If you are 18 or older, each year the government pays a subsidy into your KiwiSaver Account. It’s called a government contribution. The current subsidy is $1 for each $2 you save up to a maximum. The maximum government contribution each year is $521.43. This is tax free.
You get the government contribution based on your savings. Each $2 you save is subsidised by the government up to your maximum. Each year, if you have not saved sufficient to get your maximum, you can top up your savings before 30 June to get it. If you are a member of SuperLife, we will normally let you know before 30 June if you need to do that.
The full maximum applies once you have been in KiwiSaver for more than 12 months. In the first year, the maximum is proportionate, based on how long you have been a member at your first 30 June over age 18. Each year after the first, it will be $521 if you save $1,043.
In the year you turn 18, you will get your first government contribution calculated from your 18th birthday to the next 30 June. Each year after that, it will be the $521 maximum if you save $1,043 until your last year.
SuperLife applies for government contribution for you– you do not have to do anything other than save. We apply in July each year.
To get the government contribution
|If you are an employee||If you are not an employee|
See how much you are saving from your pay. If it is less than $20 a week (or $87 a month) you will not get the maximum, but you will get government contribution on the amount you are saving.
While you are on a savings suspension, you can save directly to SuperLife to get your government contribution. Contributions do not have to be by payroll deduction.
You can also save extra directly to SuperLife while you are saving from your pay.
You can decide how much to save and save directly to SuperLife. You get the maximum government contribution if you save $20 a week or $87 a month or $1,043 a year.
This lets you make regular savings each week, or each month, and spread your savings over the year.
Save a lump sum from time to time, or simply top up your savings before 30 June each year.
Different ways you can save with KiwiSaver
- The easiest way to save with KiwiSaver is to set up a regular payment by direct debit, or make a lump sum by direct debit or by internet banking.
- Set up regular savings by direct debit online or by filling out a direct debit form. Employees can also do this as well as saving through their pay.
- If you are employed, your savings rate can be 3%, 4%, 6%, 8% or 10% of pay. Talk to your pay department if you wish to change your savings rate.
- Call us to find out if you are able to transfer savings from your SuperLife worplace savings or SuperLife invest accounts to your KiwiSaver Account under SuperLife.