IRD to fork out $6.6 million for KiwiSaver pay delay

After delays due to a move to a new technology platform, the IRD are having to compensate many KiwiSaver accounts to the tune of $6.6 million.

Monday, February 22nd 2021, 9:07AM

Compensation of $6.6 million will be paid by the Inland Revenue Department to KiwiSaver members whose payments were delayed by a move to a new technology platform last year.

The switch occurred in April last year, during which IRD put some KiwiSaver employer contributions on hold.

This delay has meant that some KiwiSaver members potentially missed out on investment gains.

IRD has confirmed that it has now passed on the contributions to KiwiSaver schemes and made an additional payment to make up for the missed investment returns.

Inland Revenue will make 644,000 payments, totalling just over $6.6 million, at an average of just over $10.

A spokeswoman for the department said, “Inland Revenue apologises for the delay.”

Tags: IRD KiwiSaver