Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


timtim

131 posts

Master Geek


#85180 15-Jun-2011 12:33
Send private message

I joined Kiwisaver around 1 year ago.I wonder is there any way to cancel the kiwisaver ?thanks

View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2 | 3
1080p
1332 posts

Uber Geek
Inactive user


  #481425 15-Jun-2011 12:38
Send private message

http://www.kiwisaver.govt.nz/already/change-contrib/stop-contrib/

You need a valid reason to do so. Welcome to the nanny state.

ScottStevensNZ
245 posts

Master Geek


  #481427 15-Jun-2011 12:39
Send private message

Look for 'Contributions holiday' on IRD's site. You could try phoning the call centre, but by the time you get through you will be drawing down your kiwisaver for retirement so its kind of moot :)




Load & Performance Tester/PHP/JSP/C/PERL/MYSQL/LoadRunner8->11/HTML/CSS/XML/XSLT/2B|!2B/Cervelo Soloist/EMC Equip4/ Samsung Galaxy S /Darkys 10.2 Extreme

Do androids dream of electric sheep?
use strict;
my $sheepCount;

Yes, they can.

 
 
 
 


timtim

131 posts

Master Geek


  #481429 15-Jun-2011 12:47
Send private message

I mean closing Kiwisaver acount completely

jbard
1373 posts

Uber Geek


  #481432 15-Jun-2011 12:52
Send private message

Not without one of the valid reasons posted above.

scuwp
3342 posts

Uber Geek


  #481442 15-Jun-2011 13:26
Send private message

timtim: I mean closing Kiwisaver acount completely


You can't.  Thats the whole point of a retirement savings scheme. 




Always be yourself, unless you can be Batman, then always be the Batman



wellygary
4990 posts

Uber Geek


  #481450 15-Jun-2011 13:34
Send private message

timtim: I mean closing Kiwisaver acount completely


Why?, What has changed since you decided to join a year ago?


timtim

131 posts

Master Geek


  #481470 15-Jun-2011 14:03
Send private message

wellygary:
timtim: I mean closing Kiwisaver acount completely


Why?, What has changed since you decided to join a year ago?



I'm unemployment and since I joined I received  $1000 kick start .Now the balance of it is only $900 and something ....that's the reason why I wanna close it completely .

 
 
 
 


jbard
1373 posts

Uber Geek


  #481472 15-Jun-2011 14:05
Send private message

How can your balance have gone down $100?

timtim

131 posts

Master Geek


  #481485 15-Jun-2011 14:17
Send private message

jbard: How can your balance have gone down $100?


I think that because the scheme provider charged  

alasta
4774 posts

Uber Geek

Trusted
Subscriber

  #481487 15-Jun-2011 14:20
Send private message

jbard: How can your balance have gone down $100?


It could easily happen over the short term if you have a growth portfolio and the share market drops.

scuwp
3342 posts

Uber Geek


  #481491 15-Jun-2011 14:25
Send private message

timtim:
jbard: How can your balance have gone down $100?


I think that because the scheme provider charged  


Yes you pay fees to have your money invested (basic stuff)...if you are not contributing regularly and the fees are more than the fund is returning to your account then yes you will go backwards.





Always be yourself, unless you can be Batman, then always be the Batman



bazzer
3316 posts

Uber Geek

Trusted

  #481496 15-Jun-2011 14:32
Send private message

timtim:
wellygary:
timtim: I mean closing Kiwisaver acount completely


Why?, What has changed since you decided to join a year ago?



I'm unemployment and since I joined I received  $1000 kick start .Now the balance of it is only $900 and something ....that's the reason why I wanna close it completely .

The government didnt give you $1,000 just so you could close your account in a years' time.  Are you hoping to get the $900 out when you close your account?  Not likely.

AFAIK, you can go on a contribution holiday but you're unemployed so no contributions anyway (it's a shame you haven't been able to contribute $1040 of your own money this year to get the MTC).

If you had financial troubles you could get your money back, but you haven't put in any money yourself so there's nothing for you to get.

If you are moving overseas permanently you could get the kickstart but doesn't sound like that's what you're doing.

If you are dying or permanently disabled you could also get it all but, again, it doesn't sound like that's what's happened.

