Air NZ and Kiwisaver
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Air NZ and Kiwisaver
What is the deal on Kiwisaver at Air NZ, are they still running their own super indpendantly.
Basically I am deciding whether to join Kiwisaver or not with the aim of being at Air NZ in 12mths.
Basically I am deciding whether to join Kiwisaver or not with the aim of being at Air NZ in 12mths.
Any scheme you join now you will be able to continue with a new employer or if you wish to change to another scheme then you can do so at any time.
The whole sales thing is that it is transportable from one employer to another.
The whole sales thing is that it is transportable from one employer to another.
Does anyone know that if you are already on the air nz super scheme, is it advisable to transfer across to the korusaver to get the govt contributions with the 'grandfathered' conditions of the old scheme? Or should you just stay on current scheme?
I think there is some thing in the pipeline for those already on the company scheme with regards to kiwisaver so watch this space. Might come into effect through the upcoming negotiations.
Join Date: Sep 2000
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ALPA has lots of info regarding this subject. If you get in touch with them they should be able to provide you with information, they are currently seeking clarification from Air NZ on a number of issues. My advice would be DO NOT sign out of the company scheme untill you have read all the info, and decided what is best for you. Remember the kiwisaver funds are locked in till you are 65. Korusaver is different but in my opinion not as good as the existing scheme.
Join Date: May 2005
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I think Air NZ will release more info in Sep for those wanting to change from existing schemes to Korusaver. I am pretty confused about the whole thing so will wait until then and get an accountant (ie big bro) to look at it.
Join Date: Apr 2007
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Another issue I have against kiwisaver is the wording which does not go as far to say you will have access to the funds at age 65, rather it says something like NZ retirement age which is currently 65. I imagine in 30 or 40 years time that will at least be well into the 70's.
Even the housing supplement has lost its appeal for me given that your purchase must be in the lower quartile of your chosen area and you must be earning less than 100k. Given that most of the boys in the jet fleet will be pushing that sooner rather than later voids this entitlement, it also discourages one from saving up for an average priced house should they so choose.
The only benefit I can see with kiwisaver is the tax breaks and correct me if im wrong but there is talk from the govt that existing schemes may at somepoint benifit from these tax breaks too?
Even the housing supplement has lost its appeal for me given that your purchase must be in the lower quartile of your chosen area and you must be earning less than 100k. Given that most of the boys in the jet fleet will be pushing that sooner rather than later voids this entitlement, it also discourages one from saving up for an average priced house should they so choose.
The only benefit I can see with kiwisaver is the tax breaks and correct me if im wrong but there is talk from the govt that existing schemes may at somepoint benifit from these tax breaks too?
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With regards to the company contributions and vesting periods of the existing schemes. Does anyone know if they are transferable if say you worked for a link operator then got a job at air nz? Or do you lose your company contributions and have to start again?
Join Date: Apr 2007
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Although I have not seen it in writing I was told that jumping from one link operator to another would mean having to start again so I would assume you would have to start again if moving to mainline.
This sounds plausable as annual leave etc cannot be transferred. The case with the superscheme being that each was set up under a different group of trustees from the others (?)
That was the case for the existing scheme anyway but perhaps koruflexi will be different in this regard.
This sounds plausable as annual leave etc cannot be transferred. The case with the superscheme being that each was set up under a different group of trustees from the others (?)
That was the case for the existing scheme anyway but perhaps koruflexi will be different in this regard.
