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Are you on track for $521 in “free” KiwiSaver money?
Are you on track for $521 in “free” KiwiSaver money?
ANZ has kicked off a two-month campaign to remind
KiwiSaver members to contribute enough to qualify for up to
$521 of free money from the Government.
The Government will provide up to $521 as a Member Tax Credit each year to an eligible KiwiSaver member who has contributed a minimum $1042 in the year to June 30.
ANZ Wealth managing director John Body said it was a great benefit but too many KiwiSaver members were missing out because they had not contributed enough money during the year to qualify.
“Our analysis indicates that 56% of possible Member Tax Credits were paid out last year which was up on the 50% paid in the prior year.
“It’s great to see more members taking advantage of this benefit but we estimate that last year KiwiSaver members nationally missed out on an estimated $400 million that could have been claimed if they had contributed the minimum amount.”
Mr Body said ANZ Investments was contacting KiwiSaver members who had not contributed enough to qualify to remind them of the benefit: “We want to ensure our members make the most of Kiwisaver so they save enough for a comfortable retirement.
“Members still have a couple of months until June 30 to top up their contributions to make sure they get their full entitlement.
“Given the Government will give you 50 cents for every dollar you contribute up to $521, it makes a lot of sense to ensure you have contributed enough to qualify (provided you meet the eligibility requirements for the full year.)*
“In the past, we have found that members didn’t know about the benefit and were keen to contribute more in a lump sum so they would qualify for the full amount.”
Longer term, Mr Body advised KiwiSaver members to set up a direct debit if they want to be sure they qualify automatically for their full Member Tax Credit benefit next year: “It’s a lot easier to put in just over $20 a week than it is to find $1042 at short notice.”
ends
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