KiwiSaver: you don’t need to be rich to be better off tomorrow
Saving for your retirement often takes a back seat, especially when you're trying to make ends meet for day-to-day living. But with KiwiSaver, saving for your retirement is now a lot easier. You can choose to save as little as 2% of your salary or wages before tax into a KiwiSaver scheme if you're working for an employer, or arrange to make direct payments into a KiwiSaver scheme if you're not.
Voluntary long-term savings scheme
KiwiSaver is a voluntary long-term savings initiative set up by the Government to help Kiwis save for their retirement and get into their first home sooner. It's open to all New Zealand residents under 65.
Benefits of KiwiSaver include:
- A one-off kick-start contribution of $1,000: when you first join a KiwiSaver scheme you'll receive $1,000 from the Government.
- Member tax credits: if you're 18 or over you may receive a tax credit each year matching your contributions up to $20 a week (approximately $1,040 a year).
- Contribution holidays: once you've been contributing to KiwiSaver for at least 12 months, you can apply for contribution holidays. You can stop putting money into KiwiSaver for between three months and five years.
- Help buying your first home: after three years in KiwiSaver you may be eligible:
- for a first home deposit subsidy of $1,000 per year of savings up to a maximum of $5,000 (a couple could qualify for up to $10,000). Visit the Housing New Zealand website for more details.
- to withdraw a lump sum amount (excluding the Government starting incentive contribution and member tax credits) to help you buy your first home.
PSIS has partnered with AXA*, a leading provider of superannuation and investment services and one of the six default providers chosen by the Government, to bring you a simple and easy-to-manage KiwiSaver scheme. By choosing the AXA KiwiSaver scheme you'll benefit from AXA's investment management expertise and global strength.
Contribute either 2%, 4% or 8% into the scheme
When you join up to the AXA KiwiSaver scheme you can choose to contribute either 2%, 4% or 8% of your gross (before tax) wages or salary into the scheme.
The table below shows what your KiwiSaver deductions would be from your weekly pay based on your annual salary/wages.
| Annual Salary (before tax) |
Weekly Contribution (2%) |
Weekly Contribution (4%) |
Weekly Contribution (8%) |
| $20,000 | $7.69 | $15.38 | $30.77 |
| $30,000 | $11.54 | $23.08 | $46.15 |
| $40,000 | $15.38 | $30.77 | $61.54 |
| $50,000 | $19.23 | $38.46 | $76.92 |
| $60,000 | $23.08 | $46.15 | $92.31 |
| $70,000 | $26.92 | $53.85 | $107.69 |
| $80,000 | $30.77 | $61.54 | $123.08 |
How do I join the AXA KiwiSaver scheme?
To find out more about how KiwiSaver can help you prepare for a better future, or to join the AXA KiwiSaver scheme, drop in to your local PSIS branch, call 0800 AT PSIS (287 747), or download the AXA KiwiSaver Investment Statement here (PDF 717KB).
If you have any questions about KiwiSaver or would like financial investment advice, contact AXA directly on 0800 292 728.
Further information about KiwiSaver can be found on the official KiwiSaver website or from Sorted.
PSIS is not a registered bank, but a very co-operative co-operative.
Interest rates are subject to change. All deposits are secured by First Ranking Stock and rank equally with all existing deposits with PSIS Limited. An Investment Statement and a current registered Prospectus are available from any PSIS branch or can be downloaded here. For all lending products, PSIS Limited lending and insurance criteria, and fees apply.
