ANZ is to spend at least $2 million compensating KiwiSavers for ‘‘processing errors’’ that meant they didn’t receive their full member tax credits.
Member tax credits (MTCs) are contributions from the Government that help make KiwiSaver so attractive to savers.
But ANZ said ‘‘processing errors’’ had resulted in some 51,000 KiwiSavers not getting their full tax credits, with some of the errors going back as far as 2009.
For most of the people affected, the underpaid amounts were expected to be $50 or less, he said.
The bank said the number of members who did not get their full tax credits could rise as it continued to investigate.
‘‘ANZ is making a claim on behalf of impacted KiwiSaver members to Inland Revenue for the additional member tax credits to be credited to those customers’ KiwiSaver accounts,’’ ANZ spokesman Stefan Herrick said.
‘‘In addition, ANZ will credit their KiwiSaver accounts with the investment returns that would put them in at least the same position they would have been if the error had not occurred.’’
ANZ said the payments would be completed in August.
The errors were spotted by the IRD and ANZ, not the KiwiSaver scheme’s trustee or auditor, Herrick said.