From 1 July 2007, all eligible new employees aged between 18 and 65 will be automatically enrolled in KiwiSaver. But you can opt out at no cost. Anyone else who is under 65 and who is eligible can also join by ‘opting in’ through their employer or contacting a scheme provider directly.
With KiwiSaver, your savings come directly out of your pay and are locked in until you’ve reached the age of eligibility for NZ Superannuation (currently 65) or have been with KiwiSaver for five years - whichever is later. You can contribute either 4% or 8% of your before tax salary or wages to KiwiSaver.
Everyone who joins KiwiSaver will get a once-only $1,000 tax-free ‘kick start’ to their savings account, an annual tax credit matching their contributions of up to the equivalent of $20 per week and a $40 fee subsidy per year.
