Locked
This plan focuses on the long-term and offers access to Government contributions and a first homebuyer withdrawal by complying with the KiwiSaver Act 2006. Access to your retirement savings is possible after reaching the New Zealand retirement age.
Minimum 3.5% contribution required
Your own contribution must be a minimum of 3.5%1, or any amount above that up to 70%, working in tandem with ACC’s 9% employer contribution.
Locked withdrawals after 65
All contributions made by you and ACC are locked to meet the requirements of the KiwiSaver Act 2006, and can be withdrawn after reaching the New Zealand retirement age (currently 65).
Eligible for a first homebuyer withdrawal
After three years of making locked employee contributions, you may be able to withdraw from your locked retirement savings to put a deposit towards buying your first home (some rules apply).
Eligible for Government contributions
Make your own locked employee contribution of $1,042.86 annually to your locked mysuper account to qualify for the maximum Government contribution of $260.72, subject to eligibility criteria.
Ability to change your plan to Part Locked
You can change your plan to Part Locked at any time (some rules apply). A change to Unlocked is not permitted once a locked contribution has been made.
Not eligible for Optional Life and Income Protection insurance
Premiums for this cover are paid from unlocked contributions in a mysuper account. This plan does not have any unlocked contributions.
What would Locked look like for you?
| Fortnightly | Annually | |
|---|---|---|
| Your contributions | $0.00 | $0.00 |
| Locked | $0.00 | $0.00 |
| Unlocked | $0.00 | $0.00 |
| ACC's contributions | $0.00 | $0.00 |
| Locked | $0.00 | $0.00 |
| Unlocked | $0.00 | $0.00 |
| - Less ESCT | -$0.00 | -$0.00 |
| Govt contributions | $0.00 | $0.00 |
| YOUR TOTAL CONTRIBUTIONS: | $0.00 | $0.00 |
All mysuper plans include:
Being 100% member owned and not for profit, mysuper fees are consistently low and you’ll only be charged what your account costs to manage, nothing more.
Choose to contribute anything between the plan minimum and 70% (in multiples of 1%) of your salary to help reach your investment goals, making changes up and down, as needed.
Choose your funds around how many risks or decisions you feel comfortable making and adjust your investment strategy via your mysuper account at any time.
Once you’re a member you have the choice to stay in mysuper even after leaving ACC, keeping your funds under continued investment.
What does this mean for your KiwiSaver?
mysuper can be a great way to diversify your investment portfolio, and it can work alongside KiwiSaver as the schemes are independent of each other.
The contribution you make to each scheme is up to you, and the rate you choose for mysuper won’t impact what you already have set up with KiwiSaver.
On joining mysuper, ACC’s contribution of up to 9% will be sent to your mysuper account to align with the choice you've made.
When looking to invest you should consider seeking independent advice from a financial adviser about the best investment options for your circumstances.
Join 7 out of 10 ACC staff already in mysuper
If you know how you’d like to set up your account, and are ready to join, please complete the following application form to share your selections with us.
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Can I change my contribution at any time?
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Yes, you can adjust your contribution up or down (minimum 3.5%) if you wish at any time using the Make Account Changes form. When making a locked contribution you are usually required to do so under the rules of the KiwiSaver Act 2006 for 12-months before you can pause your contribution. If you pause your contributions, for non-R3 employee members ACC contributions will also pause. If you have optional life and income protection insurance, you must also have sufficient funds in your unlocked account to cover your premiums. If you do not, your insurance cover will stop. |
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Can I change my plan anytime?
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Some rules apply as locked contributions follow the KiwiSaver Act 2006. Once you make a locked contribution you will only be able to adjust your plan between Locked and Part Locked. A change back to the Unlocked plan is not permitted. |
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How is the minimum contribution rate for this account plan determined?
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The minimum contribution rate associated with this account plan is determined by the KiwiSaver Act 2006 and is subject to any changes applied to its rules. |
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How can I stop my contribution to KiwiSaver?
