What is KiwiSaver?
KiwiSaver is a long-term savings scheme, designed to help you to save for your retirement. For most people, it’s work based, with contributions from you and your employer deducted from your pay. These contributions are invested into the fund(s) of your choice to deliver a return that could help lift your savings
Once you join KiwiSaver your savings are locked in until you reach the age of eligibility for New Zealand Superannuation (currently 65), or for five years for people who join after age 60.
KiwiSaver offers a range of benefits which change from time to time. These may include:
- an annual member tax credit contribution of 50 cents for every dollar you save, up to a maximum of $521.43 per year (if eligible)
- compulsory contributions from your employer (if eligible)
- flexibility to respond to changes in your situation
- help with buying your first home
How much do you need to contribute?
You can choose to contribute 3, 4 or 8% of your gross (before tax) salary or wages to KiwiSaver and in most cases your employer must contribute a minimum of 3% of your gross salary or wages to KiwiSaver
The KiwiSaver scheme is designed to be flexible around the way you contribute. So whether you’re in a permanent job, freelancing, running your own business, or not working at all, there are options for ways to contribute.
You can contribute to the AMP KiwiSaver Scheme via:
- PAYE contributions through your employer
- Regular contributions via direct debit or automatic bank payment
- Direct Lump sum contributions to your KiwiSaver Scheme or via Inland
Who can join?
You can join KiwiSaver if you’re
- Under the age of eligibility for New Zealand Superannuation (currently 65)
- A New Zealand citizen, or entitled to live in New Zealand indefinitely,
- Living or normally living in New Zealand
Enrolment in KiwiSaver will be automatic for all those starting a new job (with some exceptions), although employees automatically enrolled will have the chance to opt out (within a specified timeframe). Other people can choose to opt in to KiwiSaver but can’t then opt out.
What are Member Tax Credits?
One of the main benefits of KiwiSaver is the annual Member Tax Credit, where the government contributes 50c for every $1 you save, up to a maximum of $521.43 per year (if eligible). All you have to do to take advantage of this, is to ensure you are contributing to your KiwiSaver plan before 30 June. It is paid into your KiwiSaver account in late July or early August.
How can you top up?
There are a number of options for you to up your AMP KiwiSaver account so you don’t miss the boat on your $521.43 Government contribution
Top up now
You can top up securely online now. All you need is your AMP KiwiSaver Scheme Member number and bank account detail.
My AMP app
Log into My AMP app, go to KiwiSaver section and click on 'top up my account' at the bottom of the page.
Online banking payment to AMP
Log into your internet banking and select ‘AMP KiwiSaver Scheme’ under bill payments. Then enter your surname, IRD number and member number.
Online payment to IRD
Log into your internet banking and choose ‘Tax Payment’. Then select ‘KiwiSaver member account (KSS)’ as the tax or payment type. You will need your IRD number.
Pay by cheque to IRD
Mail a cheque with the completed contribution slip to
Inland Revenue, PO Box 39050, Wellington Mail Centre, Lower Hutt 5045.
Please note, if you pay via IRD it may take up to three months for top ups to appear in your AMP KiwiSaver Scheme account. If you top up online now via our website, My AMP app or online banking it will take 2 - 3 days.
When can you withdraw your savings?
Although KiwiSaver is designed to help you save for your retirement, it’s flexible enough to keep up with other changes that could happen in your life.
You can make withdrawals when you reach your qualifying date, however, you may also have other opportunities to use your savings before you retire. Provided you meet the criteria, this might apply to you in the case of:
Can you take a break from contributing?
If you’re an employee, and have been a member of KiwiSaver for 12 months, you can take a holiday from contributing to your AMP KiwiSaver Scheme account. You could either take:
a ‘contributions holiday’ – if you’ve been a member for 12 months or more
- an ‘early contributions holiday’ – If you’ve been a member for less than 12 months, and are experiencing financial difficulty.
It’s important to note that if you do stop contributing you may miss out on benefits such as employer contributions and member tax credits. To find out more or apply for a ‘contributions holiday’, you can contact Inland Revenue on 0800 549 472.