What is a PIR and how do I know what my PIR is?
Your PIR is your Prescribed Investor Rate which is the tax rate applied to any income attributed to your Generate KiwiSaver Scheme account. Because the Generate KiwiSaver Scheme is a Portfolio Investment Entity (PIE) we calculate and pay the tax owing from your KiwiSaver account for you. This makes it easy for you and we will send you a tax statement every year setting out how much tax you have paid.
Your PIR tells us at what rate we should pay the tax on your account. The PIR rates are different from your normal income tax rate so if you don’t know your PIR, you need to find out. Either ask your accountant, call the IRD on 0800 227 774 or please see our page Working out your Prescribed Investor Rate (PIR). You can also go to the IRD website for more information.
It is important to get your PIR right. Please tell us as soon as possible if your PIR changes. If your PIR is too low you may have more tax to pay and if your PIR is too high you may end up paying too much tax from your KiwiSaver account.