How it works
KiwiSaver is open to all New Zealand residents and people entitled to live here permanently, aged up to 65, who live or normally live in New Zealand. The government kick-starts each KiwiSaver member's account with $1,000 tax-free, and a member tax credit matching the contributions made by each member (aged between 18 and the age of eligibility to withdraw their KiwiSaver funds) up to a maximum of $1,040 a year. This is the equivalent of up to $20 a week.
Employers start the enrolment process for new employees who are subject to automatic enrolment. Each pay day you need to deduct contributions from member's before-tax pay and pass them on to us. We then transfer each member's contribution to their scheme provider to invest.
Employers start the enrolment process for new employees who are subject to automatic enrolment. Each pay day you need to deduct contributions from member's before-tax pay and pass them on to us. We then transfer each member's contribution to their scheme provider to invest.
Date published: 23 May 2007
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