select one then a default will be chosen for you, BUT once you have joined and assuming you are employed, your Kiwisaver provider informs the IRD that you have enrolled.
From that point it is the IRD who instructs the employer when to start deducting your pay and when the employer also has to make contributions.....and for the first three months from the date of your first contribution, all of your contributions remain with the IRD, who if I'm not mistaken are still a government run department.....so as I said the government holds on to your contributions for at least the first three months.
The IRD will also pay interest on those contributions at 0.91% which is credited to your Kiwisaver account during that initial set up period. It is only after this period does the IRD release the contributions plus interest to your scheme provider and you carry on in that scheme.
Just seen this. I do hope it will not mislead.

The kiwi saver schemes are not government ( state) run.
Yes . All pension and superannuation schemes must be disclosed for NZ IRD taxation purposes.
All overseas schemes must be disclosed to the NZ IRD for their tax cut.

As far as the NHS goes, we regret utterly moving that over here. Scammed off and shafted.

But late now to go into the NZ rules /reg and new UK rules reg , especially regarding NHS schemes.

In short. Hold onto it. Anything here is crap by comparison.
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Old May 2nd 2018, 12:21 pm
  #20  
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Default Re: Moving to Dunedin

Hi, it's the wife here :-)
I'm definitely keeping the NHS pension.
This probably doesn't apply to you but may be of interest to others - whether to continue paying into NHS pension during a career break. I've got a 1 year job in Dunedin and so have been granted a career break from NHS. This means I can continue to pay into my NHS pension. For the first six months if I pay the employee contribution they will pay the employer contributions. We're considering it - it's probably worth doing. It also means if I come back I've had a gap in pensionable service of less than a year which means you don't leave the scheme. And during the six months you are eligible for death in service benefits etc. After six months you can continue paying in for up to another 18 months but you have to pay both employee and employer contributions. We probably won't do this - it's a lot of money!
What I need to check is if I don't come back whether I have to pay back the employer contributions - I don't think so.
Kate
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