Money is tight. Can I contribute only 3% for a while?
Yes. You can apply for a temporary rate reduction and 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. You or Inland Revenue (IRD) give the notice or letter to your employer, so they deduct 3%. Your employer can choose to match you at 3%.
Official figures
- 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
Official sources
- KiwiSaver changesInland Revenue · ird.govt.nz
- How KiwiSaver worksInland Revenue · ird.govt.nz
- Getting the KiwiSaver government contributionInland Revenue · ird.govt.nz
- Getting my KiwiSaver savings for my first homeInland Revenue · ird.govt.nz
Read the full guide: KiwiSaver retirement savings →
People also ask
- What is KiwiSaver and should I join?
- I was put into KiwiSaver automatically at my new job. How much will come out of my pay each month?
- Has the KiwiSaver contribution rate gone up to 3.5%?
- How much do I need to save each year to get the full government contribution?
- Can I still get the KiwiSaver government contribution if I earn over NZ$180,000 a year?
- Can I use my KiwiSaver to buy my first home in New Zealand?
Answers are based on official New Zealand government pages. Check the official source before you act. This is not immigration, legal or tax advice.
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