Picture of a young man standing in a doorway

What is KiwiSaver?

KiwiSaver is a way that you can save for your retirement. It's designed to be hassle-free so it's easy to maintain a regular savings pattern. Each payday you can have a percentage (3%, 4% or 8%) of your pay deducted, before you get it. These contributions will be saved for you until you're eligible for NZ Super.

How do I join KiwiSaver?

If you're under 18 you have to opt in directly with a scheme provider if you want to join KiwiSaver - you won't be automatically enrolled.

- If you're 16 or 17 you'll need one or your legal guardian's to co-sign your application form.
- If you're under 16 you'll need the consent of both guardians.

Read KiwiSaver: A guide for children and young people (KS33) (external link)

If you meet the criteria, you'll be automatically enrolled (external link) in KiwiSaver by your employer when you start a new job. This means that contributions will start to be deducted from your pay on your first payday and will continue unless you opt out (external link) . You'll have 8 weeks to decide if you want to remain a KiwiSaver member or opt out.

How does it work?

Each payday your contribution is deducted from your pay by your employer and sent via Inland Revenue to your KiwiSaver account. You can choose to save 3%, 4% or 8%.

If you're over 18 the Government will also pay into your account a member tax credit (external link) and, from 1 April 2009, you may also be eligible for an employer contribution (external link) into your KiwiSaver account as long as contributions are also being deducted from your pay.

How will this affect you?

Check out Real lives to see:

  • Andy's story - he's a university graduate starting a full-time job who'll be automatically enrolled in KiwiSaver
  • Matt's story - he's thinking about starting his own business and wondering how he can join KiwiSaver.

Want to know more?