KiwiSaver Application Guide

You need this information if you are joining KiwiSaver for the first time, or if you are transferring from another KiwiSaver provider to GMK.

When you fill in our KiwiSaver application form, you‘ll have to provide some important information:

 

YOUR IRD NUMBER

Whose IRD number are you going to put on your form? YOUR OWN of course! Not your business‘s, family trust‘s, your wife‘s or your father‘s. It has to be yours. If you‘re not sure, phone IRD on 0800 377 774 and confirm your personal IRD number.

If you are signing up under 18, they must join with their own IRD number, not a parent‘s. If you don‘t have an IRD number for your child, contact IRD on 0800 377 774.

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YOUR PRESCRIBED INVESTOR RATE

The prescribed investor rate (PIR) is the tax rate applied to earnings on your investment. Tax is calculated and paid quarterly (by your provider, to the IRD) so you do not need to report your KiwiSaving earnings on your tax return.

There are three rates: 10.5%, 17.5% and 28%. It is your responsibility to elect the prescribed investor rate (PIR) that applies to your circumstances. Choosing an incorrect PIR can have significant consequences. For information on determining your PIR please visit the Inland Revenue website www.ird.govt.nz/toii/pir/workout/. Alternatively, the “IR855 - Portfolio Investment Entity: Information for resident individuals who invest in PIEs” booklet can be obtained either by visiting an Inland Revenue branch or by calling 0800 227 774.

GMK is not able to provide advice to members regarding their PIR. 

If you do not nominate a prescribed investor rate on your application form, we will set it at 28%.

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YOUR INVESTMENT DIRECTION

Before you contribute to the Gareth Morgan KiwiSaver Scheme and we begin investing your savings you should choose an Investment Direction, which will reflect the level of risk (variability in year-to-year performance) you are comfortable with. The Gareth Morgan KiwiSaver Scheme provides members with a choice of three Investment Directions:

  • Conservative: suits savers with an investment horizon of 1-3 years; this portfolio holds at least 80% in cash, deposits, and fixed interest investments, and no more than 20% in shares.
  • Balanced: suits savers with 3 to 10 years to retirement. The portfolio holds no more than 70% in yield and growth shares, with the balance in cash, deposits, and fixed interest investments. The Balanced portfolio is the default investment portfolio. This means that if you do not select an Investment Direction, we will set it at 100% Balanced.
  • Growth: would be suitable for people with more than 10 years until retirement. The portfolio may be fully invested in global and New Zealand growth shares.

More information about investment direction here.

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YOUR ID

You do NOT have to provide any identification if:

  •     you are transferring from another KiwiSaver scheme or
  •     your initial payment is via personal cheque or
  •     your regular payment is direct debited from your personal bank account


Otherwise, please provide a photocopy of one item from EACH list:

List A

  •     current passport (showing NZ residency if applicable)
  •     New Zealand drivers licence
  •     photo credit card
  •     birth certificate
  •     firearms licence


List B: (proof that you live in New Zealand)

  •     recent bank statement
  •     power, phone, or rates bill
  •     Hanz 18+ card
  •     community services card


If you are under 18, you only need to provide a copy of your birth certificate. 

We advise you to provide us with witnessed ID (signed by either a Justice of the Peace, Court Registrar, Solicitor or a Gareth Morgan KiwiSaver Limited staff member) at the time of joining. If your ID has not been witnessed, you may be asked to provide witnessed ID before withdrawing your investment.

Here’s how to get ID verified:

  •     Contact a Justice of the Peace  – they are listed in the Yellow Pages.
  •     Go to your local courthouse during business hours.
  •     Ask your solicitor.
  •     Bring your original ID to our office at 109 Featherston St, Wellington and we’ll verify it. Our doors are open from 8.30am till 5pm, Monday to Friday.
  •     If (and only if) your employer has chosen GMK as their preferred KiwiSaver provider, you can have your ID verified by your employer.

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