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What is KiwiSaver?

KiwiSaver is a voluntary, work-based savings initiative, created by the government to help New Zealanders prepare financially for retirement. KiwiSaver is designed to be hassle-free, so it’s easy to keep up a regular savings habit.

Can you join KiwiSaver?

To join KiwiSaver, you must meet three conditions. You must be:

  • a New Zealand citizen or entitled to live in New Zealand indefinitely
  • living or normally living in New Zealand, except in limited circumstances
  • under the age of eligibility for New Zealand superannuation, which is currently 65.

How do you contribute?

KiwiSaver is an easy way to save for your retirement. If you’re in paid employment, you can choose to have contributions deducted directly from your salary or wages before tax  your 'gross' income. Contribute at a rate of 3%, 4% or 8%.

For tips on making the most of your money, please watch the Top 10 Hits recording in the More information section below.

Withdrawing your money

Usually, your savings in KiwiSaver will be locked in until you meet both the following conditions. You must:

  • reach the qualifying age for New Zealand superannuation, currently age 65
  • have been a member for at least 5 years.

But in some cases you may be able to take out your savings earlier. For example if you're:

  • buying your first home
  • in significant financial hardship
  • emigrating permanently.

Other situations where your KiwiSaver money can be withdrawn early include:

  • by court order
  • when transferring eligible savings from overseas schemes
  • in the event of your death.

Conditions apply to all of these situations so not everyone will be eligible for an early withdrawal.