KiwiSaver - It’s all about you!
Why should I save for retirement?
KiwiSaver is a voluntary retirement savings scheme designed for New Zealanders to help you save for a more comfortable retirement.
With more people retired and possibly fewer in the workforce in the future, the government may not have enough funds to pay all retired New Zealanders at the same level of State superannuation that is paid today. Even at current levels, New Zealand Superannuation (which pays $522.96 a week for a married couple after tax), may not be enough for most Kiwis to continue enjoying a similar lifestyle when retired¹.
What are the current benefits of the AXA KiwiSaver Scheme?
- Get a one-off tax- free contribution of $1,000 from the government to kick-start your savings
- In most cases, your employer has to contribute to your KiwiSaver account
- After three years you may be able to withdraw money from your savings to help buy your first home
- If you are aged 18 years and over and meet several other conditions, the government will match your contributions by 50c for each dollar contributed up to maximum of $521.43 each year
- A choice of four Investment Portfolios to help you achieve your savings goals
- You can contribute 2, 4, or 8 percent of your annual gross salary or wages. From 1 April 2013 the minimum employee contribution rate will increase from 2% to 3% of gross salary or wages if proposals included in the 2011 Budget are enacted
- You can also make voluntary contributions to boost your savings
Read our AXA KiwiSaver Scheme Investment Statement for more information about the benefits of KiwiSaver.
What does AXA do as your KiwiSaver provider?
The money you and your employer contribute to your AXA KiwiSaver Scheme investment portfolio is invested by our investment experts to help you earn and increase your savings over the long-term.
Benefits of choosing AXA
Your AXA KiwiSaver Scheme benefits
By choosing AXA, you will benefit from access to experts who are dedicated to investing your money wisely to help you have a more comfortable retirement.
As one of New Zealand’s largest retail investment managers, we currently support over 300,000 New Zealanders with expert management of their KiwiSaver, retirement savings, insurance and investments.
Here’s what you can look forward to as a member of the AXA KiwiSaver Scheme:
Four tailor-made savings options
We have four investment portfolios to choose from which contain a carefully considered mix of assets, providing you with a simple, straightforward approach to investing.
Freedom to choose how you save
It’s important to be able to change your financial plans to keep up with important changes in your life. You can change your investment portfolio selection up to twice a year, free of charge.
Online account access
With myAXA you can check the current status of your KiwiSaver account and change investment portfolios easily and at your convenience.
Dedicated investment experts working for you
When you save with the AXA KiwiSaver Scheme, you have full-time financial experts managing your investment to help build your nest egg for when you retire, or to help you buy your first home.
Frequently asked questions
Who can enrol in the AXA KiwiSaver Scheme?
You can enrol in the AXA KiwiSaver Scheme either directly or indirectly through your employer if you’re:
- aged below the standard qualifying age for New Zealand superannuation (currently 65); and
- living or mainly living in New Zealand; and
- a New Zealand citizen (or entitled to permanent residence in New Zealand).
You can only be a member of one KiwiSaver scheme at a time.
How much do I need to contribute?
If you’re employed, you can currently choose to contribute 2%, 4% or 8% of your before-tax salary or wages. You must contribute at least at the 2% rate. From 1 April 2013 the minimum employee contribution rate will increase from 2% to 3% of gross salary or wages if proposals included in the 2011 Budget are enacted. The government may change the contribution rates from time to time. Your employer will deduct your contributions from your after-tax salary or wages and pay them to Inland Revenue.
Can I make voluntary contributions?
You can choose to make additional voluntary contributions to the AXA KiwiSaver Scheme on a regular or lump sum basis.
Can I set up a KiwiSaver account for my children?
Yes, there is no lower age limit for AXA KiwiSaver Scheme accounts. If they are under the age of 16, all parents or legal guardians will need to sign their form. If they are 16 or 17, the applicant and at least one parent or guardian will need to sign the form. You will also need to attach a copy of their birth certificate.
When can I access my money?
Unless you satisfy the early withdrawal criteria, you may not make a withdrawal from the AXA KiwiSaver Scheme until the later of:
- the date you become eligible to receive New Zealand Superannuation (currently 65); or
- the date on which you have been a member of any KiwiSaver scheme (and/or Complying Superannuation Fund) for five years.
After that date, you can withdraw all or part of your entitlement at any time.
Can I use my savings to buy my first home?
After contributing to a KiwiSaver scheme for three years you may be able to withdraw all or part of your savings to help buy your first home. This withdrawal does not include the $1,000 government kick-start contribution or member tax credits.
If you are not a first home buyer, you may still qualify under the second chance home withdrawal facility.
Can I change my investment portfolio?
You can change your AXA KiwiSaver Scheme investment portolios up to twice a year free of charge.
Can I change my contributions?
You can change your required contribution rate between 2%, 4% and 8% of your before-tax salary or wages at any time by notifying your employer of your new contribution rate. Your new contribution rate will apply to the next salary or wage payment after your employer receives your instruction. From 1 April 2013 the minimum employee contribution rate will increase from 2% to 3% of gross salary or wages if proposals included in the 2011 Budget are enacted.
What is myAXA?
With myAXA you can see a current view of all your savings with the AXA KiwiSaver Scheme. It provides a profile of your account, transaction history and lets you check your account balances, and search and download information at the press of a button. Once you are enrolled in AXA KiwiSaver Scheme you will be able to register for myAXA at www.myaxa.co.nz.
Should I seek financial advice?
You may find it helpful to get financial advice for your KiwiSaver investment from a financial adviser. It is their responsibility to help you decide the most suitable savings plan for your future. Together you’ll build a financial plan tailored to your personal goals, including your retirement.
You’ll also need to discuss your attitude to risk. For example, are you cautious with your investments or are you prepared to take more risks with your money in the hope of getting higher long-term returns on your investment?
If you would like to talk with a financial adviser, AXA can put you in touch with one near you. A disclosure statement is available from your financial adviser, on request and free of charge.
Who do I contact with enquiries about my investment?
Please contact your financial adviser or contact us at:
AXA New Zealand
80 The Terrace
PO Box 1692
Wellington 6140
Phone: 0800 29 27 28
email: kiwisaver@axa.co.nz
How to join or transfer
Who can join?
You can enroll in the AXA KiwiSaver Scheme if you’re:
- A New Zealand citizen (or entitled to permanent residence in New Zealand), and
- Living or mainly living in New Zealand, and
- Under 65 years of age.
How do I transfer to the AXA KiwiSaver Scheme?
Whether you’re transferring from a different provider or are new to KiwiSaver, signing up to the AXA KiwiSaver Scheme is easy.
You will need to read our AXA KiwiSaver Scheme Investment Statement, and call our customer services team on 0800 29 27 28.