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17 Mar 2006

Annuities have been back in the news recently because of KiwiSaver.  You may be wondering what the link is. Buying an annuity is one of the options mentioned in the treasury briefing paper as to what can be done when KiwiSaver contributors reach retirement age.  This is deemed to be the age when you become eligible for NZ Super, which is currently 65. 


03 Mar 2006

This past week has finally seen the official release by the Minister of Finance of the details of the KiwiSaver scheme, first announced in last year’s budget.

The officials have a 1 April 2007 deadline to have the scheme up and running, as the first funds will be collected via employer PAYE tax payments beginning in April 2007.

For those starting new jobs, they will automatically be included in the scheme, unless they opt out.  For existing employees, they will have the option of opting in.

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