Search
Close this search box.
Search
Close this search box.

How Did KiwiSaver Start?

Written by

a picture of plant with money on its vase

How Did KiwiSaver Start?

KiwiSaver is a savings program in New Zealand that was launched in 2007. The program is designed to help people save for their retirement in an easy and structured way. The government of New Zealand created this program to encourage people to save more for their retirement, as many people in the country were not saving enough. KiwiSaver is voluntary, so people can choose to participate or not. By joining KiwiSaver, individuals can set aside a portion of their income for their retirement and receive contributions from their employer and the government.

KiwiSaver Act (2006): In 2006, the KiwiSaver Act 2006 was passed, creating a savings program to help people prepare for their future. The act set up the guidelines for the program, including who can join, how much money they need to put in, and what the rules are. Think of it like a savings plan that helps you save money for your retirement or first home purchase!

Official Launch (2007): KiwiSaver was officially introduced in New Zealand on July 1, 2007, and is available to all New Zealand citizens and residents under the age of 65. This initiative lets you set aside a portion of your income, typically around 3%, into a KiwiSaver account, which can help you plan for your future financial needs.

KiwiSaver is a savings initiative that helps people in New Zealand save money for retirement. It’s really important because it helps people build financial security for the future. Different banks and financial companies manage the program, and they are always making changes to make sure it meets the needs of the people and the government’s retirement policy objectives.

Read More: What is KiwiSaver?

 

What's the reason not to get advice on you KiwiSaver account? Let National Capital help.

You may also like

It’s time for your annual KiwiSaver Health Check

The Financial Markets Authority (FMA) recently released a statement reminding Kiwis that now is a good time for your annual

Balancing Your KiwiSaver: Mixing Ethics with Smart Money Moves

Balancing your KiwiSaver ethically and financially involves a lot of consideration to find a middle ground.

Baby Boomers Tapping into KiwiSaver Savings: Implications and Trends

We research what's causing the sudden rise in baby boomers withdrawing their KiwiSaver savings and how this is due to

Can employees opt out of KiwiSaver?

Opt out of KiwiSaver within 2-8 weeks using the KS10 form. Employers assist, late opt-outs may be considered up to

How is KiwiSaver treated in divorce?

Navigate KiwiSaver in NZ divorces. Learn about the 50:50 split, prenuptial options, and valuation for fair asset distribution. Legal guidance

ASB Bank Launches New Aggressive KiwiSaver Fund to Meet Growing Investor Demand

Discover ASB Bank's Aggressive KiwiSaver Fund for high-growth needs. Feeling lost in the investment maze? Navigate with ease using National