Do I have to contribute or put in money when I join?
If you are self employed, or not employed, there is no minimum initial investment. It is your choice to contribute and a good way to do that is by direct debit. You can fill out a Generate KiwiSaver Scheme Direct Debit Form with the application.
If you are employed, you will have to contribute 3%, 4%, 6%, 8% or 10% of your gross salary or wages. If you contribute, your employer generally will also contribute 3% (if you are over 18 but under Retirement Age and meet certain other criteria)*, and for every dollar that you pay into the Generate KiwiSaver Scheme up to $1,042.86, the government will contribute $0.50c (up to a maximum of $521.43) (see Government Contribution if you are over 18 but under Retirement Age and meet certain other criteria)*.
If you are employed and you do not want to continue contributions to your KiwiSaver account you may be able to go on a savings suspension for up to 1 year. You can choose to start making contributions again at anytime. On a savings suspension you do not have to contribute to your KiwiSaver account. However, in this instance you will not receive the Government Contribution or your employer’s contribution. (You can still receive the Government Contribution if you make voluntary contributions - not out of your salary or wages - while you are on a savings suspension).
*Conditions apply – see the Product Disclosure Statement for details.