Introduction to KiwiSaver
KiwiSaver is a voluntary savings initiative designed to enable you to grow a retirement fund that can help secure the lifestyle you would like to enjoy in your later years.
By joining KiwiSaver you’ll be able to take advantage of the compelling range of benefits on offer:
|If you are employed and aged 18 or over, your employer is required to contribute 3% of your gross Salary or Wages|
|For every $1 you contribute the Government will contribute $0.50 up to a maximum of $521.43 per KiwiSaver year (equivalent of $10 per week) if you are over 18 – this is known as the Member Tax Credit|
|First home assistance programs (if eligible)|
Who can join KiwiSaver?
To join KiwiSaver you must be:
- living or normally living in New Zealand;
- a New Zealand citizen (or entitled to live here permanently); and
- aged below 65.
If you meet the above criteria you can join KiwiSaver whether you are working or not and that includes kids. Joining KiwiSaver is not compulsory.
Accessing your KiwiSaver account
There are two main ways you can access the money in your KiwiSaver account:
- For your retirement – when you turn 65 and you have been in KiwiSaver for five years (whichever is later)
- For a first home buyer withdrawal (terms and conditions apply).
Early withdrawals may also be permitted for significant financial hardship, serious illness, death, or permanent emigration (terms and conditions apply).
Things to consider when joining KiwiSaver
You are in control
Individual choice is important in encouraging people to take an active interest in their financial decisions. You have the ability to make a lot of decisions about your KiwiSaver account. All KiwiSaver members are able to:
- Choose the KiwiSaver scheme they want to join
- Choose how their KiwiSaver money is invested
- Choose how much they contribute
- Transfer between KiwiSaver schemes at any time
Take a contributions holiday after a minimum contribution period of 12 months by applying to Inland Revenue for a contributions holiday. A contributions holiday is for a period of up to five years (minimum three months) and can be renewed at the end of the period.
How you contribute to your KiwiSaver account depends on your employment status.
If you are an employee
You can choose a contribution rate equal of 3%, 4% or 8% of the total gross salary or wages paid (including bonuses, commission and overtime). If you don’t choose a contribution rate, the default rate of 3% applies. You can also make voluntary contributions whenever you like.
Employers also have to match their employees’ contributions to KiwiSaver (as per the table below) if the employee is over 18 and under the age you normally qualify to withdraw your KiwiSaver account.
(% of gross salary)
(% of gross salary)
|Total employee and
(% of gross salary)
Please note that Employer Superannuation Contributions Tax is deducted from your employer contribution before it is transferred to your KiwiSaver account.
If you are self employed or not working (including minors) or an employee wanting to make a voluntary payment.
If you are self-employee, not working, or an employee wanting to make a voluntary contribution, it is easiest to contribute directly to us.
You can make a direct credit to the Fisher Funds TWO KiwiSaver Scheme bank account, send us a cheque or use our direct debit facility.
Please make your direct credit to the Fisher Funds TWO KiwiSaver Scheme bank account:
Note: Please include your reference details with your payment. Information to be included is your surname, initials and your IRD number. Failure to supply correct reference details will result in a delay in crediting your payment to your Fisher Funds TWO KiwiSaver Scheme account.
Please make your cheque payable to Fisher Funds TWO KiwiSaver Scheme Main Bank, and cross it 'not transferable'.
Please post your cheque to:
C/- Trustees Executors
P O Box 409
We have a direct debit facility available allowing you to make regular deposits into your KiwiSaver account. Click here to download our direct debit form
You are not required to contribute a fixed % of your income but if you can afford to pay $20 per week will ensure you maximise the Member Tax Credits (eligibility criteria applies).