Once you’ve joined, your money will be locked in until you qualify for NZ Super (currently 65), with a few exceptions.
We monitor KiwiSaver and other superannuation providers closely to make sure they meet the required standards and act with your best interests in mind. All KiwiSaver schemes must be registered. See IRD’s list of KiwiSaver scheme providers for details.
If you’re employed, you can contribute 3%, 4% or 8% of your salary before tax to a KiwiSaver scheme. You can also make lump sum payments or set up additional direct payments. Your employer must also contribute at least 3%.
If you’re self-employed, you decide how much you want to contribute and make payments directly to your chosen KiwiSaver scheme provider.
If you contribute to KiwiSaver and you’re aged 18 or over, the government also helps you save by giving you an extra 50 cents for every dollar you put in, up to a maximum payment of $521.43 (as at 2016). To get the full Government payment, which is called a member tax credit, you have to contribute at least $1,042.86 a year.
You decide which KiwiSaver scheme provider your contributions will go to. Each provider offers a range of funds you can invest in. These typically range from ‘conservative’ (low risk, low return) to ‘growth’ or ‘aggressive’ (higher risk, higher return).
Use Sorted's KiwiSaver fund finder to help you decide which type of fund is best for you.
If you don't choose a scheme for yourself, and your employer doesn't have a chosen scheme, Inland Revenue will allocate you to one of the nine government-appointed default providers.
If you are allocated to a default provider's KiwiSaver scheme your contributions will be invested in the scheme's default conservative investment fund option.
Most New Zealanders under the age of 65 can join KiwiSaver. You must be:
You can choose which scheme to join, even if you’ve already been allocated to an employer-chosen scheme or a default scheme.
TIP: When you join KiwiSaver, you’ll receive a copy of the scheme’s product disclosure statement (PDS).
You should read this as it describes how the scheme works and gives you an understanding of the risks and return, and any fees and charges.
The Government’s KiwiSaver website has lots of information about KiwiSaver.
Sorted has tools to help you choose a scheme provider and calculate your KiwiSaver retirement savings.
A financial adviser can give you advice about what scheme and funds may be best for you.
TIP: You should not be pressured to join any particular KiwiSaver scheme. Be wary of KiwiSaver schemes being sold as part of a bundle of other services, with a special offer attached, or through door-to-door sales.
If you've felt pressured to sign up for KiwiSaver, please let us know.
It’s a good idea to review your KiwiSaver or other superannuation scheme at least once a year to make sure your investment choice and contribution rate is still right for you.
To help you, learn more about the various reports your provider publishes.