The government pays contributions to qualifying KiwiSaver and complying superannuation fund members each year at the end of June. If you are a member of UniSaver’s locked section, we will automatically claim the government contribution for you and allocate it to your member locked account.
The government contribution is .50c for each dollar you contribute up to a maximum of $521.42. That means you need to contribute at least $1,042.86 to the locked section of UniSaver (or to a KiwiSaver scheme) to receive the full amount.
Here’s another way to look at it. If you are paying 3% to the locked section, you will receive the full $521.43 so long as you are receiving a salary of at least $34,858. If you pay 4%, you will receive the full amount so long as your salary is more than $26,144.
If you need to, you can make a one off contribution to your locked account to top up your contributions in order to receive the full contribution. Your payment needs to be banked and cleared before 30 June. To make a top up payment, complete a Voluntary contributions form.
If you joined the locked section part way through the July-June period, you will receive a pro rata amount based on when you joined. For example, if you’ve been a member of the locked section for 6 months, you would receive a maximum of $260.72 regardless of how much you contributed during that period.
If you are a KiwiSaver member as well as a member of UniSaver’s locked section, KiwiSaver would make first claim on the $521.43 and the balance if any would be paid to your UniSaver account.
Members don’t qualify for government contributions from age 65.
Want extra money?
You won’t qualify for government contributions unless you’re a member of the locked section. However, if you want to take advantage of this extra money, you can join the locked section at any time. You can then choose to direct some or all of your savings from the standard section to the locked section (minimum of 3% of salary). To join the locked section, fill out a Change contributions form.