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Making the most of KiwiSaver

Want to make sure your savings are on track for your future? Even if it feels like retirement is a long way off, it’s a good idea to spend some time each year checking on your progress, reviewing your investment and making sure you’re getting all the KiwiSaver benefits.

01

Make your ASB KiwiSaver Scheme account easy to manage

If you’re an ASB KiwiSaver Scheme member, FastNet Classic internet banking and the ASB Mobile app make it easy to review your progress and manage your ASB KiwiSaver Scheme account.

Get set up and you’ll be able to track your savings, make contributions and update your contact details anywhere and anytime.

02

Decide how much money you'll need in retirement

It’s a good idea to be specific about what kind of retirement you want, how much you can afford to save, and what you need your KiwiSaver savings to achieve.

Having a clear plan of how you’d like to enjoy retirement will help you to stay on track over the long term. Use our KiwiSaver calculator to check how your savings are tracking and how long they might last in retirement.

How your KiwiSaver savings can quickly add up

The great thing about KiwiSaver is you can get more than just your contributions. You may also get:

  • Employer contributions.
  • An annual Government contribution.
  • Returns on your investment.

03

Using KiwiSaver to achieve your retirement savings goals

Choose the right fund

It’s important to choose a fund that matches the type of investor you are. Do you want a fund with less ups and downs that offers lower potential growth; or are you comfortable accepting higher risk with the potential for higher growth?

To find out what sort of investor you might be, use our Help me choose tool to work out which fund might fit you best. Remember to review your fund choice regularly - especially if your circumstances change.

You can move your ASB KiwiSaver Scheme savings into a different ASB KiwiSaver Scheme fund at any time with FastNet Classic internet banking or by downloading our fund switch form.

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 an effective way to get to your savings goal faster. Use our KiwiSaver calculator to see the difference increasing your rate might make. You can speak to your employer about increasing your contribution rate.

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

Paying too much tax won’t help you to reach your retirement savings goal, so 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.

Check your PIR, and if you need to, update it in FastNet Classic internet banking, or by contacting us.

True Rewards transfers

You can use your True Rewards Dollars to top up your KiwiSaver savings. With ASB, you can transfer any True Reward Dollars you earn into your ASB KiwiSaver Scheme account. You can also use True Rewards Dollars to top up someone else's ASB KiwiSaver Scheme account.

Log in to FastNet Classic internet banking and 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. You'll need your IRD number and ASB KiwiSaver Scheme member number as references.

04

Other KiwiSaver benefits

Maximising your KiwiSaver benefits every year will grow your KiwiSaver savings faster.

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.

05

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 are 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.

Apply for the ASB KiwiSaver Scheme

Apply online

Ready for the next step? Apply online and start saving.

Apply online

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

Any questions?

We’ll help with your ASB KiwiSaver Scheme query.

Ask us now

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 Making the most of KiwiSaver