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Chartered Accountants

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Kiwisaver options for over 65s

Posted on Sep 8, 2015 by editor

A recent survey has revealed that one in four New Zealanders who are approaching retirement are unsure of what to do with their KiwiSaver funds when they turn 65.

A quarter of those surveyed plan to take out their lump sum when they reach 65, and 10 per cent say that they’d rather spend their money instead of reinvesting it.

The survey also showed that those with a financial plan or an understanding of the kind of income they would need (on top of their superannuation) were likely to choose diversified investments with a higher allocation to growth assets.

Upon turning 65, KiwiSaver members have the choice of either leaving or staying with their scheme during retirement. Members who have been in KiwiSaver for five years can access funds from their account or make regular withdrawals and deposits to use KiwiSaver as a way of managing their retirement savings.

Before making a decision, it is a good idea for KiwiSaver members to seek advice from their KiwiSaver provider, bank or authorised financial adviser since an individual’s personal circumstances will vary.

I have used the Accountancy Services of BDS Hughes since they opened their practice in Orewa. I am more than pleased with the way they have looked after our financial and tax business interests and especially appreciate the fact that I can ring Garry anytime and get his expert advice whenever I need it. I thoroughly recommend BDS Hughes to all other businesses for people who require a friendly no hassle accountancy team.
Robyn PedersenAccountsBusy Bobcats

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KiwiSaver for new employees: what you need to know

Posted on August 3, 2018 by BDS Hughes

Upon hiring a new employee, there is a range of obligations and responsibilities you will have to meet when it comes to KiwiSaver. Start the enrolment process Firstly, you will be required to check whether they are eligible to join KiwiSaver. The employee needs to be enrolled in KiwiSaver (providing they are eligible for automatic enrolment) unless you offer an approved alternative superannuation scheme. You must provide every new employee with KiwiSaver information (KS3), including a KiwiSaver deduction form (KS2) and an Opt out request (KS10) form. Ensure you keep a copy of the KS2 form for your records. If […]

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