Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Bill
John Boscawen, in Committee, to move the following amendments:
Clause 2 is amended by adding the following subsection:
New clause 76A:
To insert the following clause after clause 76:
76A Contribution rate
Section 64 is amended by repealing subsection (1) and substituting the following subsection:
This Supplementary Order Paper increases the flexibility of the KiwiSaver scheme by extending contribution rates to include 6% and 10% contribution rates in addition to the 2%, 4% and 8% rates currently in place. These changes will better enable KiwiSaver members to contribute the amount that is right for them. The 6% rate is a logical step given the current rates of 2%, 4% and 8%, while the 10% rate will give older savers an opportunity to contribute more near their retirement, or for younger savers to contribute more in saving for a first home deposit.