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How contributions work.
You, your employer and the Government can all make contributions to your KiwiSaver account.
How do contributions work?
How your savings can grow.
Work out how much to contribute.
- If you're employed, the lowest amount you can contribute is 3% of your salary. Stepping this up to just 4% could add thousands of extra dollars by the time you reach 65. 10%, could mean even more when you retire - use our KiwiSaver Calculator to see what changing your contributions would mean for you
- While 3% is the minimum contribution rate, putting away 3% of your salary by itself is unlikely to provide you with the same standard of living you have now, once you need it in retirement
- Have a look at your budget and work out if you can afford to put away more than 3% – and remember you won't see the money as it comes out of your pay automatically.
Tips to make the most of contributions.
Going strong, early
Your earliest contributions become your most valuable because they have the longest amount of time to grow for you. Every dollar you save early, is much more valuable than a dollar you save later on.
You won't miss what you don't see
Because money comes out of your pay before you see it, increasing your contributions by just one or two percent could be easier than you think (and every percent you save now could turn into a considerable sum over time thanks to market gains).
Look for opportunities to save more
Think about increasing your contributions to keep pace with your changing circumstances. For example, you could step up your contribution rate when you get a pay rise, or start a new job, or when your regular outgoings reduce (e.g. mortgage payments reduce or finish or children become independent).
Treat KiwiSaver as an investment account
You could make lump sum contributions if you get a bonus or inheritance. KiwiSaver is a great way to put your money to work.
Self-employed or not working?
You can make contributions that work with your cashflow. To qualify for $521.43 a year from the Government you just need to contribute a total of $1042.86 in the year to June 30. This can be a lump sum or regular payments. See how KiwiSaver can help you save and provide for the future if you're self-employed.
Manage my contributions.
Change my contribution rate
You can change your contribution rate through4:
- Westpac One® digital banking
- Our KiwiSaver Specialists, weekdays between 8.30am and 5pm on 0508 972 254 or if calling from overseas on +64 9 375 9978 (international toll charges apply)
- Your employer, by downloading and completing the KS2 KiwiSaver deduction form from ird.govt.nz
- The Inland Revenue myIR facility at ird.govt.nz
Make one-off or regular payments
You can make a voluntary one-off payment or regular automatic payments to your Westpac KiwiSaver Scheme account through Westpac One digital banking, or set up a regular direct debit by downloading and completing the Direct Debit form.
Change my fund
You can change the fund your current balance and/or your future contributions are invested in through:
- Westpac One digital banking
- Downloading and completing the Switch Funds form.
Calculators & resources.
Savings suspension help.
If you need to, you can suspend your KiwiSaver contributions. It can be helpful to have the money in your hand but remember that putting your contributions on hold will also reduce how much you have in your KiwiSaver when you come to use it.
Next steps.
Login to Westpac One®
Check your Westpac KiwiSaver Scheme account balance and make any changes with online banking.
KiwiSaver fund updates
Keep up to date and informed with our investment fund updates and more.
Investment guides.
View all investment guidesThings you should know.
1 hotpoints® terms and conditions apply.
2 Your employer's contributions will be equal to 3% of your before-tax salary or wages. These contributions will be taxed before they're added to your KiwiSaver account.
3 Employer and Government contributions are available until you are 65, but if you first joined a KiwiSaver scheme before 1 July 2019 and were over 60 when you joined you may be eligible for these benefits for up to 5 years from when you joined (subject to conditions).
These are the key KiwiSaver benefits that currently apply. They may change in future. Conditions and eligibility criteria apply to KiwiSaver incentives.
4 If you change your contribution rate through us, we will notify Inland Revenue of the new rate as soon as practicable, and Inland Revenue will then notify your employer as soon as practicable. The new rate will apply to the next payment of salary or wages calculated after your employer receives the notice. If you have multiple employers, then the new rate will apply to each of them.
BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is a distributor, of the Westpac KiwiSaver Scheme (Scheme).
The information above is subject to changes to government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time.
Investments made in the Westpac KiwiSaver Scheme do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac Group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac Group of companies, The New Zealand Guardian Trust Company Limited (as supervisor), or any director or nominee of any of those entities, or any other person guarantees the Scheme's performance, returns or repayment of capital.
For a copy of the Product Disclosure Statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254 or from overseas +64 9 375 9978 (international toll charges apply). You can also download the Product Disclosure Statement.