Can I join KiwiSaver?
Almost all New Zealanders starting new employment will be automatically enrolled in KiwiSaver (there are some exceptions). If you do not wish to join, you can opt out between the end of the second and eighth weeks of starting employment by telling your employer (or Inland Revenue).
If you are an existing employee, you will not be automatically enrolled in KiwiSaver, but you can choose to join at any time. If you are self-employed or not employed you can also join (but you will pay your contributions directly to your chosen KiwiSaver scheme).
For more information see How Does KiwiSaver Work?
Who can't join KiwiSaver?
You cannot join KiwiSaver if you:
- Have reached the age of eligibility for New Zealand Superannuation (currently age 65).
- Hold temporary, visitor or student permits.
- Do not meet the citizenship and residency requirements.
- Are living overseas, unless you are a State services employee serving outside New Zealand, and employed on New Zealand terms and conditions, and serving in a jurisdiction where offers of KiwiSaver scheme membership are lawful.
Do I have to join KiwiSaver?
No, you don't have to join. If you have been automatically enrolled, you can opt out of KiwiSaver, but to do so you will need to notify your employer or Inland Revenue between the end of the second and eighth weeks of commencing a new job.
Can I join KiwiSaver if I am self-employed or not employed?
If you are self-employed or not employed, you may also choose to join KiwiSaver. To join, you will need to contact your chosen scheme provider directly. You will be eligible for the $1,000 Government kick-start contribution and may be eligible for matching Government contributions. Your minimum contribution requirements will be set by your scheme provider. FirstChoice KiwiSaver does not currently have any minimum contribution requirements.
Can I join KiwiSaver if I am under 18 years of age?
If you are under 18 years of age, you will not be automatically enrolled when you start new employment, but you may choose to join KiwiSaver. To join, you will need to contact your chosen scheme provider directly. You will be eligible for the $1,000 Government kick-start contribution. You will not be eligible for the matching Government contributions or compulsory employer contributions, but may be eligible for these when you reach 18 years of age. If you opt in to KiwiSaver, contributions will automatically be made from your gross salary or wages at the minimum contribution rate of 2% (unless you elect to contribute at the rate of 4% or 8%).
Can I join KiwiSaver if I am over 60 years of age?
If you are over 60 years of age but under the age of 65, you will be able to join a KiwiSaver scheme if you meet the eligibility requirements. You will need to be a member of a KiwiSaver scheme for a minimum of five years before you can access your funds (unless you qualify for an early withdrawal). This rule applies even if you have reached the age of eligibility for New Zealand Superannuation (currently 65). For example, if you open a KiwiSaver account at age 62, your savings will be locked in until age 67.
Can I transfer my savings in an existing superannuation scheme into a KiwiSaver scheme?
If you have savings in an existing superannuation scheme you will need to check with your existing superannuation scheme provider whether you are able to transfer your savings to a KiwiSaver scheme.
What happens if I change employers?
Because Inland Revenue administers KiwiSaver, your KiwiSaver contributions will continue when you change employers. You should advise your new employer that you are already a member of a KiwiSaver scheme so they can start deductions from your first pay.
Can I join more than one KiwiSaver scheme?
No, you can only be a member of one KiwiSaver scheme at a time.
Can I change KiwiSaver schemes at any time?
Yes, currently there are no restrictions on how often you can change schemes.
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).
