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Your KiwiSaver annual Government contribution

Are you receiving your full KiwiSaver annual Government contribution? Don’t miss out – they could add thousands to your KiwiSaver account balance over time.

The Government wants to give you an extra $521.43 every year

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

If you tick every eligibility box on this list for the year from 1 July to 30 June, you’ll automatically receive the full contribution:

  • You’re a member of a KiwiSaver scheme,

  • You’re 18 years or over,

  • You mainly live in New Zealand,

  • You can't make KiwiSaver retirement withdrawals yet, and

  • You contributed at least $1,042.86 into your KiwiSaver account

There's no paperwork and no process. As long as you invest enough of your regular pay, or deposit funds manually, the $521.43 is yours.

If you turn 18 during the year, become eligible for retirement withdrawals or join KiwiSaver part way through a year, you’ll still earn the annual Government contribution for the days that you’re eligible.

How to top up your ASB KiwiSaver Scheme account

If your regular contributions don’t add up to at least $1042.86 in a year, you can top up to get the maximum annual Government contribution.

With the ASB KiwiSaver Scheme you can top up anytime in two ways:

  • You can simply transfer money from your bank account to your ASB KiwiSaver Scheme account online and through your mobile, or

  • You can set up regular automatic payments, so you don’t have to remember to contribute

As long as you’re eligible and your total contributions reach $1,042.86 before 30 June, you’ll receive your full annual Government contribution of $521.43. 

But every little bit counts. If you can’t afford to put $1,042.86 into KiwiSaver each year, you can still receive some of the annual Government contribution. Put in whatever extra you can afford. Even an extra $100 contribution will earn you a bonus $50 Government contribution.

Top up

I am self-employed – what should I do?

If you're self-employed, stay at home, or if you don't have someone paying you regular wages or a salary, it’s still important to top up. You can add what you can afford to your KiwiSaver, when it suits you.

Make a diary note to check your KiwiSaver 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 so you get your full annual Government contribution if you’re eligible.

Check your balance

Employee? Automatic contributions are easiest

Set yourself up for success. Make the most of your annual Government contributions with KiwiSaver contributions through your pay.

Ask your employer to set up contributions through your pay

With your ASB KiwiSaver Scheme account 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 meet all the eligibility criteria, and you’re contributing more than $21 a week each year from 1 July to 30 June, you can be sure you’ll get the full annual Government contribution.

It takes around a month from the time your employer sends KiwiSaver contributions for them to show in your account. However, delays can happen from time-to-time. If you’d like to check on any contributions that might still be in progress you can see these in 'My IR'.

Choose the right contribution level

Setting up your contributions at the right level makes it easy to get your full annual Government contribution.

If you earn more than $34,762 before tax each year, a 3% contribution gets you the maximum Government top-up.

Earn less than that? You can increase your contribution rate by whatever you can afford, or make a one-off payment so that you try to contribute at least $1,042.86 each year.

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

Read more about retirement goals and KiwiSaver.

 

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 even use them to top up someone else's ASB KiwiSaver Scheme balance. All you need is your (or their) IRD number and ASB KiwiSaver Scheme member number.

  • Log in to ASB FastNet Classic internet banking

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

  • In the True Rewards online store, select ASB KiwiSaver Scheme from the left-hand menu

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

The transfer takes a week or two to show up on your balance, as it processes via the IRD. 

Save with the ASB KiwiSaver Scheme

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Top up your ASB KiwiSaver Scheme account now.

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Any questions?

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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).