The deal with KiwisaverIn New Zealand there is currently no compulsory superannuation. Some organisations, especially within the public sector, do offer a superannuation as a benefit. Having said that, the government has implemented Kiwisaver which is a voluntary, long-term savings initiative to help set you up for your retirement. Most KiwiSaver members will build up their savings account through regular contributions from their pay and employer. The six financial institutions appointed to be default scheme providers are:
Please note that you are allowed to join other schemes outside these. Contributions are either 2%, 4% or 8% of your income with your employer matching 2% of your income. The Government will match you up to around $20 per week. You are able to access your money at the age of 65 (the current retirement age) or if you permanently leave New Zealand, suffer serious illness or severe financial hardship. The government will give you:
There are quite specific rules around Kiwisaver so we recommend that you familiarise yourself with the scheme. Find out more information on Kiwisaver here.
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