A.         Well done on joining KiwiSaver while on a benefit, you must have good money management skills. 

 

Let me answer the second part of your question first. You can only belong to one KiwiSaver Scheme at any one time. When you began your current part time job and your employer started deducting KiwiSaver contributions from your pay (and making a further 3% employer contribution as well) these payments will have gone to Inland Revenue to be passed on to your KiwiSaver provider. If you have received a letter from another provider saying that you are a member of their Scheme, you need to find out what’s going on. Call Inland Revenue right away on 0800 KIWISAVER and explain the situation. Could there be confusion around your name and IRD number? Whatever the reason, it needs to be sorted out. Inland Revenue is the gatekeeper for all KiwiSaver contributions that come via PAYE returns, as well as administering the Member Tax Credits each year. If you have access to a computer and can create an IR login, you will be able to see not only all KiwiSaver contributions that come from your employer but also the name of your current KiwiSaver Scheme. 

 

KiwiSaver is a well regulated retirement savings scheme and you can rest assured that every dollar that goes into your account is recorded. Each time you change provider your savings are passed on under these three headings: Employee/Employer Contributions, Kickstart and Tax Credits. Your new manager won’t be able to go back and tell you exactly on what date you made each payment to a previous manager, but all your funds will have been transferred to the new manager under the appropriate headings. So if you contributed say $500 over two years, you should be able to identify that (give or take any investment returns). You should call Fisher Funds again on 0800 335 494 and ask for a full transaction report. Explain your concerns, and they should be able to tell you over the phone how much was transferred from your previous provider(s). 

 

While fund managers have very good systems, it is important for KiwiSaver members who switch from one Scheme to another to check that the amount tallies up, and that they get their full allocation of Member Tax Credits at the end of June after they have switched. The providers do run several sweeps to check they have got it right, but KiwiSaver members should check themselves to make sure. Having online access to your KiwiSaver account makes this easy, but anyone who does not use a computer should keep their statements filed and phone their fund manager if they want more information.

 

19 October 2015