What is KiwiSaver?

KiwiSaver is a voluntary savings initiative designed to encourage New Zealanders to save for retirement.

What are the benefits?

$1,000 kick-start payment. This is a one-off payment from the Government paid into your KiwiSaver account three months after you first join. Everyone who joins KiwiSaver gets this $1,000 payment.
A member tax credit of up to a maximum of $521 per year (the equivalent of $10 per week) for members who are over 18, residing in New Zealand, and not yet entitled to withdraw from KiwiSaver. This is paid at 50 cents for each dollar you contribute, so you need to contribute $1,042 per year (the equivalent of $20 per week) to receive the maximum amount.
3% compulsory employer contribution for members who are contributing through their jobs and who are over 18 and not yet entitled to withdraw from KiwiSaver. Some employers who are already paying into other eligible superannuation schemes may not be required to contribute to their employees' KiwiSaver accounts.

First home deposit subsidy of up to $5,000. Subject to eligibility.

Who can join?

- New employees are automatically enrolled in KiwiSaver by their employer and have up to eight weeks to opt out.
- Other employees can opt in to KiwiSaver through their employer or join by signing up with a KiwiSaver provider.
- People who are self employed or not employed can join KiwiSaver by signing up with a provider directly.
- Children can join too. Parents or legal guardians can also sign their children up to KiwiSaver directly with a provider.

To join KiwiSaver you must be a New Zealand citizen or entitled to live in New Zealand indefinitely, and living or normally living in New Zealand. You must also be under 65 years old.

You do not need to be working to join and benefit from Kiwi Saver, You can choose your own KiwiSaver provider and change your provider at any time.

How much do I need to contribute?

Members who are employees will contribute at the minimum contribution rate of 3% or at a rate of 4% or 8% of their salary. Once you have been a member of KiwiSaver for 12 months you can apply to go on a contributions holiday. If you go on a contributions holiday you are no longer entitled to the compulsory employer contribution.

Members who are self employed or not employed can choose how much and how often they contribute.

When can I get my money out of KiwiSaver?

Savings in KiwiSaver accounts can’t be withdrawn until you reach the age of eligibility for NZ Super which is currently 65 or, if you joined KiwiSaver after you turned 60, once you have been in KiwiSaver five years.

If you are going to buy your first home, you may withdraw some of your KiwiSaver savings to put towards it. If you have owned a home before you may still be eligible to withdraw your savings in some circumstances.