The KiwiSaver scheme is New Zealand’s voluntary long-term savings scheme where eligible people can choose to contribute 3%, 4%, 6%, 8% or 10% of their gross pay and employers contribute at least 3%. KiwiSaver members can access the savings on retirement, to purchase their first home or in case of financial difficulty.

The uptake of KiwiSaver far exceeded initial projections from when it started in 2007 and has grown from 716,000 members in 2008 to over 2.8 million members in 2019 who have over $50 billion saved in the scheme. Read the latest industry statistics.

KiwiSaver has changed since it started in 2007. The Member Tax Credit was reduced from NZ$1,042.86 to NZ$523.41 in 2011 and in May 2015, the NZ$1,000 kickstart for new KiwiSavers was removed. See our brief history of KiwiSaver.

Earlier in the year, the Government agreed changes to address some of industry, the Commission for Financial Capability (CFFC) and consumer concerns. These included opening KiwiSaver up to the over 65s, adding a 6% and 10% employee contribution rate and restricting the newly termed ‘Savings Suspension’ (Contribution Holiday) from five years to one.

KiwiSaver is having a positive impact domestically, with around 60% of managed funds invested in New Zealand. The new investment driven by KiwiSaver means businesses have the potential to both raise exports, employment and have a greater positive effect on GDP.

The CFFC, industry and Government have gone some way to improve consumers’ ability to save enough for retirement through KiwiSaver, understand the benefits through financial education and ensure transparency, but FSC research into the scheme has shown that there is still a long way to go to help and support New Zealanders shape their own futures.

Related Items

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Read the latest research from the FSC into KiwiSaver, Shaping Futures: Closing the KiwiSaver Gap, and our recommendations to improve the scheme. 


Read our latest KiwiSaver submission to the Social Services and Community Committee on foster parents opting in for children in their care. 

Media Release

KiwiSaver Pie grows to $58.53bn – average member balance grows to $19,246
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Watch the Chief Executive of the FSC, Richard Klipin, launching Shaping Futures: Closing the KiwiSaver Gap and voxpops of consumer views of the scheme on our You Tube channel.
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Find out more 

Find out more about KiwiSaver, including scheme providers, switching and eligibility on the New Zealand Government's KiwiSaver website.

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