KiwiSaver » KiwiSaver Features
KiwiSaver is a voluntary long-term NZ wide work based savings scheme. It provides all New Zealand citizens who are under the age of eligibility for NZ superannuation (currently age 65) with the opportunity to save for their retirement. The Inland Revenue (IR) is the administrator and clearing house for all employed KiwiSavers (other than the self employed). The minimum regular contribution for members is 2% of a wage or salary and this is matched by a compulsory 2% employer contribution if the employee has attained age 18.
The self-employed, and people wanting to join before they are 18 years of age or whilst not employed, can open a KiwiSaver account with a scheme provider of their choice.
Automatic enrollment - for employees who are 18 years+
Contributions can be regular and / or lump sums
Locked in savings until 65 years
Crown contributions provide an incentive to save
Choice of KiwiSaver scheme providers
Default funds for those who do not make an investment choice
Early withdrawals - conditions apply
First home deposit subsidy - conditions apply
Compulsory Employer contributions (2%) are tax free
Inland Revenue - clears all KiwiSaver employer payments