The easy way to save for your retirement
KiwiSaver is a voluntary savings scheme with a range of benefits designed to help you save for your retirement.
Your KiwiSaver savings are made up of:
- your own contributions from your salary or wages or from regular or lump sum payments
- any Government contributions including a $1,000 kick-start and the Government's annual contribution
- any employer contributions
- any investment returns (less any fees and taxes).
How much can you save?
Use the ANZ KiwiSaver Scheme calculator to give you an idea of what you could save for your retirement with the ANZ KiwiSaver Scheme.
The ANZ KiwiSaver Scheme is open to any person under the New Zealand Superannuation qualification age (currently 65), who is entitled to permanently reside in New Zealand and is currently living in New Zealand.*
There are a number of ways to join KiwiSaver, subject to certain eligibility criteria:
- automatic enrolment when you start a new job
- choosing a KiwiSaver scheme such as the ANZ KiwiSaver Scheme
- opting in through your employer.
*Some exceptions apply.
In certain circumstances you can apply to withdraw your ANZ KiwiSaver Scheme savings before you reach retirement.
Significant financial hardship
If you can provide evidence that you're suffering significant financial hardship, you may be able to withdraw some of your KiwiSaver savings.
You may be able to withdraw your KiwiSaver savings early in case of serious illness.
Buying your first home
If you've been a member of KiwiSaver for three years you may be able to withdraw some of your KiwiSaver savings to put towards buying your first home. First home withdrawals are paid directly to a member’s solicitor before settlement and used towards the final purchase price.
Moving overseas permanently
If you move overseas permanently, you can withdraw your funds from KiwiSaver after you've been overseas for one year. However, any annual Government contributions will be repaid to the Government.
Moving to Australia
Transfers of KiwiSaver funds to complying superannuation schemes in Australia (and vice-versa) may be allowed from July 2013. Once this happens you will no longer be able to withdraw your KiwiSaver funds in cash.
What happens to my savings if I die?
If you die, your KiwiSaver savings will be paid to the person or persons lawfully entitled to your investments.
$1,000 Government Kick-Start
The Government will contribute $1,000 (tax-free) to kick-start your retirement savings when you join your first KiwiSaver scheme.
The Government's annual contribution
The Government’s annual contribution to your KiwiSaver account is known as a Member Tax Credit. The contribution is an easy way to increase your savings because the Government gives eligible members up to $521.43 a year.
If you are employed, you can contribute 3% (2% until 31 March 2013), 4% or 8% of your gross salary or wages. If you do not select a contribution rate, your contributions will default to 3% (2% until 31 March 2013). This amount will be deducted from your after-tax salary or wages by your employer.
You can change your contribution rates by giving notice to your employer of the new rate you would like deducted from your salary or wages. You will need to complete a KiwiSaver deduction form (KS2) available from the Inland Revenue website.
Your new rate will apply to the next payment from your salary or wages that is calculated after your employer receives your instruction. Unless your employer agrees otherwise, you may only change your contribution rate at intervals no less than three months apart.
If you are self-employed or not working (or your salary or wages are not subject to PAYE), you can choose to make regular or lump sum contributions directly to your KiwiSaver provider or via Inland Revenue.
Employers will generally be required to contribute 3% (2% until 31 March 2013) of an employee’s gross salary or wages where an employee is contributing to KiwiSaver. Employer contributions are subject to employer superannuation contribution tax (ESCT).
If you're an employee who's been automatically enrolled by your employer, you can opt out of KiwiSaver within the first eight weeks (56 days) of starting your new job.
If you don't opt out, you'll remain a KiwiSaver member and contributions will continue to be made into your KiwiSaver account, unless you take a contributions holiday.
If you actively choose to join KiwiSaver you can’t opt out, but if you are employed you may be able to take a contributions holiday.
How to opt out
You can opt out of KiwiSaver online by sending a completed opt-out request form (KS10) to the Inland Revenue or your employer.
If events outside your control mean you can't complete the opt-out request within eight weeks of starting your new job, you can apply for a late opt-out within 12 weeks of starting your new job.
If you are employed, 12 months after your first contribution (or earlier if you are suffering financial hardship), you can apply to Inland Revenue to take a 'contributions holiday' and stop making contributions from your pay for a period of between three months and five years. At the end of the period, your contributions will resume unless you reapply to Inland Revenue to renew the contributions holiday.
To apply for a contributions holiday, print and complete a contributions holiday request form (KS6) and post it to Inland Revenue.
For useful KiwiSaver tools and documents see KiwiSaver resources.
Certain aspects of all KiwiSaver schemes, such as minimum contribution levels, the Government incentives and the circumstances in which benefits may be withdrawn, are prescribed in KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such amendment may impact on the ANZ KiwiSaver Scheme.
Returns will fluctuate over time and it is possible you may not receive back all the capital you invested. Past performance is not an indicator of future performance.
Investments in the ANZ KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited or Australia and New Zealand Banking Group Limited (together “ANZ Group”), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee OnePath (NZ) Limited. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.
Further information and copies of the Investment Statement for the ANZ KiwiSaver Scheme are available on request, free of charge, from any branch of ANZ or by contacting ANZ Managed Funds on 0800 736 034.