What is KiwiSaver?
It provides you with a lump sum at age 65.
Most members will build up their savings through regular contributions from their pay
There are a number of KiwiSaver schemes available which are regulated by the Financial Markets Authority to ensure members’ best interests are looked after. KiwiSaver schemes are managed by KiwiSaver scheme providers.
Who Can Join?
Who Can Join the Scheme?
*From 1 July 2019, you can join the scheme if you are over 65, however employer contributions are only discretionary, and the Government Contribution is not available.
WHAT ARE THE BENEFITS?
KiwiSaver Has a Range of Membership Benefits
If you are between 18 and the KiwiSaver retirement age and are working and contributing from your salary, you may be eligible for an employer contribution equal to 3% of your before-tax salary or wages.
If you are between 18 and the KiwiSaver retirement age and reside mainly in New Zealand, then you may be eligible for a Government Contribution of 50 cents for every dollar you contribute, up to $521.43 each year (conditions apply).
First Home Withdrawal
If you are 18 years of age or older and have been a KiwiSaver member for at least three years, and are purchasing your first home you may be eligible to withdraw money from your account to go towards the cost of your home, provided you are intending to live in the home and have never made a first home withdrawal before (conditions apply).
You Can Withdraw Most of Your KiwiSaver Savings
Including your personal contributions, your employer’s contributions, credits from the government as well as your investment’s growth. You must be a contributing KiwiSaver member for a minimum of 3 years. Then you can use the money saved to help pay for your first home*
*you must leave $1000 in your KiwiSaver account when making the withdrawal.
You can qualify for a First Home Housing NZ Assistance Grant
Plus if you have been making regular KiwiSaver contributions for 3-5 years you may be eligible for a First Home Grant of up to $10,000*. Housing New Zealand will pay you up to $5,000 towards an existing house* If it is a brand new house, Housing New Zealand will pay you up to $10,000*
*Terms and conditions apply
A Voluntary Work-based Savings Initiative
When you reach the KiwiSaver retirement age, you may continue to keep making contributions; however, the Government will stop contributing and your employer may stop contributing.
KiwiSaver Help You for Long-term Saving
KiwiSaver is a savings initiative designed to help you with your long-term saving for retirement. As a long-term investment, this means that while the value of your investment may rise and fall in the short-term due to market volatility or currency fluctuations, we focus on achieving steady investment gains in the long-term, which, dependent on your investment horizon (time until retirement) is usually many years. Your KiwiSaver savings will generally be locked in until:
Note: From 1 April 2020, members who joined KiwiSaver before 1 July 2019, and therefore affected by the above 5 year lock-in period, may choose to select the New Zealand superannuation qualification age (currently 65) or a later date for withdrawal of their savings.
You may be able to make an early withdrawal of part (or all) of your savings for one of these reasons:
Buying your first home.
Moving overseas permanently (other than to Australia).
Significant financial hardship.
Death (your investment will be paid to your personal representatives).