SBS WEALTH
KiwiSaver
Saving for your retirement made easy.
While KiwiSaver is primarily to save for your retirement, it has other benefits too.
NBS offers KiwiSaver through the SBS Wealth KiwiSaver Scheme. SBS Wealth Limited is the issuer and manager of the SBS Wealth KiwiSaver Scheme.
What is KiwiSaver?
KiwiSaver is a voluntary, work-based initiative to help with your long-term saving for retirement. It is designed to be hassle-free so it is easy to maintain a regular savings pattern.
There are a range of membership benefits to encourage you to get saving. They include regular contributions from your employer and an annual GovernmentContribution for eligible members.
For more information see the SBS Wealth KiwiSaver Scheme Product Disclosure Statement and the register of offers of financial products at
disclose-register.companiesoffice.govt.nz
For many people KiwiSaver will be work-based. This means you will receive information about KiwiSaver from your employer, and your KiwiSaver contributions will come directly out of your salary/wages. If you choose to join, contributions are deducted from your salary/wages at the rate of either 3, 4, 6, 8 or 10% (you choose the rate) and invested for you in a KiwiSaver Scheme.
As the Scheme is a KiwiSaver scheme, in most cases your money is locked in until you reach qualifying age (currently age 65).
- Buying your first home
- Moving overseas permanently
- Suffering significant financial hardship
- Seriously ill
Restrictions on withdrawals are set out in the KiwiSaver Act 2006 and within the “Other Material Information” document.
Once you've joined KiwiSaver, you could qualify for the Government Contribution. The Government will add 50 cents for every dollar you save, up to a maximum of $521.43 a year if you're eligible.
Find out more about how Government Contribution payments are calculated.
If you're eligible, your employer will usually also make contributions. These will be equal to 3% of your before-tax salary or wages. Your employer can contribute more than this if you have negotiated this directly with them.
Your employer’s contributions have tax taken out before they're added to your KiwiSaver account.
If you’re buying your first home or land to build your first home (or you’re in the same financial position as someone who is buying a first home and never withdrawn KiwiSaver funds for a first home purchase), you may be able to withdraw most of your KiwiSaver savings to help pay for it after you have been contributing to your KiwiSaver for three years.
SBS Wealth Limited is a wholly owned subsidiary of Southland Building Society, operating as SBS Bank, and is the issuer and manager of the SBS Wealth KiwiSaver Scheme (the “Scheme”). The information contained on this page is for general information purposes and is designed for use by New Zealand residents only. Investments in the Funds do not represent deposits or other liabilities of NBS, and are subject to investment risk. The investment risk includes possible delays in repayment and loss of income or contributions invested. The principal and returns of the Funds are not guaranteed or secured in any way by SBS Wealth, SBS Bank, NBS or any other person.
For more information see the SBS Wealth KiwiSaver Scheme Product Disclosure Statement and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz
Before investing, we recommend you obtain personalised financial advice. Past performance is not an indicator for future returns.