Your KiwiSaver Scheme is a great way to save for your first home deposit and retirement, and there have been some recent changes to KiwiSaver that could help you lift your savings.
New contribution rates
The big news is that you are now able to put 6% or 10% of your salary into KiwiSaver, as well as the existing options of 3%, 4% or 8%. Your employer contributions will remain at 3%, unless they have agreed to a greater amount.
Shorter savings break
If your circumstances change unexpectedly, you can pause your KiwiSaver savings by applying for what used to be called a 'contributions holiday'. This was up to five years, but the maximum period has now reduced to 12 months and has been renamed a 'savings suspension'.
The more you put in today, the more you could get out tomorrow
If you're ready to lift your savings, just talk to your us or employer about increasing your contribution rate.
We're here to help at each stage of your KiwiSaver journey, so if you'd like to know more about these changes, contact us for a chat.