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.
This form allows you to select whether you wish to make ‘100% Locked’ or ‘Minimum Locked’ contributions to mysuper – remember; once you’ve made the decision to start making locked contributions the Government, by law, doesn’t allow you to restart making 100% unlocked contributions.
The minimum locked employee contribution to mysuper is 3%.
The amount you choose to lock away will also apply to your employer contribution. E.g. a 3% employee locked contribution will mean the first 3% of your employer contribution is also locked.
Locked retirement savings aren’t able to be withdrawn by a Member until they reach the New Zealand Retirement age (currently 65 years). Some conditions apply if you join mysuper and you are over 60 years – see our Product Disclosure Statement.
Government contribution – If you choose to make a locked employee contribution each year the government will pay .50 cents for every dollar of your total annual contribution, up to a maximum payment of $521.43. You must contribute at least $1,042.86 annually to qualify for the maximum payment of $521.43. Your employer contribution does not count towards this type of credit.
ACC will provide a breakdown of the fortnightly contributions you make to mysuper, based on your selection, on your payslip.
All changes related to an account structure change will apply to your future contributions only. Should you wish to move any unlocked retirement savings to your mysuper locked account towards a first homebuyer withdrawal this can be done as part of your first homebuyer withdrawal application. For other reasons please email firstname.lastname@example.org