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FAQs - Joining KiwiSaver

Who can join Kiwisaver?

Anyone under 65 can join KiwiSaver even if you are not working.  If you are over 65 and a member of another KiwiSaver Scheme then it's ok to transfer to us too. You must be living or normally living in New Zealand and be a New Zealand citizen (or entitled to permanent residence).

Are there any Government incentives to be gained by enrolling in KiwiSaver?

Yes there is! For every $1 you save into your KiwiSaver account, the Government will contribute $0.50, up to $521.43 each KiwiSaver year – provided that you are 18 or older, not yet eligible to withdraw for retirement and mainly living in New Zealand.

When can I access my KiwiSaver funds?

If an employee does not opt out of KiwiSaver after the first eight weeks of employment, their savings are locked in until the employee reaches the age of eligibility for New Zealand Superannuation (currently 65), or for a minimum of five years, whichever is later. There are some exceptions - early withdrawals may be permitted for first home purchase, significant financial hardship, serious illness, death, or permanent emigration (terms and conditions apply).

How easy is it to change KiwiSaver provider?

Changing providers is really easy. Just complete our application form and return it with the relevant proof of identity and residential address. We then update Inland Revenue and your ongoing contributions will be immediately redirected to us. We then contact your current provider and arrange for the funds they have to be transferred to us. They have 35 days to pass the funds to us once we have sent them a request. We do not charge a fee for our transfer service (you may wish to check if your current KiwiSaver provider charges an exit fee) and basically once you've sent the application form to us we take care of the rest on your behalf - easy!

Likewise, if you wanted to transfer from the Fisher Funds TWO KiwiSaver Scheme you would just complete the form for another provider. Before you did this we would encourage you to give us a call so we can discuss your account and situation in more detail.

Is there a minimum contribution to join KiwiSaver?

There is no minimum initial investment and the Scheme does not have a minimum ongoing annual contribution, unless you are employed in which case the minimum contribution is 3% of your gross salary or wages.

How is my employer notified to make KiwiSaver deductions for me?

If you were not automatically enrolled into KiwiSaver by your employer then once we have received and processed your application form we will forward these details to Inland Revenue. Inland Revenue will then send your employer a letter advising that you have joined a KiwiSaver scheme and to begin making deductions, if not already doing so.

This notification process may take some time so to avoid any potential delays we recommend that you advise your employer you have joined KiwiSaver, how much you want to contribute and when you want your contributions to commence.

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