Kiwisaver transfers

A heads up for anyone transferring Kiwisaver providers: Check the summary statement from your old provider sent at time of transfer. I received mine this morning and it said $0 under voluntary contributions. This is an issue because these are withdrawable for a first home purchase and count towards the first home bonus.

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There is an article on the website about transfering kiwisaver to another provider. It was an article in 2012 but some points worth noting that. Make sure you get confirmation that the Kiwisaver has actually been transferred. In the article it mentioned that their old scheme provider still had their kiwisaver active which mucked up their balance. 

On the IRD’s website in their technical tax area under voluntary transfers  there is information about transferring Kiwisaver to another provider. Its up to the new provider to notify the old one. The old provider has 35 days to transfer the accumulated funds to the new scheme, and give notice to the member of the amount transfered, and whether the member has made a withdrawal for the purchase of a first home, and any contributing holidays in force.

It pays to check the statement.