Want free money to boost your KiwiSaver savings?

Don't miss out on possibly adding thousands to your KiwiSaver account over time, with the annual Government contribution.

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Boost your KiwiSaver account with up to $521 from the Government

If you're eligible, for every $1 you put into your KiwiSaver account, the Government puts in 50c, up to a maximum of $521.43 each year - it's called the annual Government contribution.

If you meet the eligibility criteria on this list for the year (from 1st July to 30th June), you'll automatically receive the full contribution:

  • You're a member of a KiwiSaver Scheme and mainly live in New Zealand
  • You're 18 years old, or over
  • You can't make KiwiSaver retirement withdrawals yet
  • You've contributed at least $1,042.86 into your KiwiSaver account

Remember, every little bit counts...if you can't afford to put $1,042.86 into your KiwiSaver account each year, you can still receive some of the annual Government contribution, so put in whatever extra you can afford. Even an extra $100 contribution will earn you a bonus $50 in Government contributions; if you turn 18 during the year, become eligible for retirement withdrawals or join KiwiSaver part way through the year, you'll still earn part of the annual Government contribution, this will be calculated against the number of days you were eligible during the year 1 July to 30 June.

Don't miss out on your SLICE!

A case study on how small contributions can make a big difference over time.*

Moana is 20-year-old self-employed contractor, who loves to bake cakes. As a self-employed contractor, she's not required to contribute to her KiwiSaver account from her pay. However, she's keen to make the most of her KiwiSaver benefits, such as the annual Government contribution.

For every year that Moana contributes at least $1,042.86 to her KiwiSaver account (from 1 July to 30 June), the Government pays $521.43 into her KiwiSaver account as well - this is essentially "free money" from the Government. Because Moana is self-employed, she doesn't receive the employer contribution, so, she decided to set up a direct debit payment of $21 a week into her KiwiSaver account starting on 1 July, to make sure she reaches the $1,042.86 and makes the most of this "free money".

Moana is currently in a Growth Fund as this matches her timeframe and savings goal. If Moana continues to receive the maximum annual Government contribution from age 20 until her chosen retirement age of 65, the total Government contributions in her KiwiSaver account could add up to $15,353. That's one of the great benefits of KiwiSaver: $15,353 from the Government that Moana wouldn't have otherwise received if her money was not invested in a KiwiSaver scheme!

Over time, once you add up Moana's own contributions, the Government contributions as well as the return from Moana's investment, she'd have an estimated $131,959** saved by the time she turned 65 - that's all from just contributing $21 per week from age 20.

Call us today on 0800 272 019 to get free financial advice on your KiwiSaver savings (or to ask us about the annual Government contribution) - it will only take around 15 minutes (for more details on how it works, click here). Or, to see now what your balance may look like in future, check out our calculator.

Get advice ASB KiwiSaver Scheme Calculator

Every little bit counts!

If your regular contributions don't add up to at least $1,042.86 in a year (1 July to 30 June), you can make voluntary contributions into your KiwiSaver account to ensure you get the maximum annual Government contribution. With the ASB KiwiSaver Scheme you can top up any time, in two ways:

  • Simply transfer money from your bank account to your ASB KiwiSaver Scheme account online or through your mobile.
  • Set up regular automatic payments, so you don’t have to remember to contribute.

Make a contribution

Give your future self some True Rewards

If you have an ASB Visa credit card with True Rewards, you can boost your ASB KiwiSaver Scheme balance with your True Rewards dollars! You can transfer your True Rewards dollars to your ASB KiwiSaver Scheme account, or you can use them to top up someone else's ASB KiwiSaver Scheme balance. All you need is your IRD number (or theirs) and the relevant ASB KiwiSaver Scheme member number.
Follow these 4 EASY steps:

  • Select 'Spend rewards' next to your True Rewards dollars balance

  • Enter the recipient's IRD number and ASB KiwiSaver Scheme member number

The transfer takes around two weeks to show up on your balance, as it processes via the IRD.

Transfer rewards

More information

I am self-employed - what should I do?

If you're self-employed, a stay-at-home parent, or don't have someone paying you regular wages/salary, it's still important to contribute to your KiwiSaver account. You can add whatever amount you're able to afford into your KiwiSaver account, when it suits you.

Tip: Make a diary note to check your KiwiSaver account around the end of March. If you haven't contributed the full $1,042.86, you still have a few months to make extra contributions, to ensure you're not missing out on the $521 boost from the Government.

Check your balance

I am an employee - what can I do to ensure I get the maximum Government contribution?

Ask your employer to set up regular contributions through your pay

With KiwiSaver you have the option of contributing 3, 4, 6, 8 or 10% of your pay. Decide which percentage of your pay you would like to contribute, and let your employer know. Your employer will set up an automatic contribution to your KiwiSaver account, so you won't have to worry about making manual payments. If you're a KiwiSaver member and you contribute from your pay, your employer generally must also contribute.

If you meet all the eligibility criteria, and you’re contributing more than $21 a week each year (from 1 July to 30 June), you can rest assured knowing you'll get the full annual Government contribution. It takes approximately one month for your KiwiSaver contributions to be processed and show up in your KiwiSaver account (delays occur time-to-time). If you’d like to check on any contributions that might still be in progress, you can see these in 'myIR'.

Choose the right contribution level

Setting up your contributions at the right level makes it easy to get the full annual Government contribution. If you earn more than $34,762 before tax each year, a 3% contribution gets you the maximum Government contribution.

Earn less than that? You can increase your contribution rate to whatever you can afford. You can also make a one-off payment to help you reach the $1,042.86 in minimum contributions, each year.

Not sure? Ask your employer to help or call us on 0800 RETIRE.

Read more about retirement goals and the ASB KiwiSaver Scheme.

We're here to help

Call us

Speak to a KiwiSaver specialist. 

0800 ASB RETIRE (0800 272 738)

Speak to an investment specialist. 

0800 108 084

Visit a branch

Visit us at one of our many branches across New Zealand.

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Any questions?

We'll help with your ASB KiwiSaver Scheme query.

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Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).

*This case study not only helps illustrate the importance of the annual Government contribution component of your KiwiSaver account, but it also helps highlight how your choices today can affect your KiwiSaver savings in future. Small contributions into your KiwiSaver savings now, will go a long way when it comes time to buying a first home or retiring with a larger nest egg. The figures used in this case study are for illustration only and may not reflect actual returns. The underlying return, tax and inflation assumptions are set by the Government. The calculations have been made using the ASB KiwiSaver calculator on the 29th of March 2022.

**Moana's ASB KiwiSaver Scheme account balance at age 65 could be $131,959. This is made up of $15,353 in annual Government contributions, $70,027 from Moana's own contributions and $46,579 in investment returns.

For this case study, we've assumed that:

  • Moana was born on 1 March 2002.
  • Is self-employed, so her 'salary' would be zero in the calculation.
  • Was not an existing KiwiSaver member.
  • Her KiwiSaver account balance was zero.
  • Is invested in the ASB KiwiSaver Scheme Growth Fund, with the assumption added that she will follow ASB's glide path (reduce risk as she nears retirement) for fund changes.
  • Set up a voluntary regular contribution of $21 (per week) from 1 March.
  • Moana receives Government contributions appropriate to her contributions and at today's levels only.
  • Savings goal is for retirement (retirement age is 65 years old).
  • No NZ Superannuation was included.
  • The figures in this case study are shown in today's dollars.
  • Visit the ASB KiwiSaver Scheme Calculator which will provide further detail about these assumptions.