Superannuation / KiwiSaver

What is superannuation?
Superannuation schemes provide a means of putting aside money during your working life for use in retirement.

How much do I contribute in these schemes?
As a house officer you can contribute up to 6% of your income and this amount will be matched by your employing DHB (less withholding tax).

What happens to my superannuation money?
The money in your scheme is invested according to the objectives of your fund. Different companies offer different investment options.

Why do I need it?
Encourages retirements savings.
Early savings benefits.

What is Kiwisaver?
Kiwisaver is a government initiative long term retirements savings plan based on the same principle of other superannuation schemes previously in place for doctors.

What are some of the benefits of Kiwisaver at a glance?

$1000 Tax-free government kick-start contribution
Member tax credit where the government will pay a credit into your account up to a maximum of $20 per week to match your contributions
First home benefits

Click here for full details on benefits of Kiwisaver.

Do I have to start a Kiwisaver account?
No you do not have to start a Kiwisaver account. The best thing to do is discuss your options with your current or a recognised superannuation or Kiwisaver provider.

You can continue your current superannuation scheme without changing to a Kiwisaver account.

What do I do if I do not want to join Kiwisaver?
If you are still working at the same DHB you were employed at last quarter, you do not need to do anything if you want to remain on your current superannuation scheme (i.e. you do not want a Kiwisaver account).

Every time you change DHBs you must opt out of the Kiwisaver scheme as you will be viewed as a new employee where the default option is to go into a Kiwisaver account. YOU MUST DO THIS EVERYTIME you change DHBs.

Can I split my contribution into Kiwisaver and my current Superannuation scheme?
Yes you can do this, however you should check if your current DHB will also split their contribution to Kiwisaver and another superannuation scheme.

Again it would be best to contact your current superannuation provider to discuss the options with them.

At what age do I have access to my money with superannuation or Kiwisaver?
Again the answer to this may vary with superannuation providers, but under most current schemes you will have access to your savings when you are 55. With Kiwisaver you will only have access to your savings when you are 65.

The are circumstances (e.g, permanent emigration) where you can access your savings at an earlier age. This should be checked with your individual superannuation providers.

For specific information about Superannuation and Kiwisaver from different providers see the pages provided.