We’re making some scheduled upgrades to our Kernel KiwiSaver systems.
Use this article to find out how the Kernel KiwiSaver platform upgrade between Wednesday 26 August and Monday 31 August affects your contributions, transfers, and any new KiwiSaver applications, and what you need to do (in most cases, nothing).
Existing Kernel KiwiSaver Plan members
If you’re already a Kernel KiwiSaver plan member, some KiwiSaver processing will be paused between Wednesday 26 August to Monday 31 August. This includes:
Employee and employer contributions
Voluntary contributions from myIR
If you’re already a Kernel KiwiSaver plan member, some KiwiSaver processing may be delayed between Wednesday 26 August to Monday 31 August. This includes:
All withdrawals
Transfers to other KiwiSaver providers
There’s nothing you need to do. This includes anything already in progress before Wednesday 26 August, anything you start, or anything you submit during the pause. All of it will process as normal from Tuesday 1 September. Your existing Kernel KiwiSaver investments aren’t affected by the pause.
How will this impact my withdrawal?
Any KiwiSaver withdrawal submitted between Wednesday 26 August to Monday 31 August may be delayed. They will be processed as normal from Tuesday 1 September onwards.
Urgent first home or financial hardship withdrawals may be processed on a case-by-case basis between Wednesday 26 August and Monday 31 August.
Joining the Kernel KiwiSaver Plan?
If you’re in the process of joining the Kernel KiwiSaver plan during the upgrade, here’s what to expect depending on your situation.
How long will it take my KiwiSaver balance to arrive?
If your transfer falls within Wednesday 26 August to Monday 31 August, it may take a couple of extra days to complete. There’s nothing you need to do - we’ll keep you updated on progress.
Transferring your balance from another KiwiSaver provider
If your transfer falls between Wednesday 26 August and Monday 31 August, it may take a couple of extra days to complete. There’s nothing you need to do - we’ll keep you updated on your progress. The full transfer typically takes around 3 weeks, depending on how quickly your previous provider releases your balance. Any new salary contributions may appear sooner, as these are redirected to Kernel from Tuesday 1 September.
If you’re new to KiwiSaver and Kernel is your first KiwiSaver provider
If Kernel is your first KiwiSaver provider and you’re employed, Inland Revenue (IRD) will hold your contributions for 2 months (62 days) from the date they confirm your KiwiSaver membership. Your balance is then transferred to Kernel. Our systems upgrade will not affect IRD transferring your balance, unless it falls within the upgrade dates. If it does fall within these dates, it may take a couple of extra days to complete.
If you’re new to KiwiSaver and self-employed
Setting up your Kernel KiwiSaver account can take approximately 1-2 weeks. If your application falls between Wednesday 26 August and Monday 31 August, it may take a couple of extra days to complete. There’s nothing you need to do - we’ll keep you updated on progress.
Can I make voluntary contributions before my balance has arrived and during this time?
Yes. You can make voluntary contributions between Wednesday 26 August and Monday 31 August. These will be processed from Tuesday 1 September and reflected in your Kernel KiwiSaver account from around Thursday 3 September.
You do not need to pause any automatic KiwiSaver contributions set up through your bank, as Kernel’s KiwiSaver bank account details are not changing.
If you’re new to Kernel KiwiSaver, you can still contribute before your transferred balance or IRD-held contributions arrive. These are separate processes, so there is no need to wait for your transfer to complete before contributing.
Questions?
Email us at support@kernelwealth.co.nz and we’ll help you out.