Introduced in 2007, KiwiSaver is a long-term savings scheme that targets all New Zealanders, in order to provide the next generation of retirees with the guarantee of a secure retirement fund.
It's a three-tiered contributions system: You can pick the rate of savings (2%, 4% or 8% of your gross pay), and your employer will contribute a maximum 2% of your gross pay.
To encourage your participation, the New Zealand government awards you $1,000 the moment you sign up to KiwiSaver.
Furthermore, you also receive an annual 'tax credit' of up to $1,042.
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During the contribution period, your KiwiSaver account is mobile, meaning that if you have an existing account and change jobs, you won't need to worry about re-applying to join KiwiSaver.
The KiwiSaver is also entitled to take a 'contributions break' following a year's worth of contributions, which spares you from putting in the 2%, 4% or 8% from your earnings.
KiwiSaver is more than just a savings scheme - the money you contribute goes towards an investment in government-approved growth asset funds.
You can pick from a list of funds, grouped by risk of return.
This means you can earn a bonus if you get your timing right.
Before you make a decision, it's very important that you take note of the possibilities investing in a scheme may present, which could be positive or negative.
You can learn more at the official providers page.
In order to be eligible for KiwiSaver, you need:
If you are enrolled and would prefer not to be, some people are given the opportunity to 'opt-out'.
If you are automatically enrolled into KiwiSaver by your employer, you can opt-up between two and eight weeks (56 days) of enrolment.
For you to do so, you must fill out a form.
For those who sign up to KiwiSaver voluntarily, you would not be permitted to opt-out.
For further details and related advice, visit Sorted (New Zealand site) or KiwiSaver's official page (New Zealand site)
It's a three-tiered contributions system: You can pick the rate of savings (2%, 4% or 8% of your gross pay), and your employer will contribute a maximum 2% of your gross pay.
To encourage your participation, the New Zealand government awards you $1,000 the moment you sign up to KiwiSaver.
Furthermore, you also receive an annual 'tax credit' of up to $1,042.
86.
During the contribution period, your KiwiSaver account is mobile, meaning that if you have an existing account and change jobs, you won't need to worry about re-applying to join KiwiSaver.
The KiwiSaver is also entitled to take a 'contributions break' following a year's worth of contributions, which spares you from putting in the 2%, 4% or 8% from your earnings.
KiwiSaver is more than just a savings scheme - the money you contribute goes towards an investment in government-approved growth asset funds.
You can pick from a list of funds, grouped by risk of return.
This means you can earn a bonus if you get your timing right.
Before you make a decision, it's very important that you take note of the possibilities investing in a scheme may present, which could be positive or negative.
You can learn more at the official providers page.
In order to be eligible for KiwiSaver, you need:
- To have New Zealand Citizenship, or be a Permanent Resident;
- To be currently living in New Zealand, or you spend most of your time living in New Zealand;
- To be under the age of eligibility (65) for the New Zealand Super (Superannuation Scheme)
If you are enrolled and would prefer not to be, some people are given the opportunity to 'opt-out'.
If you are automatically enrolled into KiwiSaver by your employer, you can opt-up between two and eight weeks (56 days) of enrolment.
For you to do so, you must fill out a form.
For those who sign up to KiwiSaver voluntarily, you would not be permitted to opt-out.
For further details and related advice, visit Sorted (New Zealand site) or KiwiSaver's official page (New Zealand site)