Overview

The fields displayed on this tab page are determined by national legislative requirements.

Fields

Legal Name:

Legal name of the superannuation fund.

Employer ID:

Company's identification code.

Defined Benefit:

Yes/No field that indicates whether this is a defined benefit fund. Defined benefit funds are not commonly used in New Zealand.

Note: You cannot change the Defined Benefit value if transactions already exist for the Superannuation Fund.

KiwiSaver Status:

(New Zealand) Indicates whether this is a KiwiSaver superannuation fund. Select from the following options:

• KiwiSaver scheme
  • Database must contain a current KiwiSaver record.
  • Superannuation Fund | Bank Details tab fields are disabled.
  • Superannuation Fund | Deductions tab | Other Member fields are disabled.
• Complying fund

  If KiwiSaver status = "KiwiSaver scheme" or "Complying fund", then:

  • The default Superannuation Fund | Allowances tab | Values (%) | Employer (%) value is the KiwiSaver | Minimum employer contribution rate.
  • The default Superannuation Fund | Deductions tab | Values (%) | Employee (%) value is the KiwiSaver | Minimum employee contribution rate.

    Important: Do not add Employee KiwiSaver States records for employees in complying funds, otherwise pay processing will fail.

• RSS

  The minimum employer contribution rate may be met by contributions to other superannuation funds that met all the following conditions:

  • Superannuation fund is a registered superannuation scheme
  • Employer makes specified superannuation contributions to the employee with their salary or wages
  • Employee is employed by the employer before 1 April 2008
  • Employer provides the employee access to the scheme as at 17 May 2007
  • Employer agreed to make the specified superannuation contributions to the employee for the registered superannuation scheme before 1 April 2008
  • Specified superannuation contributions vest in the employee immediately after the contributions are paid.

  In PayGlobal, this type of Superannuation Fund record has KiwiSaver status = "RSS".

• Not Applicable
• Unknown (default value)

  Note: You can change KiwiSaver Status from "Unknown" to any other value. You can change KiwiSaver Status from "KiwiSaver scheme", "Complying fund" or "Not Applicable" only if no transactions exist for the superannuation fund.

Defined Benefit Funds

A defined benefit superannuation fund provides the employee with a specified monthly benefit on retirement that is based on the employee's final salary and their length of service with the company.

Defined benefit Superannuation Fund records must have Defined Benefit = "Yes", and you usually set them up to deduct a fixed dollar amount, rather than a percentage of earnings. You can also select A-type and Z-type allowances on the Allowances tab, instead of only Z-type.

Note: The employer can choose an ESCT rate of 33% for defined benefit funds.

See also

Superannuation Fund

Superannuation Fund - Postal

Superannuation Fund - Contact

Superannuation Fund - Bank Details

Superannuation Fund - Allowances

Superannuation Fund - Deductions