With over 2.5 million people enrolled, KiwiSaver is one of the preferred ways for New Zealanders to save for their retirement. KiwiSaver offers a range of generous membership benefits to encourage you to get saving. They include:
^Or 5 years after you have joined KiwiSaver, whichever is later.
To join KiwiSaver you must live or usually live in New Zealand and be entitled to live here permanently.
You must also be aged under 65 years.
You can join whether you are working or not, including non-working parents, beneficiaries, students etc.
Employees can put in amounts equal to 3%, 4% or 8% (your choice) of your gross pay.
Self-employed, not employed and under 18s (who aren’t working) can choose to put in as much or as little as they like, when they like, with no minimum payments required.
Anyone can make contributions into another person’s KiwiSaver account thereby helping family and friends to make the most of KiwiSaver.
You can access your KiwiSaver scheme balance either once you reach the age of eligibility for New Zealand Superannuation (currently 65) or have completed at least 5 years’ membership (whichever is later), or to purchase your first home.
There are limited exceptions – early withdrawals may be permitted for significant financial hardship, serious illness or permanent emigration other than to Australia (terms and conditions apply). On your death your KiwiSaver balance will be paid to your estate.
Owning your own home is a big part of our Kiwi lifestyle. The difficulty is saving enough to make it happen. With KiwiSaver, there are two great benefits to help make achieving this goal easier.
First home withdrawal facility
After three years membership in KiwiSaver, and subject to certain conditions, you may be able to withdraw your funds to put towards buying your first home. You must leave a minimum $1,000 balance in your KiwiSaver account.
KiwiSaver HomeStart - get up to $10,000 towards your first home
If you’ve been contributing to KiwiSaver for three years or more, you could be eligible for a KiwiSaver HomeStart grant of up to $10,000 to buy or build a new home, or up to $5,000 to buy an existing home. And if you’re buying with a partner, you could get double that. Find out more.