Automatically enrolled member's guide to the ASB KiwiSaver Scheme

Wondering why ASB has been in touch? You may have been automatically enrolled in the ASB KiwiSaver Scheme when you started a new job or told your employer you wanted to join KiwiSaver.


Welcome to KiwiSaver

While retirement might feel like it's a long time away, an early start to saving with KiwiSaver could pay off sooner than you’d think.

With the ASB KiwiSaver Scheme, you get:

  • Innovative online tools, calculators and guides to make managing your KiwiSaver savings simple.
  • Low-cost access to a range of professionally managed funds - including the Balanced Fund and Growth Fund. Canstar has awarded these funds five stars for outstanding value for the last six years running.
  • Help from knowledgeable staff to make sure you're getting the most out of your investment.

Did you know:

  • After three years of saving, you may be able to use your KiwiSaver savings to help buy your first home.
  • A small amount saved regularly could really help maximise your KiwiSaver savings at retirement.
  • When it comes to growing your investment, it’s not just your contributions that count towards your KiwiSaver savings. There are employer contributions, an annual Government contribution (if you’re eligible) and potential investment returns.


How does KiwiSaver work?

Take a look at this short video to see how KiwiSaver can work for you.

How to make the most of KiwiSaver
Play video icon


Get set up

FastNet Classic internet banking and the ASB Mobile app provide fast and simple ways to manage your ASB KiwiSaver Scheme account.

Once you are set up, you’ll be able to track your savings, make one-off contributions and update your contact details anywhere and anytime.


Use KiwiSaver to achieve your savings goal

It's good to have a clear idea of how much you'd like to save. Use our KiwiSaver calculator to see how long your savings may last in retirement. Once you've got a goal in mind, here's a few ways to keep your KiwiSaver savings on track.

Choose the right fund

If you haven't chosen an ASB KiwiSaver Scheme fund, we'll automatically place you in the Conservative Fund. This is a lower risk fund with lower potential returns. This may or may not be right for you, so it is important to check you are in the right fund.

Use our Help me choose tool to see which fund we recommend for your investment timeframe. Remember to review your fund regularly - especially if your circumstances change.

Increase your contributions

If you’re currently contributing the 3% minimum, increasing your contribution rate to 4% or 8% of your (before tax) wage or salary is one way to speed up your savings. Use our KiwiSaver calculator to see the difference increasing your rate might make.

Make voluntary contributions

Try the 'save a little, often' approach. Even just a small amount could make a difference when you reach retirement. FastNet Classic internet banking enables you to set up an automatic payment or make a lump-sum contribution at any time. You can also make payments using the ASB Mobile app and the online services of other banks (search ‘ASB KiwiSaver’ in bill payments).

Get your tax rate right

It’s important to get your Prescribed Investor Rate (PIR) right. Your PIR defines the amount of tax you’ll pay on your KiwiSaver investment income – if it’s too high, you’ll be paying tax you won’t be able to claim back; if it’s too low, you’ll need to file a tax return and pay the outstanding amount.

Update your tax rate using FastNet Classic internet banking, or contact us.

Annual Government contribution

Make sure you get the $521.43 annual Government contribution (also known as member tax credits). All you need to do to get the full amount, is to contribute at least $1,042.86 between 1 July and 30 June each year and meet the eligibility criteria.

Usually, you’ll be able to receive the annual Government contribution from the age of 18 up until you’re eligible to make a KiwiSaver retirement withdrawal - as long as you make contributions and live mainly in New Zealand. If you join KiwiSaver, turn 18 or become eligible for retirement withdrawals part way through the year, you’ll get an annual Government contribution proportional to the time you’ve been eligible.


Review your KiwiSaver account every year

  • Use FastNet Classic internet banking and the ASB Mobile app to see how your ASB KiwiSaver Scheme savings are tracking.
  • Check your KiwiSaver savings goal is still on track.
  • Revisit our Help me choose tool to check you are still in the right fund.
  • Review your contribution level or consider making a one-off contribution.
  • Make sure your Prescribed Investor Rate (PIR) is correct.
  • Make sure you’ll be eligible for the full annual Government contribution ($521.43) by contributing at least $1,042.86 between 1 July and 30 June each year.
  • Check your email address is up to date.
  • Diary your KiwiSaver account review for next year.

Contact us

Any questions?

We'll help with your ASB KiwiSaver Scheme query.

Ask us now

Call us

Speak to a KiwiSaver specialist. 

0800 ASB RETIRE (0800 272 738)

Visit a branch

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

Find a branch

Other helpful guides

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.business.govt.nz/disclose (search for ASB KiwiSaver Scheme).

ASB KiwiSaver Scheme Automatically enrolled member's guide to the ASB KiwiSaver Scheme