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  2. KiwiSaver Basics

What is KiwiSaver and why should I join?

KiwiSaver is a voluntary, work based savings initiative designed to encourage New Zealanders to save for their retirement. It’s designed to be a hassle-free way to maintain a regular savings pattern.

Joining KiwiSaver has a range of membership benefits including contributions from your employer, and the Government, as well as help buying your first home.

1) Government contribution

Eligible KiwiSaver members receive a government contribution of up to a maximum of $521 per year.

This is paid at 50 cents for each dollar you contribute, so you need to contribute at least $1,042.86 per year (the equivalent of $20 per week) to receive the maximum amount of $521. For conditions and details go to our government contributions page. (Note that the availability of government contributions are set by legislation and could be changed or suspended at any time.)

2) Employer contribution

For members contributing through their jobs, your employer must make a compulsory 3% contribution. Some employers who are already paying into other eligible superannuation schemes may not be required to contribute to their employees' KiwiSaver accounts.

3) Help towards buying your first home

You may be able to withdraw some or most of your KiwiSaver investment to put towards buying your first home. After 3 years of contributing to KiwiSaver, in addition to a first home withdrawal, you may be entitled to a KiwiSaver HomeStart grant to put towards the purchase of your first home, subject to eligibility, which is determined by Housing New Zealand.

You can learn more about KiwiSaver here: https://www.kiwisaver.govt.nz/new/about/summary/