KiwiSaver
What is KiwiSaver?
KiwiSaver is a voluntary work-based savings initiative that makes it easier for you to save for your future.
KiwiSaver makes it easier to save because money is put into a KiwiSaver scheme from your weekly, fortnightly or monthly pay.
Once you join KiwiSaver your savings are locked-in until you reach the age of eligibility for New Zealand Superannuation (currently 65), or for five years for people who join after age 60.
KiwiSaver offers a number of benefits including:
- A one-off kick-start of $1,000
- An annual tax credit to your KiwiSaver account of up to $10 per week (approximately $520 per annum). Conditions apply
- Compulsory contributions from your employer
- You can choose to contribute 3%, 4% or 8% of your gross (before tax) salary or wages to KiwiSaver and in most cases your employer must contribute a minimum of 3% of your gross salary or wages to KiwiSaver.
Who can join
You can join KiwiSaver if you’re:
- Under the age of eligibility for New Zealand Superannuation (currently 65),
- A New Zealand citizen, or entitled to live in New Zealand indefinitely, and
- Living or normally living in New Zealand.
Enrolment in KiwiSaver will be automatic for all those starting a new job (with some exceptions), although employees automatically enrolled will have the chance to opt out (within a specified timeframe). Other people can choose to opt in to KiwiSaver but can’t then opt out.
How do I join
New employees are automatically enrolled in KiwiSaver by their employer and have up to 8 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 KiwiSaver provider directly
Children can join also by having their parents or legal guardians sign them up direclty with a KiwiSaver provider
60's and nearing 60's
You can join KiwiSaver any time prior to your 65th birthday. If you're over 60 or nearing 60 and can afford to save $20 per week into your KiwiSaver account you will be able to take advantage of the KiwiSaver incentives. It doesn't matter if you're already retired, unemployed or on a benefit.
By contributing $20 per week for 5 years ($5,200) you will be eligible for approximately $3,600 of Government contributions over the 5 years that you're a member.
People must be a member for a minimum of 5 years before they can withdraw, which means if you join at age 62 you would not be able to withdraw your money until you are 67.
Questions?
No matter what your situation you're bound to have questions about KiwiSaver. If you need any futher information please Contact Us today.
A disclosure statement is available on request and free of charge.


