Frequently asked KiwiSaver questions
Can I join a KiwiSaver scheme if I am a member of an existing superannuation scheme?
Yes. You can still join and contribute to a KiwiSaver scheme if you already save through another superannuation scheme.
If you belong to both a KiwiSaver scheme and another superannuation scheme, you'll only be paid the member tax credit once. This will be paid to whichever scheme applies to Inland Revenue on your behalf first.
Can I join if I'm living overseas?
No. To join a KiwiSaver scheme you must be a New Zealand citizen (or entitled to live here indefinitely), and either living or normally living in New Zealand.
If you're a state sector employee serving outside New Zealand you may be eligible to join a KiwiSaver scheme. Conditions apply. See www.kiwisaver.govt.nz for more information.
Can I set up a KiwiSaver account for my children?
Yes. There's no lower age limit for our KiwiSaver Scheme accounts. If they're under the age of 16, all parents or legal guardians will need to sign their form. If they're 16 or 17, the applicant and at least one parent or guardian will need to sign the form. You'll also need to attach a copy of their birth certificate.
How much do I need to contribute?
If you're employed, you can currently choose to contribute either 2%, 4% or 8% of your before-tax salary or wages. From 1 April 2013 the minimum employee contribution will increase from 2% to 3% of gross salary or wages.
When do contributions start being deducted from my pay?
If you're a new employee who has been automatically enrolled in a KiwiSaver scheme, contributions will be deducted by your employer from your first pay and paid to Inland Revenue (who will then forward the contributions on to your KiwiSaver Scheme provider).
If you're an employee who has chosen to opt in to a KiwiSaver scheme, contributions will be deducted from your first pay after providing your employer with the Inland Revenue contribution declaration form.
Can I change my contributions?
Yes. You can change your required contribution between 2%, 4% and 8% of your before-tax salary or wages at any time by notifying your employer of your new contribution rate. This will apply to the next salary or wage payment after your employer receives your instruction. From 1 April 2013 the minimum employee contribution rate will increase from 2% to 3% of gross salary or wages.
Can I make voluntary contributions?
Yes. You can choose to make additional voluntary contributions to your KiwiSaver scheme on a regular or lump sum basis.
Can I change my investment portfolio/option(s)?
Yes. If you're a member of the AMP KiwiSaver Scheme, you can change your investment option as often as you wish and it's free of charge.
If you're a member of the AMP Wealth KiwiSaver Scheme (previously AXA KiwiSaver Scheme), you can change your investment portfolio up to twice a year free of charge.
Please refer to the relevant investment statement for further information.
When can I access my money?
Unless you qualify for an early withdrawal, you may not make a withdrawal from your KiwiSaver Scheme until the later of:
- the date you become eligible to receive New Zealand Superannuation (currently 65)
- the date on which you have been a member of any KiwiSaver scheme (and/or Complying Superannuation Fund) for 5years.
After that date, you can withdraw all or part of your entitlement at any time.
What happens when I die?
Your KiwiSaver scheme investment is payable, on request, to the executors or administrators of your estate. Alternatively, if your full KiwiSaver scheme investment is less than a prescribed amount ($15,000 currently) and certain other conditions are met, the Trustee may pay a deceased member's balance direct to (for example) a surviving partner or caregiver.
Can I use my savings to buy my first home?
After contributing to a KiwiSaver scheme for three years, you may be able to withdraw all or part of your savings to help buy your first home. This withdrawal does not include the $1,000 government kick-start contribution or member tax credits.
If you're not a first home buyer, you may still qualify under the second chance home withdrawal facility.
Can I borrow against my savings?
No. You can't borrow against your KiwiSaver scheme savings.
I'm thinking about going overseas - can I join a KiwiSaver scheme before I go?
Yes. If you're going overseas it's worth thinking about joining a KiwiSaver scheme before you leave. When you join a KiwiSaver scheme, you'll receive the $1,000 kick-start contribution, and if you're eligible (and depending on when you go overseas), the annual member tax credit.
If you're heading off on your OE, you can leave knowing you've made a great start towards saving for retirement. Once you're overseas, you may be able to make regular or lump sum payments into your KiwiSaver account whenever you choose.
Note that while you're living overseas you may not be eligible for the member tax credits.
What if I lose my job?
If you contribute to a KiwiSaver scheme through your salary or wages and lose your job or are out of the workforce for any reason, your contributions will stop unless you make arrangements to keep them going. If you're receiving ACC payments or parental leave payments made out of public money, your KiwiSaver contributions will be deducted from these payments.
What if I go on parental leave?
If your employer continues to pay you or you're receiving parental leave payments made out of public money, your KiwiSaver contributions will continue to be deducted from your pay. If you want to stop them you can request a contributions holiday (if you're eligible).
If you're on parental leave and not being paid by your employer or receiving parental leave payments made out of public money, your KiwiSaver deductions will stop automatically. You can choose to keep making contributions.
What if I have more than one job?
If you have more than one job when you opt in to a KiwiSaver scheme, you can choose which job you'll contribute from.
AMP KiwiSaver Scheme - AMP Services (NZ) Limited ('AMP Services') is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Trustee of the Scheme is The New Zealand Guardian Trust Company Limited.
For a copy of the AMP KiwiSaver Scheme Investment Statement, please click here or alternatively contact Customer Services on 0800 808 267.
AMP Wealth KiwiSaver Scheme - AMP Wealth Management New Zealand Limited ('AMP Wealth') is the issuer and manager of the AMP Wealth KiwiSaver Scheme (the 'Scheme'). The Trustee of the Scheme is The New Zealand Guardian Trust Company Limited.
For a copy of the AMP Wealth KiwiSaver Scheme Investment Statement, please click here or alternatively contact Customer Services on 0800 29 27 28.
While care has been taken to supply information on this website that is accurate, none of AMP Services, AMP Wealth, the Trustee, the underlying fund managers, any of their related companies, their directors, the Crown or any other person guarantees the Schemes, any investment or any returns on an investment in the Schemes, or gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. Past performance is not indicative of future performance and is not guaranteed by any party. Returns over different periods may differ.