Once I sign up to KiwiSaver, am I able to stop contributing?

You can stop contributing to your KiwiSaver after you have signed up to KiwiSaver by way of a Savings Suspension. There are however some conditions:

  • If you have been a KiwiSaver member for more than 12 months you can have a Savings Suspension for between 3 and 12 months by sending a form to IRD. You can restart your contributions at any point in time and you can extend the Suspension if you need to
  • If you have been a KiwiSaver member for less than 12 months, you will need to apply for an early Savings Suspension. This will only be granted in the event of Financial Hardship.

You can apply for a savings suspension directly to the IRD by completing the Savings Suspension Request Form (KS6) or applying directly on the IRD My KiwiSaver portal. 

You need to remember that if you stop contributing to your KiwiSaver, your employer's compulsory contributions and the Government Contributions will also stop. A small break in contributions to your KiwiSaver can make a significant difference in the money available to you at retirement.