How KiwiSaver works, the benefits of joining and when you can use your savings.
Saving for retirement: we all know we should do it and the earlier the better, but it can feel almost impossible! That's where KiwiSaver comes in.
It's designed to make it easy to save and grow your savings too. Here's how it works.
Want to see more? Check out these helpful videos .
You save money into your account on a regular basis.
If you are working you can choose contributions of 3%, 4%, 6%, 8% or 10% of your before tax pay or you can make lump sum deposits.
Find out how contributions work.
You become eligible to withdraw your savings when you reach your qualifying age (currently age 65*). Try the retirement calculator here.
Over time, your balance will grow from your contributions plus investment returns (the money earned on your savings) so the sooner you start contributing the quicker your savings will build.
Try the KiwiSaver calculator to see how much you could save.
If you are working, your employer has to contribute at least 3% of your before-tax pay.
You seek some growth but are cautious. You’re willing to accept low or lower returns to achieve this objective.
Conservative funds can change less over time.
You seek medium to high returns from your investment and are prepared to accept some fluctuations in the value of your investment to achieve this.
Balanced funds can have moderate changes.
You can withdraw some or all of your savings when you reach your qualifying date, generally age 65*.
You can also withdraw some of your savings once you have been a member for 3 years to help buy your first home.
Early withdrawals might be possible if you experience serious illness, significant financial hardship or if you move overseas.
Find out more about the AMP KiwiSaver Scheme here.
* Qualifying date means: If you first join KiwiSaver on or after 1 July 2019, your qualifying age is when you reach NZ Super age (currently 65), unless you have transferred to KiwiSaver from a complying superannuation fund which you joined before 1 July 2019, in which case your qualifying age will be the later of NZ Super age and 5 years after you joined that fund.
If you joined before 1 July 2019, your qualifying date is the later of:
- age 65; or
- five years after you first joined a KiwiSaver scheme or, if you transferred to KiwiSaver from a complying superannuation fund, five years after you joined that fund.From 1 April 2020, if you joined prior to 1 July 2019 and your qualifying date is later than age 65, you can instead choose age 65 as your qualifying date. If you do so then from age 65, or from the date of that election if later, you will lose your eligibility for any future Government and compulsory employer contributions (though your employer may choose to continue contributing).
AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.
For more information, download a copy of the AMP KiwiSaver Scheme Product Disclosure Statement and Fund Update Booklet, which have been lodged on the Scheme's offers register entry at companiesoffice.govt.nz/disclose.
While care has been taken to supply information on this website and within the chatbot tool that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. The content provided is intended to be used as information only and does not constitute financial advice, unless otherwise specified. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.