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Saving for your tomorrow

What is KiwiSaver?

KiwiSaver is a voluntary savings scheme set up by the government to help New Zealanders to save for their retirement.

You can choose to contribute 3%, 4% or 8% of your gross (before tax) wage or salary to our KiwiSaver account. Your employer has to contribute as well – at least 3% of your gross salary.

Along with KiwiSaver employer contributions, there’s an annual KiwiSaver government contribution.

Your funds are invested on your behalf by the KiwiSaver provider of your choice. If you don’t choose a provider Inland Revenue will assign you to one of the nine default KiwiSaver schemes. 

Benefits of KiwiSaver

The question of signing up to KiwiSaver is less ‘why’ and more ‘why not?’ because of the benefits it offers.

  • KiwiSaver contributions come out of your pay before you see it. This makes saving easy.

  • If employed, your employer has to contribute at least 3% of your gross wage or salary into your KiwiSaver account. That’s on top of your own contributions.

  • The government pays into your KiwiSaver account as well – an annual government contribution (if you are a contributing member aged 18 or over) of up to $521

  • As well as saving for retirement, you can also use KiwiSaver for buying your first home through a KiwiSaver HomeStart grant and home purchase withdrawal.

  • If you change jobs or leave the workforce your KiwiSaver account moves with you.

  • If you experience hardship it is possible to access the funds in your account.

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