KiwiSaver is a government savings initiative to help you save for your retirement. To encourage you to save the government provides an annual subsidy, known as a member tax credit (MTC) of up to $521.43 a year. To qualify for the MTC you must be 18 or older, and under your KiwiSaver Retirement Age.

If you are an employee, you will also get a contribution from your employer.

In most cases you will not be able to access your KiwiSaver Account (including your own contributions) until your retirement. However, it may be possible to withdraw money if you are buying your first home, or in cases of significant financial hardship, serious illness and permanent emigration. Your funds will be paid to your estate if you die.

All contributions and benefits payable are subject to the KiwiSaver Act 2006.


The KiwiSaver advantage

There are many reasons why you should save for your retirement. The government’s MTC money means KiwiSaver will be the better savings vehicle for most New Zealanders to achieve their base retirement savings. Of the KiwiSaver schemes available, SuperLife's will provide an advantage. Read more.


How does KiwiSaver work?

You choose how much to contribute. However if you are an employee it has to be 3%, 4% or 8% of your pay through the PAYE system. Your employer also pays 3% if you are 18 or older and under your KiwiSaver Retirement Age.

At the end of each year the government will top-up your KiwiSaver Account by $1 for every $2 you save, to the value of $521.43 (provided you are 18 or older, your primary residence is New Zealand and you are not yet eligible for a retirement benefit).

All savings and subsidies go into your KiwiSaver Account.

When you reach your KiwiSaver Retirement Age you will then be eligible to withdraw your balance from your KiwiSaver Account. This is tax free and is paid on top of NZ Super. Through SuperLife, these funds can be paid to you in a lump sum or as an income – whichever you prefer.