First job

Starting your first job is an important time with lots to take in. One of the most important decisions you could make is your KiwiSaver decision.

What will happen?

When you start your first job or change jobs, if you are not already a KiwiSaver member and are aged 18 or over you will generally be automatically enrolled into KiwiSaver. You can then choose to remain in KiwiSaver or opt-out. If you wish to opt-out you can do this between the end of the second and eighth week of starting your new job by letting your employer or Inland Revenue know.

If you choose to stay in KiwiSaver, you don't need to do anything else if you don't want to. Your contributions will automatically start from your first pay at a level of 3% of your pre-tax salary or wages. You can choose to change your contributions to either 4% or 8% at any time. You will be automatically placed in your Employer's Chosen KiwiSaver Scheme if they have one or, if they don't have one, in one of the Government chosen KiwiSaver schemes (referred to as default KiwiSaver schemes). However if you want you can choose to:

  • Select a different contribution amount from the options available.
  • Choose which company looks after your KiwiSaver savings by selecting your own KiwiSaver provider.

If you are already a KiwiSaver member when you start your first job you need to let your employer know and they will start taking your contributions from your salary or wages and pass to Inland Revenue to transfer to your KiwiSaver account.

Why should I stay in KiwiSaver

Although retirement may seem like a long way off, the earlier you start the more you will have tucked away as a nest egg as your savings will have much longer to grow. Plus there are two major benefits offered for KiwiSavers who haven't bought their first home:

  • After you have been a KiwiSaver member for three years you may be eligible to apply to withdraw any contributions you have made plus any employer contributions for use towards purchasing your first home.
  • At that time you may also be eligible for a KiwiSaver first home deposit subsidy from the Government of $1,000 for each year that you've been in KiwiSaver (up to $5,000). Income and house price caps will apply. Find out more information at
  • If you are a previous home owner but in a similar financial position to a first home buyer, you may also be eligible for both these benefits.

Interests in the ASB KiwiSaver Scheme are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited. A current investment statement is available through this website or by calling 0800 ASB RETIRE (0800 272 738).

The information contained on this website is for general informational purposes and is designed for use by New Zealand residents only. Interests in the Scheme do not represent deposits or other liabilities of ASB Bank or any other member of the ASB group of companies. Interests in the Scheme are subject to investment risk including loss of income and principal invested. Neither ASB Bank nor any other person guarantees the interests in the Scheme (including the repayment of any capital or the performance of those securities).


Helping you save for tomorrow, today.