Account structure
You can structure your mysuper account between unlocked or locked contributions. There are three account structure options to choose from: 100% Unlocked, 100% Locked, or a combination of both with only the first 3% of your contributions locked away called Minimum Locked. Once you start making locked contributions, a minimum 3% locked contribution must always be made.
| Withdrawing your retirement savings from mysuper | Flexibility to withdraw all your retirement savings, including ACC's employer contributions, when you leave ACC. |
| Change contribution amount | Stop, start, increase or decrease your employee contributions, and your employer contributions will still continue. See what rules apply on the appropriate form. |
| Change account structure | Change the way your account is structured from unlocked to locked contributions whenever you like. |
| Save after you leave | Keep your retirement savings in mysuper when you leave ACC and not only benefit from continued investment earnings, but have the option to make up to four withdrawals per year from your unlocked balance. |
| Fees | You can review the fees (annual fund charge) you'll pay as a Member of mysuper here or in our Product Disclosure Statement (PDS). |
| Government contribution | Not eligible. |
| First homebuyer withdrawal | Not eligible. |
| First Home Grant | Not eligible. |
Meet Nelson
Nelson joined ACC on a fixed term contract for a year and was pleased to hear he could continue saving for his retirement while he was working abroad. Planning to return to America once he finished his contract, he was pleased he could select the account structure that suited his circumstances best. By choosing to make 100% unlocked contributions to his mysuper account, Nelson had the flexibility to not only continue his retirement saving, but also the option to choose how he would reinvest them once he left ACC.
Minimum Locked
Making Minimum Locked contributions is the best of both worlds - this account structure lets you divide your contributions between unlocked and locked.
The first 3% of all the contributions made by you and ACC are locked away until you reach NZ retirement age (currently 65). But in return you’ll be able to withdraw your locked in retirement savings for a first home and benefit from an annual Government contribution up to $521.46 each year (some rules apply).
Contributions above 3% are considered unlocked and can be withdrawn when you leave ACC to reinvest as you choose.
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Withdrawing your retirement savings from mysuper |
The first 3% of the contributions made are locked away until you have reached the NZ retirement age (currently 65 years). You are not able to withdraw your locked funds until this time, (except in limited circumstances). However any contributions above 3% are considered unlocked and can be withdrawn when you leave ACC to reinvest as you like.
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Change contribution amount
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Stop, start, increase or decrease your employee contributions (after 12 months), and your employer contributions will still continue. See what rules apply on the appropriate form.
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Change account structure
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You can change the proportion of your contributions that are locked, by increasing the amount you lock away to 100% (annually) if you like.
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| Fees | You can review the fees (annual fund charge) you'll pay as a Member of mysuper here or in our Product Disclosure Statement (PDS). |
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Government contribution
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You may be eligible to receive a Government contribution from the government of 50 cents for every dollar of your annual contribution (from 1 July to to 30 June). Contribute $1,042.86 annually to qualify for the maximum Government contribution of $521.43. ACC's contribution does not count towards your Government contribution.
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First homebuyer withdrawal
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After three years of making employee contributions to mysuper or KiwiSaver, you may be able to withdraw from your locked retirement savings to put towards buying your first home.
Learn more about a first homebuyer withdrawal
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First Home Grant
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After three years of making continuous locked employee contributions to mysuper or KiwiSaver, you may be able eligible for a First Home Grant of up to $2,000 for each year you’ve been contributing (maximum $10,000 for five years). Visit Housing New Zealand for details
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Save after you leave
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Keep your retirement savings in mysuper when you leave ACC and not only benefit from continued investment earnings, but have the option to make up to four withdrawals per year from your unlocked balance as a Deferred Member.
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Meet Fay
Fay liked the idea of saving seriously for her retirement, but also wanted a little flexibility. Unsure how much would actually be locked away she used the calculator above which made it all really clear in dollar terms.
Choosing to lock away the minimum 3% of her contributions Fay looked forward to the added benefits of locked contributions like the annual Government contribution and the option to make a first homebuyer withdrawal if she wanted. Plus she still had the freedom to reinvest her unlocked retirement savings when she left ACC. A bit of both was just right.
100% Locked
Making 100% Locked contributions is designed for people who want to lock away all of their retirement savings until they reach the NZ retirement age (currently 65 years). It’s great if you’re a serious saver, a first homebuyer, or want to benefit from an annual Government contribution of up to $521.46 each year.
| Withdrawing your retirement savings from mysuper |
Retirement savings you choose to lock away can't be accessed until you have reached the NZ retirement age (currently 65 years, except in limited circumstances) but you get to choose where they are kept - in mysuper or another scheme of your choice.
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| Change contribution amount | Stop, start, increase or decrease your employee contributions (after 12 months), and your employer contributions will still continue. See what rules apply on the appropriate form. |
| Change account structure | You can change the proportion of your contributions that are locked down to the minimum 3% locked (annually) if you like. |
| Fees | You can review the fees (annual fund charge) you'll pay as a Member of mysuper here or in our Product Disclosure Statement (PDS). |
| Government contribution |
You many be eligible to receive a Government contribution from the government of 50 cents for every dollar of your annual contribution (from 1 July to 30 June). Contribute $1,042.86 annually to qualify for the maximum Government contribution of $521.43. ACC's contribution does not count towards your Government contribution.
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| First homebuyer withdrawal |
After three years making employee contributions to mysuper or KiwiSaver, you may be able to withdraw from your locked retirement savings to put towards buying your first home (learn more about a first homebuyer withdrawal).
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HomeStart Grant |
After three years of making continuous locked employee contributions to mysuper or KiwiSaver, you may be able eligible for a HomeStart Grant of up to $2,000 for each year you’ve been contributing (maximum $10,000 for five years). Visit Housing New Zealand for details.
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| Save after you leave | Keep your locked retirement savings in mysuper when you leave ACC and benefit from continued investment earnings and low fees. |
Meet Sarah
Sarah wanted to withdraw some of her mysuper retirement savings for a deposit on her first home in a few years time, so she opted to lock away all of her contributions to help boost her deposit.
With the option to adjust her future locked contributions from 100% Locked back down to Minimum Locked, if her situation changed, she was happy to make a sacrifice now to make her first homebuyer withdrawal really worthwhile.
