KiwiSaver is a voluntary workplace-based retirement savings initiative.

The National Bank KiwiSaver Scheme is designed to help you save for your retirement now.

Key Features

• A one-off $1,000 Government contribution when you first join KiwiSaver**.
• A Member Tax Credit from the Government* of 50 cents for each dollar you contribute up to a maximum of $521.43 per year, paid annually, after each 12 month period ended 30 June, to your KiwiSaver account. To receive the maximum member tax credit of $521.43, you will need to contribute $1,042.86 per year and be a KiwiSaver member for the whole year**.
• You choose the contribution rate – an amount equal to 2%, 4% or 8% of your gross salary or wages if you are employed**. It’s proposed the minimum member contribution rate will rise to 3% of your gross salary or wages from 1 April 2013.
• A matching employer contribution of 2% of gross salary or wages*. It’s proposed that the matching employer contribution will rise to 3% of gross salary or wages from 1 April 2013.
• A first home subsidy for eligible investors* after three years of contributing membership (up to $1,000 for each year of contributing membership to a maximum of $5,000).
• ‘Contributions holiday’ – if you're employed, you can apply to take a ‘contributions holiday’ twelve months after your first contribution is received. Holidays can be for three months to five years, after which contributions will resume unless a further ‘contributions holiday’ is applied for.
• You don’t need to do anything once you’ve signed up - if you're employed your savings are automatically deducted from your salary or wages each payday, or the date of your direct debit if you do not earn a salary or wage.

Note: if you don’t have a regular income, you can contribute directly to the National Bank KiwiSaver Scheme via a direct debit or by making a lump sum contribution. Alternatively, you can make contributions directly to Inland Revenue. If you do earn a salary or wages then the minimum contribution rate will generally be deducted from your gross earnings (unless you are on a contributions holiday).

*Certain criteria apply.

** Certain aspects of the National Bank KiwiSaver Scheme and all other KiwiSaver schemes such as minimum contribution levels, the Government's incentives and the circumstances in which benefits can be withdrawn are prescribed in the KiwiSaver legislation. The relevant legislation may be amended from time to time by the Government and any such amendments may impact on such schemes.

Other Features

• Enrolment is generally automatic if you are aged between 18 and 65 years and commence new employment*. If you are automatically enrolled you can choose to 'opt out' up to eight weeks after starting your new job. Any contributions already deducted will generally be refunded. You can also choose to ‘opt in’ to a KiwiSaver scheme at any time provided you are under 65, are entitled to permanently reside in New Zealand, and are living in New Zealand (subject to certain exceptions).
• A KiwiSaver scheme can be selected in one of three ways, in this order:
  - You can choose a KiwiSaver scheme.
  - Your employer can select a 'preferred' KiwiSaver scheme for use by staff. This means if you do not select a scheme yourself, you will automatically be joined to the scheme selected by your employer.*
  - If neither of the above happens, you are allocated to a default provider by Inland Revenue. The default investment fund in a default KiwiSaver scheme is the Government mandated investment option which may over time produce lower returns compared to self selected investment funds that employ more sophisticated investment strategies.
• Your savings are 'locked in', taking away the urge to dip in to your savings. Your funds are generally locked away until you reach the age of eligibility for New Zealand Superannuation (currently age 65), or, if you join after the age of 60, after you've been in a KiwiSaver scheme (or 'complying superannuation fund') for five years. In limited circumstances you may be able to make an earlier withdrawal (i.e. to put towards your first home or if you suffer from a serious illness).
• National Bank customers with Online Banking are able to view their National Bank KiwiSaver Scheme balance online at their own convenience.

*Some exceptions apply e.g. if you are already a KiwiSaver member or if your employer is exempt from the KiwiSaver automatic enrolment rules.

When you join the National Bank KiwiSaver Scheme, you have choices about how your money is invested. To read about your options go to which fund is right for you.

If you're interested in understanding investment risk there is also a section covering this, which also describes what each of the funds invest in.

Do you have a question about KiwiSaver? Check out the frequently asked questions below. If your question isn't covered you can call us on 0800 156 020.

Frequently Asked Questions

• What are the benefits of KiwiSaver?
• Do I have any choices to make?
• What is a 'contributions holiday' and how does it work?
• What happens if I change jobs and already belong to a KiwiSaver scheme?
• What is the Government 'startup' contribution and how is it allocated?
• How will the housing deposit subsidy work?
• How can I access my benefits?
• How do I change my KiwiSaver provider?

What are the benefits of KiwiSaver?

