Each year KiwiSaver members can qualify for a bonus of up to $521.43 from the New Zealand Government.
KiwiSaver members have up until the end of June to ensure they meet eligibility criteria, so that they can take full advantage of the annual Government contribution.
Last year 68% of Generate’s KiwiSaver members received the full Government contribution, which totalled over $38 million! We want to make sure all our eligible members qualify for the Government contribution this year; see what it takes to qualify below.
How does the KiwiSaver Government contribution work?
The Government will contribute 50 cents up to a maximum of $521.43 for every dollar you put into your KiwiSaver.
So, to get the full amount, you need to contribute at least $1042.86 into your KiwiSaver account by the end of June 2023. (This equates to around $20 a week.
Only your employee or voluntary contributions count towards the $1,042.86. Employer contributions, previous Government or tax contributions and any transfers from other Superannuation Schemes are not included.
What’s the eligibility criteria?
To qualify for the maximum Government contribution this year, you need to:
- Invest at least $1,042.86 in your KiwiSaver account before 28 June 2023
- Be aged between 18 and 65 years
- Have been a KiwiSaver member since 1 July 2022
- Be mainly living in New Zealand
If you joined KiwiSaver after 1 July 2022, or turned 18 or 65 part-way through the year, you'll get a pro-rata amount for the days you were eligible.
Exception for over 65 years:
If you are over 65 you may still be eligible for the Government contribution if you joined KiwiSaver before turning 65 and have been a member for less than five years. You must also have joined a KiwiSaver Scheme before 1 July 2019 and not made any retirement withdrawals.
Don't miss out on this year’s Government contribution, top up your account today!
Make sure you’re on track to receive your maximum Government contribution.
You can check how much you’ve contributed so far in your Generate account: Head to your Transaction Statement and use the filter to show “Contributions” between 1 July 2022 and today. And then review the “Employee contributions”.
You can check how much you’ve contributed by logging into the IRD website.
If you haven’t used this service before, you will need to register. Once you are logged in, select KiwiSaver from accounts and you can view your deductions from salary and wages under Contribution Summary.
Need to top-up your account to make sure you qualify?
You can make a payment from your internet banking to the Generate KiwiSaver Scheme account:
Generate KiwiSaver Scheme
Particulars: Your surname
Code: Your initials
Reference: Your Generate member number
To make sure your investments count for your Government contribution, top up your Generate KiwiSaver account before Wednesday 28 June 2023, so they can be processed before the end of month cut-off date.
Please complete our direct debit form and email it to email@example.com. Please allow 10 business days for the Direct Debit to be set up.
Please note that payments made via direct debit or automatic payment can take up to 3 business days to reflect on your member online account under your transactions.