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When you start a job that pays you using the PAYE system, you’ll generally have the option to select how much of your gross salary or wages you want to contribute to KiwiSaver: 3%, 4%, 6%, 8% or 10%. If you don’t let your employer know, your default rate will be 3%.
Your employer will make deductions at the rate you choose and pay the funds to Inland Revenue. Inland Revenue will then transfer your funds to your KiwiSaver scheme provider.
When you first join KiwiSaver, Inland Revenue will hold any contributions you make via your employer in an interest-bearing account for three months. Inland Revenue then transfers your contributions and interest to your KiwiSaver scheme provider.
Contributions made after the first three months will automatically be transferred via Inland Revenue to your KiwiSaver provider.
There are many ways to make extra contributions to your AMP KiwiSaver Scheme. The three easiest ways are outlined at the top of this webpage: 1. internet banking, 2. submitting the AMP KiwiSaver online top up form or 3. through MyAMP.
If you want to change your contribution rate, you can talk to your employer.
Every year, the Government will contribute 50 cents for every dollar you put into your KiwiSaver account, up to a maximum of $521.43. This Government contribution is paid into your AMP KiwiSaver Scheme account in late July or early August.
If you’re between the ages of 18 and 64, reside mainly in New Zealand and you put in $1,042.86 each year (about $20 a week), you may be eligible for the full Government contribution of $521.43. So don’t forget to top up your KiwiSaver account so you don’t miss out on the free $521.43.
Eligibility criteria apply – click here for more information about the annual Government contribution.
If you’re contributing part of your before tax pay to KiwiSaver, your employer also needs to contribute 3% to your KiwiSaver account, as long as you:
• have reached age 18
• have not reached your qualifying date
• are eligible for compulsory employer contributions.
Your employer may agree to make contributions over and above the minimum compulsory contribution rate, check with them to find out.
If your employer is already contributing to a registered superannuation scheme for you, you may not be entitled to compulsory employer contributions to your KiwiSaver account as well. Make sure you speak with your employer to confirm if they are already contributing for you.
Find out more by downloading the AMP KiwiSaver Product Disclosure Statement.
To increase your KiwiSaver contributions, you will need to tell your employer. To do this, simply give your payroll or HR department a call or you can copy and paste this email and send it to them:
Please update my KiwiSaver contribution rate to [choose from 3,4,6,8, or 10%]. Please let me know when this has been done.
Thank you, [your name]
If you are employed, you may apply to Inland Revenue for a savings suspension (i.e. to stop future employee contributions coming out of your pay and into your KiwiSaver account). A savings suspension lets you take a break from making contributions to your KiwiSaver for 3 to 12 months to help you meet your on-going living expenses. This option is only available if you have contributed and been a KiwiSaver member for 12 months or more (or earlier if you’re experiencing some financial difficulty).
Note that stopping your employee contributions will also stop the contributions made by your employer, unless your employment agreement states otherwise. Taking a savings suspension could also mean you may not contribute enough to receive the annual Government contribution.
Visit the Government’s KiwiSaver website for more information on savings suspensions here.
You may have noticed there is a delay from when you see a deduction on your payslip and the money being added to your KiwiSaver account. This is partly because the money doesn’t go directly from your employer to AMP.
Your employer will firstly send both your employee contributions from your pay and their contribution through to Inland Revenue (previously known as the IRD). Inland Revenue does a few checks to make sure the right amount goes to the right person, and then sends the money to AMP. They do this regularly for every provider nationwide. It can take around 3 months from receiving your payslip to the money arriving in your KiwiSaver account. If your money is delayed with IRD, you will receive interest, which will be sent through at the same time.
When AMP receives the money from IRD, this is added to your KiwiSaver account within 2-3 days and invested in your chosen fund(s). You can see it has arrived by checking online with My AMP.
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 information provided on this website is of a general nature and does not constitute financial advice, unless otherwise specified. If you would like advice on the benefits of the AMP KiwiSaver Scheme in comparison to other schemes, or which takes your individual circumstances into account, we recommend that you seek professional or financial advice.