Join the locked section
UniSaver is split into two sections – the standard section and the locked section, which works much like KiwiSaver. The locked section is a complying superannuation fund, which means it can offer some KiwiSaver benefits because it complies with rules like KiwiSaver.
Am I eligible to join?
To join the locked section, you need to be:
- a New Zealand citizen or be entitled to live in New Zealand indefinitely
- aged between 18 and 65.
The locked section provides member tax credits in exchange for locking in contributions in the same way as KiwiSaver. As long as your contribute at least $1,042.86 per year to the locked section, you will receive an extra $521.43 each year from the Crown. The benefits (including member tax credits) are determined by the government, so these may change in the future.
Category A members
Assumptions: Category A member (permanent employee) on a salary of $60,000 contributing 5% of salary in order to get the maximum employer subsidy of 6.75%. Minimum member and employer contributions of 3% to locked section with balance paid to standard account. Employer superannuation contribution tax 30%.
Category B members
Your employer doesn’t contribute to your savings in the standard section if you’re a category B member. However, they will contribute compulsory KiwiSaver employer contributions of 3% of salary to your savings in the locked section if they are not already contributing to KiwiSaver for you. That’s extra money in addition to the member tax credit.
Assumptions: Category B member (permanent employee) on salary of $60,000 contributing 5% of salary. Minimum member and KiwiSaver compulsory employer contributions of 3% to locked section with balance paid to standard account. Employer superannuation contribution tax 30%.
Things you should know
You generally won’t be able to access your savings in the locked section until the date you would ordinarily qualify for New Zealand Superannuation (currently age 65). It could be later depending on when you sign up.
How to join
Find out more
Our UniSaver vs KiwiSaver calculator is an easy way to compare the savings options open to you. Enter a few details and the calculator will work out your total annual contributions, including your contributions and any employer contributions and member tax credits you might be eligible for.
Use it to compare your options within UniSaver and between UniSaver and KiwiSaver.