What is KiwiSaver?
KiwiSaver is a voluntary, work-based savings initiative to help set you up for retirement. Most members will build up their savings through regular contributions from their pay. Find out more.
There’s a range of membership benefits, including:
A $1000 kick-start from the Government
All new KiwiSaver members qualify for the kick-start payment when they first join.
A member tax credit of up to $521.43 per year if you’re over 18 and contributing.
This is calculated by the Government paying 50 cents for each $1 you contribute to a KiwiSaver scheme. (Before 1 July 2011, the Government paid $1 for each $1 you contributed — up to $1,042.86 a year.)
You’ll receive a member tax credit for only part of the year if:
- you join KiwiSaver part-way through a membership year (1 July to 30 June)
- you opt out before you’ve been a member for 12 months
- you permanently withdraw your savings part-way through a membership year.
Compulsory contributions from your employer if you’re over 18 and working.
This is currently 2% of your before-tax salary or wages — but will increase to 3% from 1 April 2013.
From 1 April 2012, these contributions will also no longer be exempt from employers’ superannuation contribution tax (the maximum rate is 33%).
Help with purchasing your first home.
If you›ve been a member for at least three years, you may be able to withdraw some or all of your KiwiSaver savings (except for the $1,000 kick-start and member tax credit) to put towards buying your first home. Other conditions apply — Find out more.
After three years, you may also be entitled to a first home deposit subsidy of $1,000 for each year you’ve been contributing — up to a maximum of $5,000 for five years. If you’re a couple buying a house together and you both qualify for a subsidy, you could receive up to $10,000. Income and price caps apply — find out more.
For more information about KiwiSaver and its benefits, go to www.kiwisaver.govt.nz.
Conditions
The issuer of the Kiwibank KiwiSaver Scheme is Trustees Executors Superannuation Limited and the promoters are Kiwibank Investment Management Limited, Kiwibank Limited and their directors. Units in the Kiwibank KiwiSaver Scheme do not represent deposits or other liabilities of Kiwibank Limited. Download the
Investment Statement for the Kiwibank KiwiSaver Scheme (PDF 2.3 MB) or pick up a copy from your local Kiwibank.