KiwiSaver offers a number of benefits, including:

• A one-off $1,000 contribution from the Government when you first join a KiwiSaver scheme to get you started.
• A Member Tax Credit to your KiwiSaver scheme - if you are aged 18 years and over and have been a KiwiSaver member for the whole year (1 July to 30 June) the Government will contribute 50 cents for each dollar you contribute up to a maximum of $521.43 per year (approximately $10 per week) in the form of a Member Tax Credit to your KiwiSaver account until you're eligible to withdraw from KiwiSaver at New Zealand Superannuation age (currently age 65), or after having been a KiwiSaver member for five years, whichever is later*. The Member Tax Credit is paid annually to your KiwiSaver account.
• Employer contributions - matching employer contributions for contributing employees aged 18 or over, who have not reached their KiwiSaver end payment date, of 2% of the employee's gross salary or wages. It’s proposed the minimum employer contribution rate will rise to 3% of an employee's gross salary or wages from 1 April 2013.
• A first home deposit subsidy - after three years in a KiwiSaver scheme, you can apply for a Government first home deposit subsidy of up to $1,000 for each year you've been saving through a KiwiSaver scheme (up to a maximum of $5,000) to put towards your first home.*

*Criteria apply and not all members will qualify.

Do I have any choices to make?

There are a few choices to make when you select the National Bank KiwiSaver Scheme. Some of these include:

• If you are employed, you can choose a contribution rate of either 2% (the default rate if no choice is made), 4% or 8% of your gross salary or wages. It’s proposed that the default and minimum rate will rise to 3% from 1 April 2013**.
• You can choose whether or not to pay additional lump sums, or contribute via direct debit, on top of any contributions made directly from your salary or wages, or transfer current superannuation investments to your National Bank KiwiSaver Scheme.
• If you are self employed or not working, you can choose the contributions you will make to the National Bank KiwiSaver Scheme via direct debit or Lump Sum
• You can choose the fund you wish to invest in.

** Certain aspects of the National Bank KiwiSaver Scheme and all other KiwiSaver schemes such as minimum contribution levels, the Government's incentives and the circumstances in which benefits can be withdrawn are prescribed in the KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such legislation may impact on such schemes.

What is a contributions holiday and how does it work?

If you are employed, you can apply for a contributions holiday. A contributions holiday can be for between three months and five years.

You can apply to Inland Revenue to take a contributions holiday:

• 12 months after your first contribution was received by Inland Revenue or a KiwiSaver scheme; or
• earlier if you are suffering, or likely to suffer, financial hardship and at least one contribution has been received from you by Inland Revenue. Contributions holidays on the grounds of financial hardship will be for three months unless the Inland Revenue agrees to a longer period.

At the end of the period, contributions will resume unless a further contributions holiday is applied for. You must reapply to Inland Revenue to renew the contributions holiday.

If you are not employed and make your contributions via direct debit, you can stop, start or amend your contributions at any time by contacting us.

What happens if I change jobs and already belong to a KiwiSaver scheme?

You will remain part of your existing scheme, and your new employer will deduct and forward the relevant contribution amounts to Inland Revenue, who will then forward this amount to your KiwiSaver provider.

You can choose to transfer between KiwiSaver schemes at any time subject to the payment of any applicable transfer fees. The National Bank KiwiSaver Scheme does not currently charge a transfer fee.

What is the Government 'kick-start' contribution and how is it allocated?

The Government will contribute a one-off tax free payment of $1,000 to the first KiwiSaver scheme you become a member of. This payment will be made about three months after you first join KiwiSaver.

How does the first home deposit subsidy work?

After three years, you may be eligible for a one-off first home deposit subsidy of up to $1,000 for every year of contributions to a KiwiSaver Scheme – up to a maximum of $5,000.

If you have a partner also saving through KiwiSaver, you can combine your deposit subsidies. So, after five years’ saving, a couple could get up to $10,000, provided you have a total household income below the income cap and meet any other criteria.


The above benefits are also available to second-chance home buyers in certain circumstances. A second-chance home buyer is someone who is in the same financial position as a first home buyer and is certified as such by Housing New Zealand Corporation ("HNZC"). If you qualify for the subsidy, HNZC will pay the funds directly to your solicitor for the purpose of settling your house purchase.

More information is available at www.hnzc.co.nz.

The subsidy is administered by Housing New Zealand Corporation - to find out more about eligibility criteria and the application process, visit the Housing New Zealand website or phone 0508 935 266.

Criteria apply and not all members will qualify.

How can I access my benefit?

Your funds will generally remain locked in until you reach the New Zealand Superannuation qualification age (currently age 65) or you’ve been in a KiwiSaver scheme (or 'complying superannuation fund') for five years, whichever is the later.

