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How KiwiSaver works

How KiwiSaver works, the benefits of joining and when you can use your savings.

You can join KiwiSaver if you are a New Zealand citizen (or if you are entitled to live in New Zealand indefinitely) and you normally live in New Zealand. There are some circumstances where you can withdraw your savings early, like for your first home or for serious illness.

How KiwiSaver works

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 from TV Three’s The Café.

4 things you need to know about KiwiSaver

1. Making contributions

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.

2. Getting to retirement age

You become eligible to withdraw your savings when you reach your qualifying age (currently age 65*)

3. Be sure to start early

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.

4. Employer contributions

If you are working, your employer has to contribute at least 3% of your before-tax pay.

What are some of the benefits of KiwiSaver?

Government Contribution

As long as you are eligible, for every dollar you put into KiwiSaver the Government will put in 50 cents, up to $521.43 each year.

Employer Contribution

If you are employed and contributing part of your pay to KiwiSaver, your employer also generally has to contribute at least 3% of your before-tax pay.

First home

If you have been a KiwiSaver member for at least three years then you may be able to withdraw your savings to buy your first home.

When can you withdraw?


1. You can withdraw some or all of your savings when you reach your qualifying date, generally age 65*.
2. You can also withdraw some of your savings once you have been a member for 3 years to help buy your first home.
3. Early withdrawals might be possible if you experience serious illness, significant financial hardship or if you move overseas.  

Read more about how to use your KiwiSaver here.

Ready for more?

Read about our funds

Try the KiwiSaver calculator

Benefits of the AMP KiwiSaver Scheme

Important information

* 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.