KiwiSaver Benefits

The Government is offering great incentives to help as many New Zealanders as possible to save for a better standard of living in retirement through KiwiSaver.

 

KiwiSaver features

KiwiSaver has many features, including:

  • A $1,000 kick-start contribution from the Government when you join a KiwiSaver scheme for the first time.
  • Matching Government contributions of up to $1,042.86 per annum paid to your KiwiSaver scheme (subject to eligibility).
  • After three years or more of saving in KiwiSaver, you may be eligible:
    • For a first home deposit subsidy (through Housing New Zealand Corporation "HNZC") of $1,000 per year of saving, up to $5,000 in total;
    • To withdraw contributions (except the Government kick-start contribution and matching Government contributions) for a first home deposit.

    Both of these facilities will also be available to second-chance home buyers that meet the eligibility criteria as determined by HNZC. For more information see www.hnzc.govt.nz

  • After 12 months of contributing you can apply for a KiwiSaver contributions holiday.
  • Your employer will generally be required to contribute 2% of your gross salary or wages where you are contributing to KiwiSaver. These employer contributions will not be subject to employer's superannuation contribution tax up to 2% of your gross salary or wages.
  • You generally become eligible to withdraw your KiwiSaver savings when you reach the age of eligibility for New Zealand Superannuation (currently age 65) or five years from the date you become a member of a KiwiSaver scheme and/or a complying superannuation fund (whichever is later).
  • You can apply for an earlier withdrawal in circumstances of significant financial hardship, serious illness or if you permanently emigrate (note this may exclude the $1,000 Government kick-start and matching Government contributions depending on the circumstances).

Disclaimer

A copy of the Investment Statement for the FirstChoice KiwiSaver Scheme ("FirstChoice KiwiSaver") is available here or by calling 0800 1ST CHOICE (0800 178 246).

Back to top