Join the locked section
Am I eligible to join?
- a New Zealand citizen or entitled to live in New Zealand indefinitely
- aged 18 years or over.
The locked section provides government contributions 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 government. Government contributions are only made up to age 65. The benefits are determined by the government, so these may change in the future.
Here's an example:
Assumptions: Permanent employee on a salary of $60,000 contributing 5% of salary in order to get the maximum employer subsidy of 6.75% (category A member). Minimum member and employer contributions of 3% to locked section with balance paid to standard accounts. 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).
How to join