Can I open a KiwiSaver account for my child?
Yes. There is no minimum age to join the Smart KiwiSaver Scheme, and your child doesn't need to have a job.
Starting young gives their money more time to be invested and potentially grow. KiwiSaver can also help them build savings towards a first home or retirement and, as they get older, learn some useful investing habits along the way.
How do I sign my child up?
Children under 18 need a parent or legal guardian to be involved in the application.
Under 16: one legal guardian needs to sign the application.
Age 16 or 17: the child and one legal guardian need to sign.
You'll need to complete a Smart KiwiSaver Scheme application form. Applications for children can't currently be completed online.
Your child will also need an IRD number.
How much do I need to contribute?
There's no minimum contribution required if your child isn't employed. You can choose how much and how often to contribute, including making regular or one-off payments. Family and friends can contribute too.
Will my child receive the government contribution?
Government contributions start from age 16, provided your child meets the eligibility requirements.*
From age 16, the government contributes 25 cents for every $1 they contribute, up to the maximum government contribution available for that KiwiSaver year. In the year they turn 16, the maximum is adjusted based on the part of the year they're eligible.
What happens when my child starts working?
Once they're employed, the normal KiwiSaver employee contribution rules apply. From age 16, if they're contributing to KiwiSaver and meet the eligibility requirements, their employer will generally need to contribute too.
Their contributions will usually be deducted directly from their pay, making saving automatic.
One thing to keep in mind
KiwiSaver is designed for long-term saving. Money contributed is generally locked in until age 65, unless your child becomes eligible for an earlier withdrawal, such as buying their first home.
If you're saving for something they may need sooner, such as education, a different type of investment may offer more flexibility.
*Government contributions are available to members who live mainly in New Zealand and are aged 16-64, and had an income of $180,000 or less for the year. You can receive 25 cents for each $1 you contribute up to a maximum government contribution of $260.72 each year. If you join KiwiSaver, turn 16, or reach age 65 part-way through the year, the amount you can receive is adjusted based on how many days you were eligible.