KiwiSaver for Self-employed

Self employed? Secure your financial future with KiwiSaver

As a self-employed worker in New Zealand, whether a freelancer, contractor or sole trader, you won’t receive the compulsory employer contributions that PAYE workers get, but you do enjoy a level of independence and control that traditional employees may not experience.

While self-employment may involve varied income streams and necessitate flexibility, you also have the opportunity to create an adaptable, long-term financial plan that is fine tuned to your specific goals and circumstances.

KiwiSaver – the NZ government’s retirement savings scheme – can help you build that all-important nest egg, which you can use at key moments of your life: not just retirement, but buying your first home too.

Benefits of KiwiSaver for the self-employed

Self-employed KiwiSaver contributions may be voluntary, but they’re incredibly important for securing a better financial future, from buying a first home to retiring comfortably. Here are just a few compelling reasons to contribute.

Money when you need it most

KiwiSaver represents an opportunity to lock away money in your choice of investment fund, where it will gradually grow. You then gain access to those important and substantial savings when you most need them – when you’re buying your first home, or when you retire from the workforce. 

Capitalise on government contributions

Even self-employed Kiwis are eligible for the government KiwiSaver contributions! For every $1 you contribute to your KiwiSaver account (up to $1,042.86 per year), you’ll enjoy a government contribution of $0.50 (up to $521.43 per year). And the value of these extra contributions can grow as they accrue interest in your KiwiSaver account.

Qualify for the First Home Grant

Being a member of KiwiSaver, not only can you use most of your KiwiSaver savings to help secure your first home, regular contributions as a self-employed worker can also mean you could qualify for Kāinga Ora’s First Home Grant (on the condition you meet their eligibility criteria). If you contribute the equivalent of 3% of your income for at least three years, you gain access to grants of up to $10,000.
 

Why choose AMP as your KiwiSaver provider?

• Consistent returns, low fees: Our low fees, indexed investments put a focus on long-term gains, are designed to deliver healthy, consistent returns.
• Total control: You choose exactly how you want your retirement savings invested. Mix and match up to seven different funds from dozens of options that cover the full spectrum of risk and reward.
• A sustainable approach: We always have one eye on the future, which is why our investment philosophy is built around sustainability.
• The support you need: From choosing the right funds to learning how to grow your retirement savings as efficiently and effectively as possible, our team of KiwiSaver experts are always on hand to help.

Setting up your KiwiSaver contributions as a self-employed individual

While you don’t receive the 3% compulsory employer contribution as a self-employed worker, you can set up voluntary contributions easily. These voluntary contributions also grant you access to government contributions of up to $521.43 per year.

With the AMP KiwiSaver Scheme you can contribute whatever and however you like: an annual lump sum, regular weekly, fortnightly or monthly automatic payments, or ad hoc contributions when you have some spare cash, easily with MyAMP or with internet banking.

Quick and easy with MyAMP

There are three ways you can make voluntary contributions through MyAMP online or via MyAMP mobile app:

1. Make a one-off voluntary contribution (up to $100,000).
2. You can set up regular direct debit voluntary contributions (no limit).
3. Change the percentage of voluntary KiwiSaver contributions by logging into MyAMP and selecting the amount you would like to contribute.

New to MyAMP? Register here or Contribute now

Online banking

For contributions through your bank's online banking system, you'll need your KiwiSaver member number or policy number and your IRD number. After logging into your bank account online, select AMP as the payee and enter the required details.
 

Get expert KiwiSaver advice

Perhaps it’s your first time dealing with KiwiSaver. Perhaps you want more info on how you can get your retirement savings working for you. Our team of KiwiSaver experts is always on hand to offer guidance on how to secure your future – get in touch today.

We recommend speaking to a financial adviser when looking for financial advice. By speaking with a financial adviser, you can find out - how your plan is working (or not) for you, and they can provide guidance on some suggested changes if needed.

As an AMP KiwiSaver Scheme customer you have access to financial advice whenever you need it which can be obtained either through AMP or an external Adviser. The financial advice that can be provided by an internal AMP Adviser is limited to AMP products, whereas an external Adviser may be able to advise you on a broader range of financial matters.