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KiwiSaver Information .

KiwiSaver is a voluntary savings initiative that's designed to make it easier to save for your future. You'll be able to access your savings when you're eligible for NZ Super (currently 65) or after five years' membership, whichever is later. Being a KiwiSaver member won't affect your eligibility for NZ Super.

The Government will help you save with KiwiSaver by giving you a $1,000 kick-start, a tax credit of up to $1,042.86, a fee subsidy and, if you qualify, a first home deposit subsidy.

KiwiSaver membership is voluntary. To join KiwiSaver you must be:

a New Zealand citizen, or be entitled to live in New Zealand indefinitely, and
personally present (or normally present) in New Zealand, and
below the age of eligibility for NZ Super, currently 65.

This means that New Zealand citizens, Australian citizens and people who hold either a New Zealand or Australian residence permit can become KiwiSaver members.

State sector employees serving outside New Zealand can also join.

People who hold temporary, visitor or student permits can't join KiwiSaver.

If you join between the ages of 60 and 65, you won't be able to access your savings until you've been a KiwiSaver member for five years. So if you join at the age of 62, you'll be able to access your savings at 67.

Joining KiwiSaver

Joining KiwiSaver is easy - either through automatic enrolment when starting a new job or by choosing to join.

Automatic enrolment

If you're 18 years or over, starting a new job with a new employer, you may be automatically enrolled. This means that contributions will start to be deducted from your pay on your first payday and will continue unless you opt out. You'll have eight weeks to decide if you want to remain a KiwiSaver member or opt out.

Your employer is responsible for deciding if automatic enrolment applies to you.

There are some exceptions to automatic enrolment. You won't be automatically enrolled if you:

are a casual agricultural worker, election day worker or private domestic worker
are employed on a temporary employment contract of 28 days or less
are on paid parental leave
stay on the same payroll (ie when a business is taken over or amalgamated, or if you relocate with the same employer)
receive payments subject to withholding tax
aren't a New Zealand resident
don't normally live here (unless you're a government employee working overseas)
aren't required to have PAYE deductions made from your salary or wages.

If you start a new job as a temporary employee or a casual agricultural worker, you'll only become eligible for automatic enrolment if your employment is longer than 28 days for temporary employees, or three months for casual agricultural workers. Your employer is responsible for deciding if automatic enrolment will apply to you.

Opting in

Other people can choose to join by opting in. This includes:

existing employees aged 18 and over, and temporary and casual workers who can also join through their employer
self-employed people
people under the age of 18
people who aren't working, including beneficiaries and those on ACC.

Once you opt in to KiwiSaver you can't opt out.

Joining when you're already in a job

If you're already in a job, eligible and want to join KiwiSaver, you can opt in.

If you're 18 or over, you can do this by simply completing the KiwiSaver deduction form (KS2) and giving it to your employer. KiwiSaver deductions will start from the next pay your employer calculates. We'll then allocate you to a scheme.

Alternatively, if you know which KiwiSaver scheme you'd like to join, you should opt in by contacting the scheme provider and applying directly. They'll give your details to us and we'll tell your employer to start deducting contributions from your pay.

Joining KiwiSaver if you're self-employed, a sole trader, independent contractor or run your own business

If you're self-employed, a sole-trader or an independent contractor you cannot pay yourself a salary or wage through the PAYE system so for KiwiSaver purposes as you're not an employee. To join KiwiSaver you'll need to choose a scheme provider and apply directly. You and your provider will need to decide how much you'll contribute.

However, you will be considered an employee for KiwiSaver purposes, and have contributions deducted from your pay at the rate of 4% or 8%, if:

your business is run through a trust or a company and you are paid a salary or wage from which PAYE is deducted. (If you are a shareholder-employee you'll need to determine that your remuneration is subject to PAYE under the Income Tax Act 2004), or
are a working partner of a partnership which pays you a salary or wage for services provided under a written contract of service.

In these cases, you can join KiwiSaver either by choosing a scheme provider and applying directly, or by giving your payroll a KiwiSaver deduction notice (KS2) in which case you'll be allocated to a scheme by Inland Revenue.

As your arrangements for tax and PAYE have implications wider than KiwiSaver it is strongly recommended you seek independent professional advice based on your own personal circumstances.

Joining if you're under 18

People under 18 can join KiwiSaver but only by choosing and contacting a KiwiSaver scheme provider directly.

If a provider of a KiwiSaver scheme accepts a person who is aged under 18 as a member of a KiwiSaver scheme, the contract between the provider and the person must be treated, for the purposes of the Minors' Contracts Act 1969, as if the person were aged 18.

Joining if you're not working, a beneficiary or receiving ACC

If you're not working, a beneficiary, or receiving ACC, you can still join KiwiSaver. You'll need to contact a KiwiSaver scheme provider and apply directly.

Applying directly to a scheme provider

When you opt in to KiwiSaver by applying directly to a scheme provider:

you'll need to advise them which of your employers you want to deduct contributions from your pay - if you don't specify your employer(s), we'll identify all employers who've paid you salary or wages in the last two months and ask them to start deducting contributions from your pay, or
if you're not an employee earning salary or wages, agree your contribution rate and any terms and conditions, for example whether you can stop contributions for any period of time. If you later start a job paying salary or wages, contributions will be deducted from your salary or wages.

KiwiSaver schemes can have specific criteria for membership and have the right to refuse your application if you don't qualify for membership, for example a scheme can restrict membership to members of a particular trade union or industry.

When your application has been accepted, the provider will notify us that you've been enrolled.

Joining if you already have a retirement savings scheme

You can still join KiwiSaver if you already save through another superannuation scheme.

You should discuss your options with your financial advisor.

Get financial advice

KiwiSaver is not guaranteed by the Government. This means that you invest in a KiwiSaver scheme at your own risk.

Neither your employer nor Inland Revenue can give you financial advice about whether KiwiSaver is the right choice for you.

For help deciding whether you can join, visit the Retirement Commission's Sorted website. Sorted provides free and independent information about money matters, including KiwiSaver.

Alternatively, contact a financial advisor for advice on:

your personal financial circumstances
whether or not KiwiSaver is right for you
how to choose a scheme or investment product
the overall KiwiSaver scheme and its financial concepts.

Find out more

Forms and guides

Check out what KiwiSaver forms and guides are available on the KiwiSaver website.

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