Got a letter today from IRD, a rather unexpected one.
Seems BF was automatically enrolled in Kiwisaver for the job he was at briefly, earlier in the year.
I assume it’s too late by now to opt out, and honestly the horror stories I’ve heard make it seem not worth the hassle of even trying.
Longterm, it was in the plan for him to join Kiwisaver anyway. And seeing as he’s not earning, it doesn’t make much difference, and at least he’ll get the $1000 kickstart. Hopefully that alone will encourage him and show him it really is worth it! You can’t complain about free money.
Only thing I’m worried about is whether he’ll have to contribute from his unemployment. It’ll be only be about $4 per week, so I guess that’s a moot point anyway. More importantly, I’m looking through the booklet we were sent; he’s in one of the default schemes with AMP and I don’t like the look of their charges. If he’s not going to be working and therefore not putting money in, I don’t want fees eating away at his account! I’m going to get out that Mary Holm book on Kiwisaver, but in the meantime if anyone can recommend a scheme that doesn’t charge big fees and doesn’t have large minimum contribution requirements, please chime in!