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If you do need to pause your contribution to KiwiSaver you can complete a savings suspension with your provider, subject to minimum contribution periods. If you pause your contributions, for non-R3 employee members any ACC contributions will also pause. |
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How much will ACC contribute?
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For most members, ACC will contribute 9% (before tax) of your salary to your mysuper investment, no matter what you contribute (unless ACC is contributing to KiwiSaver for you).* This is on top of your salary and taxed in line with personal income tax (based on Employer Superannuation Contribution Tax rates). * An automatic 9% (before tax) contribution does not apply to an employee who has signed a non-R3 Employment Agreement which is limited to some staff employed prior to 2014 or within the ACC Investment team. Some rules apply. |
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Can I make a withdrawal from my locked retirement savings at any time?
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A withdrawal from your locked retirement savings is possible once you have reached the NZ Retirement age (currently 65) to meet the rules of the KiwiSaver Act 2006. Some exceptions exist for an early withdrawal to be made but they are limited. The most common is a First homebuyer withdrawal. |
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How can I find out more about making a first homebuyer withdrawal with mysuper?
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We have a dedicated First homebuyer withdrawal section to help guide our members through eligibility, getting prepared and making the withdrawal when the time comes. |
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Does a first homebuyer withdrawal work the same for mysuper as it does with KiwiSaver?
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Yes. Locked contributions comply with the KiwiSaver Act 2006 which provides access to a first homebuyer withdrawal. You can learn more about that in our first homebuyer section. |
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Can I get a Government contribution from mysuper and KiwiSaver at the same time?
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No. The Government contribution is awarded per person not per scheme. If you contribute to more than one scheme that complies with the KiwiSaver Act 2006, the one that requests this on your behalf first is where it will be applied. |
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Can I transfer my KiwiSaver to mysuper?
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No. The KiwiSaver Act 2006 doesn't permit a transfer of your existing KiwiSaver balance into mysuper as we are not a registered KiwiSaver Scheme. mysuper operates under a Trust Deed, and voluntarily chooses to comply with the KiwiSaver Act 2006 to access the key features offered, while KiwiSaver operates solely under the KiwiSaver Act 2006. If mysuper was a registered KiwiSaver Scheme ‘unlocked’ contributions would not be available to mysuper members. |
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Is locked money invested differently to unlocked money?
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No. All contributions, whether unlocked or locked, have the same investment returns applied. The investment fund you select is what determines the returns you receive. |
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Can anyone make locked contributions?
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You can make locked contributions if you're both:
You cannot make locked contributions if you have a temporary, visitor, work or student visa as they do not comply with the KiwiSaver Act 2006. |
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What is the KiwiSaver Act 2006?
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The KiwiSaver Act 2006 is legislation that underpins KiwiSaver Schemes, setting rules around how the withdrawals, government contributions, first homebuyer withdrawals work, amongst other things. Independent workplace savings schemes like mysuper can choose to voluntarily align with the legislation to offer key benefits provided by the KiwiSaver Act 2006. Two of the mysuper accounts plans, Part Locked and Locked, are required to comply with the core features of the KiwiSaver Act 2006 for locked contributions. Note the mysuper Trust deed applies the minimum default KiwiSaver Act contribution rate to these plans so any change in the legislation will see this adjust. Therefore Budget 2025 changes to KiwiSaver planned for 1 April 2026 and 1 April 2028 will apply to locked contributions. |
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What is ESCT?
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Employer Superannuation Contribution Tax or ESCT is deducted from an employer's contributions to schemes like mysuper and KiwiSaver. ESCT is deducted from ACC's contribution before payment is made into your mysuper account. The amount deducted will appear on your payslip. |
1 The minimum locked contribution rate is subject to any changes made to the KiwiSaver Act 2006. An increase to 4% will automatically apply as of 1 April 2028.
2 ACC’s contribution rate of 9% is before tax (or up to 9% (before tax) for non-R3 employees).