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

Updated

If you’re on the wrong KiwiSaver PIR rate, you’re overpaying tax on your investment returns every year — and you can’t claim the excess back. Updating your PIR takes less than five minutes and can save you hundreds or thousands of dollars over time.

This guide shows you exactly how to update your PIR with each major KiwiSaver provider.

Before You Update: Check Your Correct PIR Rate

Before contacting your provider, confirm what your correct rate should be. The three PIR rates are:

PIR rateIncome in either of the last two years
10.5%≤ $14,000 in both years
17.5%$14,001–$48,000 (and neither year over $48,000)
28%Over $48,000 in either of the last two years

Income includes salary, wages, business income, rental income, and other taxable income. Use myIR at ird.govt.nz to confirm your income for the last two tax years (year ending 31 March).

If you’re not sure how the PIR rate is calculated, read our KiwiSaver PIR rate explained guide first.

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 above)
  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 (10.5%, 17.5%, or 28%)
  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

Simplicity

  1. Log in at simplicitynz.co.nz
  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.

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

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

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

Westpac

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

Kiwibank

  1. Log in to Kiwibank internet banking
  2. Go to your KiwiSaver account
  3. Select “Account settings” and update PIR

Booster

  1. Log in to MyBooster at booster.co.nz or via the MyBooster app
  2. Go to “Profile” → “Tax information”
  3. Update PIR and save

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

Summer

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

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 — your PIR should be reviewed at the start of 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 realise you’re currently on too low a PIR (lower than your income justifies), you should update it immediately to avoid a tax shortfall at year-end.

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, you have overpaid tax and cannot claim a refund — the excess is lost. Update immediately to prevent further overpayment. If you’ve been on too low a PIR, IRD may issue a tax assessment for the shortfall through myIR — pay it when requested.

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 should only be with one provider at a time. If you have multiple accounts (an unusual situation), each account may have a separate PIR — update all of them.