To lose $100 on your account must be a combination or poor returns and account charges.  Who is your kiwisaver with?  You could think about changing to a less risky investment (e.g. cash) and/or one of the providers with lower fees.

I have to wonder why you joined if you were unemployed, and why you changed providers?

wellygary
4990 posts

Uber Geek


  #481501 15-Jun-2011 14:36
Send private message

timtim:

I'm unemployment and since I joined I received  $1000 kick start .Now the balance of it is only $900 and something ....that's the reason why I wanna close it completely .


The Kickstart is not a gift of $1000 to you, it is a reward for committing to joining a saving scheme that locks your money in (hardship and other excluding excluded) until retirement.

It is not designed for you to withdraw your money from whenever it goes down.

When you next get a job you will again start contributing and your balance will go up, stop worrying....

nigelj
856 posts

Ultimate Geek


  #481502 15-Jun-2011 14:36
Send private message

jbard: How can your balance have gone down $100?


Easy, all $100 went into growth/aggressive growth funds, recession = stock market/real estate not doing as well as it could.  Take out management fees (some charge crazy $$$), taxes etc.

To the O.P. , my recommendation, just change Kiwisaver provider, I had my Kiwisaver originally through Nat Bank (the ING now OnePath setup) and always felt that the funds the money was in weren't performing that great, switched to ASB and the fees seem to be quite a bit lower, and it's not doing too bad.

Ask around friends/etc what schemes they are under, and definitely consider which fields you want your money in.

But you are going to have to contribute 2/3/4 (or whatever it is now since it got messed with) from future PAYE/taxable income to your Kiwisaver account, a good reason why I think parents shouldn't enrol their children in it at such a young age, needs to be a conscious choice, or enforced for everyone (ala Aussie Super)


(naturally, none of us are financial advisors, so take what we say with a grain of salt)

mattwnz
16824 posts

Uber Geek


  #481516 15-Jun-2011 14:56
Send private message

timtim:
jbard: How can your balance have gone down $100?



I think that because the scheme provider charged  


 

Did you not read all the terms before signing up?

 

You can only opt out within a certain period of time, if you were automatically signed up when you started a new job. Otherwise you can go on a contributions holiday indefinitely. Eventually kiwisaver is likely to to become compulsory anyway, due to NZers very poor savings record, and a large percentage of people have now signed up. So probably you didn't make a mistake by joining, as you still got you free $1000, and you can still get up to about $1000 extra free a year(failing to half that from next year) if you contribute about that yourself. It is still a good scheme, although things may change in the future.

 1 | 2 | 3
View this topic in a long page with up to 500 replies per page Create new topic





News »

Nanoleaf enhances lighting line with launch of Triangles and Mini Triangles
Posted 17-Oct-2020 20:18


Synology unveils DS1621+ 
Posted 17-Oct-2020 20:12


Ingram Micro introduces FootfallCam to New Zealand channel
Posted 17-Oct-2020 20:06


Dropbox adopts Virtual First working policy
Posted 17-Oct-2020 19:47


OPPO announces Reno4 Series 5G line-up in NZ
Posted 16-Oct-2020 08:52


Microsoft Highway to a Hundred expands to Asia Pacific
Posted 14-Oct-2020 09:34


Spark turns on 5G in Auckland
Posted 14-Oct-2020 09:29


AMD Launches AMD Ryzen 5000 Series Desktop Processors
Posted 9-Oct-2020 10:13


Teletrac Navman launches integrated multi-camera solution for transport and logistics industry
Posted 8-Oct-2020 10:57


Farmside hits 10,000 RBI customers
Posted 7-Oct-2020 15:32


NordVPN starts deploying colocated servers
Posted 7-Oct-2020 09:00


Google introduces Nest Wifi routers in New Zealand
Posted 7-Oct-2020 05:00


Orcon to bundle Google Nest Wifi router with new accounts
Posted 7-Oct-2020 05:00


Epay and Centrapay partner to create digital gift cards
Posted 2-Oct-2020 17:34


Inseego launches 5G MiFi M2000 mobile hotspot
Posted 2-Oct-2020 14:53









Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.