Making voluntary contributions to your KiwiSaver savings: what to know and how to do it

Putting a little extra into your KiwiSaver from time to time can be a helpful way to build long-term savings — especially if your circumstances change, you receive extra income, or you simply want more flexibility than regular pay-day contributions allow.

Here’s a clear overview of what voluntary contributions are, how they work, and the different ways you can make them.

What are voluntary KiwiSaver contributions?

Voluntary contributions are extra payments you choose to make into your KiwiSaver account, on top of any regular contributions taken from your pay.

You can make them:

• regularly (for example, weekly or monthly), or
• as one-off payments when it suits you.

You can also make voluntary contributions for another Booster KiwiSaver Scheme member, such as a partner or family member.

Why people choose to make voluntary contributions

People make voluntary contributions for different reasons, including to:

• top up savings to get more of the government contribution
• top up savings after time off work or reduced income
• add lump sums (for example, from bonuses or gifts)
• build savings gradually in a way that suits their budget

There’s no obligation to contribute extra — it’s simply an option available if and when it feels right for you.

Ways to make voluntary contributions

There are several ways to contribute, depending on what’s easiest for you.

1. Set up a direct debit (recommended for regular contributions)

Direct debit is often the simplest way to make regular voluntary contributions.

You can set this up:

• through your mybooster account, or
• in the Booster NZ app (via the KiwiSaver overview under Contribute).

You’ll be able to choose:

• how much to contribute, and
• how often payments are made.

If you prefer, you can also complete a direct debit form and email or post it to Booster.

2. Pay via online banking (bill payment)

Most New Zealand banks have Booster already set up as a bill payment payee.

If it’s your first time:

• Log in to your online banking and choose bill payment.
• Add BOOSTER KIWISAVER SCHEME as a new payee.
• Enter your member number and IRD number, so your payment can be matched correctly.
• Choose the amount and payment date.

If you’ve paid Booster before, simply select Booster from your saved payees and make the payment as usual.

3. Contribute via Inland Revenue (IRD)

You can also make voluntary contributions through Inland Revenue using:

• online banking (as a tax payment), or
• myIR (using a debit or credit card).

When paying via online banking:

• select the tax type KSS
• choose period 0
• enter your IRD number and payment amount.

Note: Inland Revenue holds contributions for the first three months of KiwiSaver membership before passing them on to your scheme.

For more detail on IRD contribution options, visit the IRD KiwiSaver website.

A few things to keep in mind

• Voluntary contributions are optional and flexible — you can start, stop or change them at any time.
• The right contribution level will depend on your personal circumstances, goals and cash-flow needs.

If you’re unsure what’s appropriate for you, it may help to review your situation or seek personalised financial advice.

Where to get help

If you’d like to talk things through, get in touch with our team who can help you setting up contributions or understanding your options.

If you’d prefer independent advice, we have a network of over 400 advisers across New Zealand, so can connect you with a financial adviser that’s right for you.

You can also manage most contribution changes directly through your mybooster account or the Booster NZ app.

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This article provides general information only and doesn’t take into account your personal financial situation or goals. Before making decisions, consider whether KiwiSaver and voluntary contributions are right for you.