Summary

The KiwiSaver Update Tool is only available in New Zealand databases.

You can use the KiwiSaver Update Tool to quickly update Employee Super Fund records. Please note, the tool does not update contribution values in Superannuation Fund and KiwiSaver records, so you must manually update these values.

Important: The KiwiSaver Update Tool command is displayed only for users who have the Supervisor checkbox ticked in their User Profiles record.

We recommend that you apply a query that covers only one pay period (or periods that share the same PTDs) because they may have different Application Date values. For example, update all weekly employees, then all monthly employees.

If using the tool to complete a legislative update, then we recommend applying a filter that selects employees belonging to KiwiSaver and Complying Funds who are currently on the minimum contribution rate. Unless your organisation has inclusion policies you may also want to filter on age so that only 16-64yr olds are updated.

If using the tool to complete company only policy updates, apply the same logic as above with appropriate filters for your company policy updates.

PayGlobal will only update employee superfund records where the sum of all employee superfund records contribution amounts is less than the new "Update" value.

Examples:

1. Employee's employer contribution was 3% and the employee contribution was 4%. You ask the system for both amounts to be updated to 3.5%. Only the employer amount will be updated to 3.5%. You will be advised the employee's amount is already meets the requirement and wont be updated.
2. Employee has two active superfunds, unless you have an active filter to explicitly target the updating of one specific fund only, then if the contribution amount sum is equal to or greater than the amount you want to update to you will be told "employee and employer already contributes enough". In some cases you may also be told, "Employee has more than one Selected Fund that is eligible for updating - Unable to choose which one!

   Further Reading: See the New Zealand Superannuation and Salary Sacrifice manual on the website.

RSS Superannuation Funds

The minimum employer contribution rate may be met by contributions to other superannuation funds that met all the following conditions:

• Superannuation fund is a registered superannuation scheme.
• Employer makes specified superannuation contributions to the employee with their salary or wages.
• Employee is employed by the employer before 1 April 2008.
• Employer provides the employee access to the scheme as at 17 May 2007.
• Employer agreed to make the specified superannuation contributions to the employee for the registered superannuation scheme before 1 April 2008.
• Specified superannuation contributions vest in the employee immediately after the contributions are paid.

In PayGlobal, this type of Superannuation Fund record has KiwiSaver status = "RSS".