Annual Government Contribution
If you’re eligible, you could get a boost to your KiwiSaver savings thanks to an annual contribution from the Government. For every $20 you save into your KiwiSaver account, the Government will contribute $10, up to a maximum of $521.43 each KiwiSaver year (1 July to 30 June). How good is that?
How to top-up your KiwiSaver account
Pay directly into the Scheme's bank account.
If your KiwiSaver Account Number begins with FI:
Fisher Funds KiwiSaver Scheme
If your KiwiSaver Account Number begins with FT:
Fisher Funds TWO KiwiSaver Scheme
Please use your Fisher Funds account number and your surname as a reference.
Who is eligible to receive the Government contribution?
You must be:
- 18 years of age or older;
- Mainly living in NZ; and
- Not yet entitled to withdraw for retirement.
To be eligible for the Government contribution you must be aged between 18 and 65, and be resident in New Zealand for most of the KiwiSaver year (1 July to 30 June). If you’re only eligible for part of the year, your Government contribution will be pro-rated based on the number of days you were eligible in the year. More information can be found below.
How do you ensure you maximise your Government contribution?
You need to contribute $1,042.86 each KiwiSaver year to ensure you receive the maximum Government contribution. The KiwiSaver year runs from 1 July to 30 June. Your contributions can be made up of employee and voluntary contributions.
You should qualify for your maximum Government contribution entitlement if you’re:
- contributing at least 3% to KiwiSaver and earn more than $35,000 each year; and
- have been eligible and contributing for the full KiwiSaver year.
Self-employed/not employed/savings suspension:
- contributing $20 per week for the full KiwiSaver year; or
- made one or more lump sum contributions totalling at least $1,042.86 in the KiwiSaver year
- have been eligible for the full KiwiSaver year
If it doesn’t look like you’ll contribute at least $1,042.86 to your KiwiSaver account between 1 July and 30 June, you can top-up your KiwiSaver account to ensure you receive the full Government contribution. We’ll send you an email reminder each year to make sure you don’t miss out on this money.
If you are unable to contribute the full $1,042.86, the Government will still add $10 for every $20 you contribute (up to a maximum of $521.43), so every dollar you contribute will make a difference.
|Your contributions||Annual Government contribution|
If you’re only eligible for part of the KiwiSaver year, you’ll get part of the Government contribution. The calculation of the amount will be based on the number of days in the year you were eligible.
Joining KiwiSaver or turning 18 part-way through a year
If you join part-way through a KiwiSaver year (1 July to 30 June), you'll receive a Government contribution for the portion of the year that you've been a member.
Similarly, if you turn 18 during the KiwiSaver year you'll receive a Government contribution for the portion of the year that you were 18.
Reaching retirement age part-way through a year
If you reach your KiwiSaver retirement age part-way through a KiwiSaver year (1 July to 30 June), you'll receive a Government contribution for the portion of the year before you reached your KiwiSaver retirement age.
If you think you are entitled to a partial Government contribution amount and you would like to find out the maximum you can receive please contact us.
How do you claim your Government contribution?
Fisher Funds claims the Government contribution on your behalf once a year following the end of each KiwiSaver year (30 June). Inland Revenue is required to process the claim within 30 days of receipt. There is nothing for you to do. The Government contribution is paid directly into your KiwiSaver account.