KiwiSaver for...
About SuperLife
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What is KiwiSaver?
KiwiSaver is a government savings initiative to help you save for your retirement. To encourage you to save the government provides:
- A $1,000 kick-start, 3 months after you first join
- An annual subsidy known as a member tax credit (MTC) up to $521.43 a year.
You will also get a contribution from your employer. In most cases you will not be able to access money from your KiwiSaver Account (including your own contributions) until retirement. However, it may be possible to withdraw money if you are buying your first home, or in cases of significant financial hardship, serious illness and permanent emigration. Your funds will also be paid to your estate if you die.
The KiwiSaver advantage
There are many reasons why you should save for your retirement. Because of the government’s “free" money KiwiSaver will be the better savings vehicle for most New Zealanders to achieve their base savings. Of the KiwiSaver schemes available, SuperLife's KiwiSaver scheme will provide an advantage. Read more...
How does KiwiSaver work?
Everyone qualifies for the $1,000 kick-start payment when they first join. The kick-start is paid into your KiwiSaver Account 3 months after the IRD receives notification of your membership or your first contribution. You choose how much to contribute. If you are an employee it has to be 2%, 4% or 8% of your pay through the PAYE system. At the end of each year the goverment will top-up your account $1 for $2 to the value of $521.43 (provided you are 18 or older and your primary residence is New Zealand). Your employer also pays 2%. From 1 April 2013 the 2% minimum for employees and employers increases to 3%.
All savings go into your KiwiSaver Account.
When you reach your KiwiSaver Retirement Age you will then be eligible to withdraw all the savings from your KiwiSaver Account. These savings are tax free and are paid in addition to NZ Super. Through SuperLife these funds can be paid to you in a lump sum or as an income - whichever you prefer.
All contributions and benefits payable are subject to the KiwiSaver Act 2006.