KiwiSaver retirement savings

KiwiSaver is New Zealand's voluntary, work-based retirement savings scheme. You save part of your pay before tax, and your employer and the government also add money to your account. You usually cannot take the money out until you are 65. You can take it out earlier in some cases, such as buying your first home. From 1 April 2026, the default contribution rate went up from 3% to 3.5%.

Key facts

Who can join

New Zealand citizens and permanent residents who live or normally live in New Zealand²

Automatic enrolment

If you are eligible, start working for a new employer, and are aged 18 to 65²

Employee contribution rates you can choose

3.5%, 4%, 6%, 8% or 10% of your pay before tax; if you do not choose, the default is 3.5%²

Minimum employer contribution

3.5% (except where the employer already contributes for you to another superannuation scheme)²

Default rate from 1 April 2028

Rises from 3.5% to 4% for both employees and employers¹

Government contribution rate

The government adds 25 cents for every NZ$1 you save³

Maximum government contribution each year

NZ$260.72³

What you must save to get the full amount

At least NZ$1,042.86 between 1 July and 30 June the following year³

Who gets the government contribution

Members with taxable income of NZ$180,000 or less a year, who are contributing, and are aged 16 to 65³

Temporary lower contribution rate

You can apply to contribute 3% for 3 to 12 months¹

First home withdrawal

You must have been a KiwiSaver member for at least 3 years; you must leave NZ$1,000 in your account⁴

Retirement withdrawal age

Currently 65⁵

Who is this for, and what are the requirements?

• Official wording: "KiwiSaver is for all New Zealand citizens and permanent residents living or normally living in New Zealand."
• If you are eligible and aged 18 to 65, you are enrolled automatically when you start working for a new employer.
• If you already have a job but are not a member, you can join through your employer or directly with a KiwiSaver provider.
• If you are self-employed or not working, you can join by contacting a KiwiSaver provider directly.
• Government contribution: for members with taxable income of NZ$180,000 or less a year, who are contributing, and are aged 16 to 65.
• If you are on a temporary visa (for example, a work visa or student visa), check with Inland Revenue (IRD) or a KiwiSaver provider whether you are eligible first.

How do I do it? Steps and process

1. Join KiwiSaver

   A new job usually enrols you automatically. To join yourself, ask your employer for the KiwiSaver employee information pack and fill in the KiwiSaver deduction form. Or choose a KiwiSaver provider and sign up with them directly.

2. Choose a provider

   Independent providers manage and invest KiwiSaver money. If you were enrolled automatically and did not choose a provider, Inland Revenue (IRD) puts you in a default scheme or your employer's chosen scheme.

3. Choose your contribution rate

   You contribute 3.5%, 4%, 6%, 8% or 10% of your pay before tax. It comes out of your pay automatically. If you do not choose, the default is 3.5%. Your employer also pays at least 3.5% on top.

4. Get the government contribution

   You do not need to apply. After 30 June each year, your provider claims it for you. You can check your account after the end of July, but it may take until the end of August to arrive. To get the full NZ$260.72, you must save NZ$1,042.86 yourself between 1 July and 30 June the following year. If you are short, you can make a voluntary contribution before 30 June.

5. Withdraw to buy your first home

   After 3 years as a member, you can apply to withdraw money to buy your first home. You can withdraw your own contributions, employer contributions, government contributions, interest and any fee subsidy. You must leave NZ$1,000 in your account. Contact your KiwiSaver provider. You can also talk to Kāinga Ora - Homes and Communities.

6. Withdraw at 65 when you retire

   When you reach the eligibility age (currently 65), you can withdraw all your KiwiSaver money. Contact your KiwiSaver provider to do this. You can also keep contributing after 65.

What documents do I need?

• KiwiSaver deduction form (KS2): fill it in and give it to your employer when you join through your employer or restart contributions.
• Non-deduction notice (KS51): fill it in and give it to your employer if you want to stop KiwiSaver deductions from your pay after you turn 65.
• Temporary rate reduction notice or letter: you or Inland Revenue (IRD) give it to your employer, so they deduct 3%.

What should I watch out for?

• From 1 April 2026, the default rate is 3.5%. It applies to every payday on or after 1 April. If you were contributing 3%, your rate changes automatically. You do not need to do anything.
• If you cannot afford 3.5% right now, you can apply for a temporary rate reduction. You then contribute 3% for 3 to 12 months. You can apply more than once. After a maximum of 12 months, you go back to the default rate. Your employer can choose to match you at 3%.
• Employer contributions, government contributions you received before, and money transferred from an Australian superannuation scheme do not count towards the NZ$1,042.86 you need for the full government contribution.
• If your taxable income is over NZ$180,000 a year, you cannot get the government contribution. You also stop getting it after you turn 65.
• Money transferred from an Australian Complying Superannuation scheme cannot be used for a first home withdrawal.
• If your employer enrolled you automatically, you can stay in or opt out. There is a time limit for opting out — see the "Opting out of KiwiSaver" page on the Inland Revenue (IRD) website. If you joined yourself, you cannot opt out later.
• After you turn 65, whether your employer keeps contributing depends on your employment agreement. Being in KiwiSaver does not affect your New Zealand Superannuation at 65.
• Besides buying a first home, Inland Revenue (IRD) lists other reasons you may be able to withdraw early, such as moving overseas, significant financial hardship, or health reasons. Each has different conditions, so check them separately.
• Inland Revenue (IRD) and your employer cannot give you financial advice. To compare funds, use the free Sorted website (sorted.org.nz) or talk to a licensed financial adviser. This page is a plain-language summary of public information. It is not financial, immigration or legal advice.

What has changed recently?

• 2028-04-01
  The default contribution rate will rise again, from 3.5% to 4%, for both employees and employers. Coming soon
• 2026-04-01
  The default contribution rate rose from 3% to 3.5% for both employees and employers. Employees already above 3% keep their own rate, but if their employer was paying 3%, the employer must now pay 3.5%. KiwiSaver members aged 16 and 17 can now get a 3.5% employer contribution. You can apply for a temporary rate reduction to keep contributing 3% for 3 to 12 months.
• 2025-07-01
  From this date, the government contribution changed to 25 cents for every NZ$1 you save, up to NZ$260.72 a year. Members aged 16 and 17 can also get the government contribution (before, you had to be 18).

Common questions

Where can I check the official information?

1. KiwiSaver changesInland Revenue · ird.govt.nz
2. How KiwiSaver worksInland Revenue · ird.govt.nz
3. Getting the KiwiSaver government contributionInland Revenue · ird.govt.nz
4. Getting my KiwiSaver savings for my first homeInland Revenue · ird.govt.nz
5. Getting my KiwiSaver savings when I retireInland Revenue · ird.govt.nz

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