There are some exceptions to this restriction. You may be eligible for an earlier withdrawal benefit if:

• You are suffering from or are likely to suffer significant financial hardship (you can withdraw all but the $1,000 Government kick-start contribution and Member Tax Credits)
• You are suffering from a serious illness (you can withdraw the balance of your account)
• You emigrate permanently. Your funds, excluding Member Tax Credits, can be paid out after 12 months have passed since you permanently emigrated from New Zealand*. You may at any time after you permanently emigrate from New Zealand apply to have your KiwiSaver benefit transferred into an overseas superannuation scheme authorised for that purpose under KiwiSaver legislation. Currently, there have been no schemes authorised for that purpose
• You are purchasing your first home and three years have passed since Inland Revenue received your first KiwiSaver contribution, or you have been a KiwiSaver member for three years or more. If you qualify for the withdrawal your KiwiSaver funds will be paid directly to your solicitor for the purpose of settling your house purchase and does not include the $1,000 Government kick-start contribution and Member Tax Credits**
• You pass away, in which case the balance of your KiwiSaver account will be paid to your estate when requested.
• If required under any Act of Parliament.

Please contact us on 0800 656 888 if you'd like to find out more about eligibility criteria and the application process.

*If and when the legislation permitting Trans-Tasman superannuation transfers comes into force, if you permanently emigrate from New Zealand to Australia you may transfer your savings (including any Member Tax Credits) to an Australian complying superannuation scheme but you will not be able to withdraw your retirement savings in cash prior to retirement age.

** Criteria apply and not all members will qualify.

See the Investment Statement for more details on accessing KiwiSaver savings.

How do I change my KiwiSaver provider?

Transferring is easy. If you've been automatically enrolled or you are aleady a member of another KiwiSaver scheme it's simple to change to the National Bank KiwiSaver Scheme. All you need to do is read the Investment Statement and fill in an application form and either drop in to your nearest National Bank branch or post your completed application form to:

National Bank Managed Funds
Freepost 324
PO Box 7149, Wellesley Street
Auckland 1141

*The Trustee Fee: The current Trustee Fee is calculated on the gross asset value of the National Bank KiwiSaver Scheme on each valuation day and paid quarterly in arrears as follows:

• Up to 0.065% p.a. for the first $100 million of the gross asset value of the National Bank KiwiSaver Scheme.

• Up to 0.050% p.a. of the gross asset value of the National Bank KiwiSaver Scheme between $100million and $200 million.

• Up to 0.040% p.a. on the gross asset value of the National Bank KiwiSaver Scheme over $200 million.

Switching Fees: Switches are transfers between funds within the National Bank KiwiSaver Scheme. Subject to certain rules you can either switch the fund(s) your contributions are invested in and/or switch some or all of your existing investment between funds. You can make up to two switches a year for free. Thereafter, the Manager may apply a switching fee (currently $25) to each subsequent switch transaction. The switching fee will be deducted from the fund your investment is switched from.

Other Expenses: The Manager and Trustee may recover expenses such as audit, registry, custodian, legal fees and certain postage fees from the National Bank KiwiSaver Scheme, as well as losses incurred due to refunding amounts that are incorrectly paid by employers. The expenses charged to the funds are subject to a cap set by the Manager from time to time.

For further information on how and when these fees are charged, and the expenses payable, please see the National Bank KiwiSaver Scheme Investment Statement (PDF 1.20MB). Terms defined and references construed in this webpage have the same meaning and construction set out in the current Investment Statement.

Subject to the KiwiSaver Act 2006, the Manager may alter the fees set out above and introduce new fees from time to time.

OnePath (NZ) Limited and Guardian Trust Superannuation Trustees Limited may recover administration expenses from the National Bank KiwiSaver Scheme.

The management fees, trustee fees, and expenses (such as audit, registry, custodian, legal and certain postage fees) are met by way of deduction from investment income and assets, and are reflected in the unit prices of the relevant funds.

Administration fees are paid from the fund in which you have the highest balance in arrears. Your unit balance will be adjusted accordingly. The fund deducts these fees for tax purposes on your behalf. See the National Bank KiwiSaver Scheme Investment Statement for further information on fees and expenses payable. GST does not currently apply to the management, trustee, switching or administration fees but will be added if applicable. Fees are subject to change.

Fees are deducted from income allocated to you by the National Bank KiwiSaver Scheme and cannot be claimed in your personal tax return.

Joining or switching to the National Bank KiwiSaver Scheme is easy. All you have to do is read the Investment Statement, fill in the application form and OnePath (NZ) Limited will do the rest.

Copies of the National Bank KiwiSaver Scheme Investment Statement (including the application form) are available as PDFs.

For more information, you can call us on 0800 156 020, Monday to Friday, 8.30am to 5.30pm or visit any National Bank branch.