With the arrival of KiwiSaver, New Zealanders now have the opportunity to take those first steps towards ensuring they live the sort of life they want to in retirement.

What is KiwiSaver?

KiwiSaver is a voluntary, work-based savings scheme, which aims to encourage the savings habits of New Zealanders, helping them accumulate assets and save for their retirement. Essentially, you can choose to contribute 3%, 4% or 8% of your pay. Your employer will then pass this amount to Inland Revenue for investment in your chosen KiwiSaver scheme. As savings are primarily intended for retirement, they are generally 'locked in' until the later of the age of New Zealand Superannuation eligibility (currently 65) or after you have been a member of a KiwiSaver scheme for five years.

These benefits make KiwiSaver a unique investment opportunity – over 1.3 million* New Zealanders have now joined.
*Inland Revenue, January 2010

With these benefits, why wouldn't you take part?

Member tax credits
Certain member contributions are currently matched by tax credits of up to $10 per week ($520 per year).*

Employer contributions
Employers are generally required to contribute 2%* of an employee's gross salary or wages where an employee is contributing to KiwiSaver. Employers may also choose to voluntarily make additional contributions for the benefit of an employee.

Tax advantages
Tax advantages apply to certain employer contributions to KiwiSaver, which are not available to most other investment vehicles.

Help with buying a home
You may be able to withdraw funds from your KiwiSaver account for the purpose of buying a first home.*

Transfers of Australian Superannuation to KiwiSaver
Legislation is currently being agreed between the New Zealand and Australian Governments in order to allow New Zealanders with superannuation savings in Australia to transfer these funds to their KiwiSaver scheme and to transfer KiwiSaver savings to Australia if they move there permanently (subject to certain conditions). This agreement is expected to be finalised in the second half of 2010.

Summary of benefits* Employee aged 18 or over Self-employed aged 18 or over Not currently employed aged 18 or over Under age 18
Member tax credits
3% employer contributions
* Eligibility criteria apply
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