KiwiSaver
Page updated 18 Nov 2011
KiwiSaver is a voluntary savings scheme, begun in July 2007, that is designed to help people save for retirement.
KiwiSaver is administered by the Inland Revenue Department, but also fits with the Treasury's role of helping governments achieve higher living standards for all New Zealanders.
KiwiSaver was first announced in Budget 2005 and started on 1 July 2007. Detailed features of the scheme have undergone development over time, including reforms introduced in the Budget of May 2011. They include a $1000 kick start payment from the Government to new members of the scheme and a matching Government contribution of up to $521 per year.
The Treasury's Role
The Treasury has provided the government with KiwiSaver advice and forecasting. It has also worked closely with State sector and other agencies to help them prepare for KiwiSaver, and to seek feedback and suggestions to improve the scheme. It has undertaken analytical work to evaluate the impact of the scheme on national saving.
KiwiSaver is administered by the Inland Revenue Department (IRD).
Treasury Information on KiwiSaver:
- KiwiSaver Budget 2011 Information Release (30 June 2011)
External Information on KiwiSaver
Further information about KiwiSaver is available on the following external websites:
