KiwiSaver is a voluntary work-based savings initiative by the government designed to help set you up for your retirement goals. Most members will build up their savings through regular contributions from their pay, making saving simple and easy.
All regular, full-time employees are eligible to participate in the KiwiSaver plan. New hires at VMware will be automatically enrolled in the plan.
- VMware Contributions
VMware will contribute 6% of your gross salary towards KiwiSaver contributions. Please note: The Employer Superannuation Contribution Tax (ESCT) is deducted from all employer contributions at the rate applying under the Income Tax Act and the balance is paid to your KiwiSaver account.
Note: Employees who do not elect to participate in Kiwi Saver Plan will not be eligible for employer contribution of 6%.
- Employee Contribution
You can choose to contribute either 3%, 4%, 6%, 8% or 10% of your pay. If you don’t choose an amount, the default rate of 3% will apply.
If you wish not to participate, a one-time option to opt out is available anytime between 14 and 56 days from your hire date. You will need to complete a New Employee Opt Out Request (KS 10) and notify Payroll.
In most cases, your KiwiSaver savings will be locked in until:
- You are eligible for NZ Super (currently 65), or
- You have been in KiwiSaver for at least five years (if you joined over the age of 60). The later of these two dates will apply. KiwiSaver won’t affect your eligibility for NZ Super or reduce the amount of NZ Super you’re eligible for.
You may be able to withdraw part (or all) of your savings if you’re:
- Buying your first home
- Moving overseas permanently (to a country other than Australia)
- Suffering significant financial hardship
- Seriously ill
The sum accumulated in your KiwiSaver savings member account including investment return (if any) will be paid to your estate.
When Contributions Begins
Contributions will automatically commence on the first day of your employment at VMware.
When Contributions Ends
Contributions end on your termination date with VMware.
Last Updated: 14 Sep 2021, 10:47 AM