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How to Update Your KiwiSaver PIR Rate NZ: Step-by-Step Guide

Updated

Check your rate first: your PIR is 10.5%, 17.5% or 28%, worked out from your taxable income and PIE income in the previous two income years, and the thresholds and examples are in KiwiSaver PIR Rate Explained. A rate that is too high means overpaying until IRD’s end-of-year PIE calculation credits the excess (and refunds any remaining credit), and one that is too low can leave tax to pay at the end of the year.

This guide covers how to change the PIR your KiwiSaver provider holds, with the steps for each provider. You can confirm your income for the last two tax years (year ending 31 March) in myIR at ird.govt.nz.

Step-by-Step: How to Update Your PIR

The general process (applies to all providers)

  1. Confirm your correct PIR using your last two years’ income (see KiwiSaver PIR Rate Explained)
  2. Log in to your provider’s online portal or app
  3. Navigate to account settings or personal details
  4. Find the PIR rate field, usually under “Tax settings” or “PIR rate”
  5. Enter your new rate
  6. Save or submit (some providers require email confirmation)

If you can’t find the PIR field in the portal, contact your provider by phone or secure message. All providers are legally required to accept PIR updates.

Provider-Specific Instructions

Providers are listed alphabetically.

ANZ

  1. Log in to ANZ internet banking or the ANZ app
  2. Go to “My accounts” → select your KiwiSaver
  3. Find “KiwiSaver settings” or “Tax settings”
  4. Update PIR and confirm

ASB

  1. Log in to ASB FastNet Classic or ASB Mobile
  2. Navigate to your KiwiSaver account
  3. Select “Account settings”
  4. Update PIR under tax preferences

BNZ

  1. Log in to BNZ internet banking or the BNZ app
  2. Navigate to the KiwiSaver section
  3. Select “Account settings” or “Personal details”
  4. Update PIR rate and save

Booster

  1. Log in to mybooster at booster.co.nz or use the Booster NZ app
  2. Find the tax details in your account (or contact Booster)
  3. Update PIR and save

The Booster KiwiSaver review covers Booster’s scheme in more detail.

Fisher Funds (formerly Kiwibank/Kiwi Wealth)

Kiwibank no longer offers its own branded KiwiSaver scheme: its former Kiwi Wealth business was sold to Fisher Funds in December 2022. If you had Kiwibank/Kiwi Wealth KiwiSaver, update your PIR with Fisher Funds instead:

  1. Log in at fisherfunds.co.nz
  2. Go to your account/tax details section
  3. Update your PIR and save

See our Kiwibank KiwiSaver review for the full history.

Generate

  1. Log in to the Generate member portal at generatekiwisaver.co.nz
  2. Go to “My Account” → “Personal details”
  3. Update PIR under tax settings

Milford

  1. Log in to the Milford member portal at milfordasset.com
  2. Go to “My Account” → “Account details”
  3. Update the PIR field under tax details
  4. Submit changes

Simplicity

  1. Log in at simplicity.kiwi
  2. Go to “Account” → “Personal details”
  3. Find “PIR rate” and update
  4. Click Save

Alternatively, email your PIR update request to Simplicity’s member services team.

Summer

  1. Log in at summer.co.nz
  2. Navigate to “Account settings”
  3. Update PIR and confirm

Westpac

  1. Log in to Westpac One or call Westpac directly
  2. Navigate to your KiwiSaver account details
  3. Update PIR field and save

When Your New PIR Takes Effect

PIR rate changes apply to investment income from the date the change is processed. The new rate does not apply retroactively to income already earned in the current tax year. For this reason, it is worth updating your PIR as early as possible in the tax year (April–June) to maximise the benefit.

Tax year timing: The New Zealand tax year runs 1 April – 31 March. Your PIR for a given year should reflect your income from the two previous tax years.

What If My Income Changes During the Year?

If your income changes significantly during the year (for example, you start a higher-paying job or reduce to part-time work), the change affects your PIR from the following tax year (April), not mid-year.

Key rule: Your PIR is set based on the previous two completed tax years. If your income increased in the current year, you won’t need to update your PIR until April of next year.

Exception: If you’re currently on a PIR lower than your income justifies, the shortfall builds up until the rate is changed and is collected in your end-of-year assessment.

After Updating: Confirm the Change

After submitting your PIR update, check that it has been recorded correctly:

  1. Log back in to your provider portal 2–3 business days after submitting
  2. Confirm the PIR rate shown matches what you nominated
  3. If in doubt, contact your provider’s member services

You can also verify your PIR through myIR — IRD holds a record of the PIR your provider has on file.

Frequently Asked Questions

How often should I review my PIR rate? Review your PIR at the start of each tax year (April) when you have final income figures for the previous year. If your income has been consistent, your PIR may not change from year to year.

What if I’ve been on the wrong PIR for years? If you’ve been on too high a PIR, IRD’s end-of-year PIE calculation, part of your annual income tax assessment, turns the overpaid tax into a PIE credit that reduces any income tax you owe, with any remaining credit refunded; updating the rate stops the over-deduction during the year. If you’ve been on too low a PIR, the shortfall is a PIE debt added to your income tax bill.

Does my provider update my PIR automatically? No. KiwiSaver providers are required to apply the PIR rate you nominate. They do not automatically adjust it based on your income changes. You are responsible for notifying your provider when your correct PIR changes.

Can I update my PIR over the phone? Yes. All providers accept PIR updates by phone (after identity verification) or in writing. If you’re having trouble with the online portal, call your provider’s member services line.

What if I have KiwiSaver with more than one fund or provider? You can belong to only one KiwiSaver scheme at a time. If you hold several funds within it, your provider’s member services can confirm the PIR recorded for each.