What is KiwiSaver

KiwiSaver is a voluntary savings scheme, it helps set you up for retirement. You can make regular contributions from your pay or directly to your scheme provider.

To join you have to be:

A New Zealand citizen, or entitled to live in New Zealand indefinitely

you normally live in New Zealand.

Why should you get it?

Members can still get New Zealand Superannuation when they reach 65. If you’re a salary earner your employer may enrol you when you start a new job. With KiwiSaver you will contribute either 3%, 4%, 6%, 8% or 10% of your before-tax pay to your account. Your savings are invested on your behalf by the provider of your choice. KiwiSaver contributions come out of your pay before you see it, making saving easy and can help you save for retirement. You can also use it to help buy your first home through a HomeStart grant and home purchase withdrawal. IRD have some interesting information if you wish to find out more.

What are some of the key benefits?

Government Contribution: As long as you are eligible, for every dollar you put into KiwiSaver the Government will put in 50 cents, up to $521.43 each year.

Employer Contribution: If you are employed and contributing part of your pay to KiwiSaver, your employer also generally has to contribute at least 3% of your before-tax pay.

First home: If you have been a member for at least three years then you may be able to withdraw your savings to buy your first home.

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