Each year, the Government will contribute up to $521.43 towards your retirement savings. You do not need to do anything to claim this contribution because your KiwiSaver provider will do this for you.
Getting the maximum government contribution
The maximum government contribution is $521.43. To get it all you must save to contribute at least $1042.86 of your own money between 1 July to 30 June each year. Employer contributions, past government contributions and funds moved from Australian retirement schemes do not count towards the $1,042.86.
You can contribute through:
- salary and wage deductions
- payments to Inland Revenue
- payments to your scheme provider.
You can make a voluntary additional contribution to reach $1,042.86 as long as it is made by 30 June - remember to allow for processing time.
Getting some of the government contribution
Even if you have not saved the full amount, you still get 50 cents for every dollar you put in between 1 July and 30 June.
You will not get the full contribution if:
- you turn 18 part-way through the year
- you join part-way through the year
- you no longer meet the eligibility criteria.
If you join, turn 18 or reach the age of eligibility to stop contributing part-way through the year, the government contribution is based on how many days in the year you've been a member.
The government contribution payment date
Your KiwiSaver provider applies for the contribution after 30 June. Check your My KiwiSaver after the end of July to see if it's in there yet. It may take until the end of August.
If you believe you should have some or all of the government contributions and you cannot see it in your account, contact your provider.