Kiwisaver – Can you really get your money back?

KiwiSaver is a vehicle persuading New Zealanders to save for their own retirement , but the continued unrest in the economy is making the cost of saving for the future that much harder for some.

KiwiSaver funds are locked in to the fund for the long haul until either 65 or you have been a contributor for five years (whichever is the later), except in cases of financial hardship, sickness, buying your first home and moving overseas permanently, where members can apply to the Trustees of their fund to access some of their fund.

Those affected by the Canterbury earthquakes also have grounds to apply for relief (a category of financial hardship that has been specifically added to those previously available). This criteria is added to the existing list including:

• inability to meet minimum living expenses; or

• inability to meet mortgage repayments on the principal family residence resulting in the mortgagee seeking to enforce the mortgage; or

• the cost of modifying a residence to meet special needs arising from a disability of a member or a member’s dependant; or

• the cost of medical treatment for an illness or injury of a member or a member’s dependant; or

• the cost of palliative care for a member or a member’s dependant; or

• the cost of a funeral for a member’s dependent.

How it affects you:

If you are experiencing hardship and have been contributing to a KiwiSaver scheme you may be able to withdraw all or some of your contributions from the scheme. The process is quite comprehensive and requires the applicant to show they have tried other avenues for funding, completed a statutory declaration about assets & liabilities and provide any other documents or information to support the application.

The decision with hardship applications is made by the KiwiSaver Scheme’s independent Trustee and not the Scheme Provider.   The KiwiSaver Scheme’s independent Trustee analyses applications and makes the final decision.

Do not be put off making an application . If you need help, contact your business advisor or scheme provider for assistance.

Do you have Entrepreneurial Flare or Flair

So you have the fire and passion to be entrepreneurial.  That's great.  But the best tool that a entrepreneur can have is objectivity, as without it your venture will more than likely fail.


Here are 3 ways that you can make sure that your entrepreneurial flair doesn't turn into a smouldering mess.

1. Don't rely on praise - Praise is not the same as success but praise should be used as marketing tool but don't let it distract you from your real goals.
2. Don't lie to yourself - Being honest with yourself is sometimes the hardest part of being a self employed entreprenuer.  Do I really have all the skills to run all parts of my business.  Would my time be better spent being creative 24/7 and leave the other stuff to someone else.
3. Don't flare out - Knowing when to pull the pin and move on to the next venture is a trait of some of the best entreprenueral leaders in the world.  Don't go down with the sinking ship.

Adapted from "The Danger of Entrepreneurial Passion" By Daniel Isenberg

Employer - Employee Relationship Problems

By Aaron Brown - HR Executive Cross Group Services Ltd

Problems can sometimes occur in the workplace, and usually the best way to deal with them is to apply a common sense approach. The sooner an issue is dealt with the better and the best way to achieve this is to follow a well documented process.

Employers need to have good processes and procedures in place for dealing with issues and should make sure that employees are aware of them and everyone in the workplace should understand what is expected of them in the event of an employment dispute.

If there’s a problem, it’s important to:

1. have a clear idea of the issues, check the facts 
2. make sure that both sides have the time and opportunity to take advice and think through the issues. 

Taking advice at the earliest opportunity helps ensure both sides are fully aware of their options in the circumstances.

Every employment agreement must contain a clear explanation of the processes for resolving problems. This explanation should be written very clearly, so everyone knows what processes they are required to follow, what their rights are and what happens when a problem is raised.

It is important that all parties, in good faith, try to resolve any problems directly. Some may be able to settle their differences quickly through a mediator with less formal support and cost than a formal process.

There are some problems at work that can also have health and safety implications, particularly where these problems may involve stress, fatigue, bullying or workplace violence.

Whatever the issue or the problem that has been raised it is vitally important to be proactive and reach a resolution for the benefit of both the employee and the employer aka win win.

So check your procedures manual and employment agreements today as an hour spent today may save a lot of time and money further down the track.