How Will Employees Know When their Contributions Have Been Received Safely by the IRD, Passed on to their Chosen Provider and Invested?
IRD has a web site for employees to view their contributions that have been paid.
FANZ will issue a "welcome letter" to new members of the Lifestages KiwiSaver Scheme within one week of receiving the member's information from the IRD. Within one week of the initial contributions being received from the IRD, FANZ issues an initial opening statement to KiwiSaver scheme members. This will be after 90 days from the first contributions being deducted from the employee's pay as contributions initially go to the IRD who hold them for 3 months before paying to the provider. Interest on contributions will be paid by the IRD for this period.