KiwiSaver

Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.

As at 31 March 2023, the Financial Markets Authority (NZ) reports $93.7 billion in assets is managed by KiwiSaver providers.

Each scheme offers several managed funds to invest the participants' savings in, with varying degrees of expected risk and return.

There have been concerns raised that members are not easily able to choose ethical investing due to a lack of information about the makeup of funds.

[12] In particular, investments which include profits the production of cluster munitions, landmines, and nuclear weapons have been highlighted as being illegal in New Zealand.

[13][14] There are however now at least five funds aimed specifically at these concerns,[15] describing themselves as variously as "socially responsible",[16] "The ethical KiwiSaver scheme for Christians",[17] or expressly excluding "companies involved in cluster bombs, landmines, tobacco, gambling and pornography".

KiwiSaver contributors meeting certain criteria can apply for a cash grant to purchase their first home or a piece of land.

On 16 July 2009, the governments of New Zealand and Australia announced plans[22] to allow funds in KiwiSaver and Australian superannuation to be transferred between the two schemes.

Trans-Tasman portability of retirement savings came into force on 1 July 2013; from that date, New Zealanders could no longer withdraw their KiwiSaver funds in cash on the basis of permanent emigration to Australia.

In 2013 Labour said it would like to make the KiwiSaver scheme universal, in the face of the rising cost of superannuation,[23] while financial organisations called for raising the minimum contributions to 7 per cent.

[6] Following the presentation of the budget, Finance Minister Bill English indicated the government was considering "mass auto-enrolment" of all workers under the age of 65.

[25] KiwiSaver has been critiqued as being a part of a strategy to reduce New Zealand Universal Superannuation provision and expand New Zealanders' reliance on private financial institutions to fund retirement income,[26] and can be seen as part of the wider global strategy of pension privatisation originally promoted by the World Bank and others.

[29] KiwiSaver has been labelled a "poor cousin" by international standards, including comparable government supported schemes in the UK, US, Australia, and Singapore.

[33][34] In October 2007, after 3 months of operation, 200,000 people had signed up, leading Revenue Minister Peter Dunne to say that If take-up continues at this rate it might be easier to make the scheme compulsory, thereby removing the employer compliance costs associated with people opting out.