All about KiwiSaver

KiwiSaver is the generic name for a voluntary workplace superannuation scheme that’s designed to improve the long-term savings of New Zealanders. The scheme is administered by Inland Revenue and provided by independent investment organisations approved as KiwiSaver providers such as your Society.

In this section:

Who can join?

How much do I contribute?

When can I access my money?

How much does my employer have to contribute?

• Anyone who’s under the age of 65 and a New Zealand or Australian citizen or permanent resident living here.
• When you start a new job your new employer will automatically enrol you in KiwiSaver – or, if you’re not changing jobs, you can choose to join KiwiSaver through your workplace or by contacting a KiwiSaver provider, such as Medical Assurance Society, direct.

• Either 2%, 4% or 8% of your before-tax salary if you're working. You can switch between contributing 2%, 4% and 8% and make lump sum payments whenever you like.
• Those who are not working or self-employed won’t have to make regular contributions – and the Medical Assurance Society KiwiSaver Planallows you to contribute as much or as little as you like.
• Your contributions come straight out of your pay and go into an individual account under your name.
• Once you’ve made contributions for a year you can take ‘contribution holidays’ of between three months and five years.

• When you’re 65 (the current age of eligibility for NZ Super), or
• After five years if you’re already in your sixties, or
• If you’re a first home buyer you can make a one-off withdrawal to pay for your first home, or
• If you move overseas, have a serious illness, have financial hardship or die (In which case your money goes to your estate).

• From 1 April 2009, your employer will have to contribute 2% of your before-tax salary, as long as the amount of your own contributions matches or exceeds the amount of your employer’s contributions. 
• Employer contributions are tax free.