Introduction to KiwiSaver
KiwiSaver is a voluntary savings initiative designed to enable you to grow a retirement fund that can help secure the lifestyle you would like to enjoy in your later years.
By joining KiwiSaver you’ll be able to take advantage of the compelling range of benefits on offer:
|If you are employed and between the ages of 18 and 65*, your employer is required to contribute 3% of your gross salary or wages|
|For every $1 you contribute the Government will contribute $0.50 up to a maximum of $521.43 per KiwiSaver year (equivalent of $10 per week) if you are between the ages of 18 and 65* – this is known as the Government contribution|
|First home assistance programs (if eligible)|
*If you joined KiwiSaver (or a complying fund) before 1 July 2019, a 5 year minimum membership requirement applies if you were aged 60 or over when you joined. During the 5 year minimum membership period you are entitled to the Government contribution, and compulsory employer contributions if you are contributing from your wages or salary. Once you've reached the age of 65 you can opt out of this requirement and make a partial or full withdrawal, however if you do so you will forego your entitlement to the Government contribution and compulsory employer contributions.
Who can join KiwiSaver?
You can join KiwiSaver if you are:
- a New Zealand citizen (or entitled to live here permanently); and
- living or normally living in New Zealand.
KiwiSaver is not compulsory and you do not have to be working to join.
Accessing your KiwiSaver account
There are two main ways you can access the money in your KiwiSaver account:
- For your retirement – when you reach the age of 65 (subject to the minimum membership requirement outlined above).
- For a first home buyer withdrawal (terms and conditions apply).
Early withdrawals may also be permitted for significant financial hardship, serious illness, death, or permanent emigration (terms and conditions apply).
Things to consider when joining KiwiSaver
You are in control
Individual choice is important in encouraging people to take an active interest in their financial decisions. You have the ability to make a lot of decisions about your KiwiSaver account. All KiwiSaver members are able to:
- Choose the KiwiSaver scheme they want to join
- Choose how their KiwiSaver money is invested
- Choose from a number of contribution options
- Transfer between KiwiSaver schemes at any time
Take a savings suspension after a minimum contribution period of 12 months by applying to Inland Revenue for a savings suspension. A savings suspension is for a period of up to one year (minimum three months) and can be renewed at the end of the period.
How you contribute to your KiwiSaver account depends on your employment status.
If you are an employee
You can choose to contribute either 3%, 4%, 6%, 8% or 10% of your wage or salary (before tax) to your KiwiSaver account. If you don't make a choice, your contribution rate will default to 3%. If you wish to change your contribution rate, the best way to do this is via your myIR account. Once you're logged in, click on 'More' in the KiwiSaver section and then type in 'rate' in the search bar. Next, you'll see the option to 'Change KiwiSaver contribution rate'. Once you've made your changes, click 'Submit'.
Employers also have to match their employees’ contributions to KiwiSaver (as per the table below) if the employee is over 18 and under 65 (subject to the minimum membership requirement outlined above).
(% of gross salary)
(% of gross salary)
|Total employee and
(% of gross salary)
Please note that Employer Superannuation Contributions Tax is deducted from your employer contribution before it is transferred to your KiwiSaver account.
If you are self employed or not working (including minors) or an employee wanting to make a voluntary payment.
If you are self-employee, not working, or an employee wanting to make a voluntary contribution, it is easiest to contribute directly to us.
You can make a direct credit to the Fisher Funds TWO KiwiSaver Scheme bank account, send us a cheque or use our direct debit facility.
Please make your direct credit to the Fisher Funds TWO KiwiSaver Scheme bank account:
Note: Please include your reference details with your payment. Information to be included is your surname, initials and your IRD number. If your correct reference details are not supplied this will result in a delay in applying your payment to your Fisher Funds TWO KiwiSaver Scheme account.
Please make your cheque payable to Fisher Funds TWO KiwiSaver Scheme Main Bank, and cross it 'not transferable'.
Please post your cheque to:
Private Bag 93502
We have a direct debit facility available allowing you to make regular deposits into your KiwiSaver account. Click here to download our direct debit form
You are not required to contribute a fixed % of your income but if you can afford to pay $20 per week will ensure you maximise the Government contribution (eligibility criteria applies).