What is KiwiSaver

Eligibility

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.^*

Joining

There are a number of ways to join KiwiSaver, subject to certain eligibility criteria:

1. automatic enrolment when you start a new job
2. choosing a KiwiSaver scheme such as the ANZ KiwiSaver Scheme
3. 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.

Serious illness

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.  

Government contributions

$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.

Your contributions

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.

Employer contributions

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.

Contributions holiday

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.