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The Northland Age - - Opinion -

As the govern­ment, in their clan­des­tine way, helped you to start your Ki­wiSaver off with an ini­tial in­vest­ment of $1000/$500, they now have the right un­der the Di­rect De­duc­tion Pol­icy of Sec­tion 70 to ac­cess and deduct any funds you and your em­ployer have in­vested into Ki­wiSaver.

Un­der Sec­tion 70 re­turn­ing Ki­wis (75,000) and im­mi­grants (89,000) who have sim­i­lar schemes overseas (but with­out any govern­ment con­tri­bu­tions) are not al­lowed to have two re­tire­ment sav­ing schemes/pen­sions, de­spite the con­tri­bu­tions only com­ing from their wages with a top-up from their em­ploy­ers.

Sec­tion 70 of the So­cial Se­cu­ri­ties Act 1964 states “Any overseas/NZ govern­ment-run or con­trib­uted fund” can be deemed a pen­sion/ben­e­fit and can be di­rectly de­ducted from your New Zealand super or used to sub­sidise the New

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