Q: What is KiwiSaver and how does it work?

KiwiSaver is a voluntary savings initiative designed to help New Zealanders save for their retirement.

KiwiSaver is a locked in Scheme designed to help you save, as such your money is locked in until you are 65 unless you meet certain criteria for early withdrawals.

Generally, your employer will also contribute from your before-tax pay from when you turn 18 until you reach your KiwiSaver Retirement Age. Your employer may not have to make KiwiSaver contributions if they already make contributions for you to another retirement scheme (certain conditions apply) or if you are taking a savings suspension or otherwise not making employee contributions.

In addition to your employee contributions there are some additional attractive incentives to encourage you to join KiwiSaver.

Your contributions

  • If you are in paid employment, you can choose to save 3%, 4%, 6%, 8% or 10% of your pay (before tax). Contributions are taken from your pay directly.
  • If you are self-employed, you can still contribute to KiwiSaver.

Government contributions

  • When you are over 18 and regularly contributing to KiwiSaver, the government also contributes to your savings – up to $521.43 each year.
  • In order to receive the full government contribution of $521.43, you will need to have contributed at least $1,042.86 in the year into your KiwiSaver account. Please note that the government contribution is calculated on a pro-rata basis when you are first eligible to join KiwiSaver (when you turn 18) and in the last year (when you turn 65).
  • If you are self-employed, we will send you a reminder each year to make sure you have contributed enough to get the maximum amount of government contributions. 
Q: Does the government hold my money?

No. Your KiwiSaver account is in your name and it is your money. You can read more about this on the Sorted website by clicking here.

Q: Joining or transferring to the JMI Wealth KiwiSaver Scheme

Whether you are brand new to KiwiSaver or transferring to the JMI Wealth KiwiSaver Scheme, joining our scheme is easy. You will need your IRD number and photo ID like a passport or driver's licence. To join click here

Please be aware that if you join KiwiSaver for the first time through your work, there is a mandatory 62-day holding period with the IRD after which the funds will be transferred to us for investment.

If you’ve been automatically enrolled by your employer but do not want to be a KiwiSaver member you can opt out.  If you do not opt out, your employer will continue to deduct contributions from your pay.

You can opt out between the end of week 2 and week 8 of starting work. That is on, or after, day 14 and on or before day 56.

For more information, check the IRD’s website

Q: Can I take a break from contributing to KiwiSaver?

If you have been in KiwiSaver for over a year and have had a change in financial circumstances, you can suspend saving into KiwiSaver for between 3 months to a year. If you are employed, you just need to tell your employer, and complete a savings suspension form and send it to the IRD.

Note that you will not get your employer’s contributions unless there is a prior agreement stating otherwise. You will also need to make voluntary payments to benefit from the government contribution to your KiwiSaver account.

If you have been in KiwiSaver for less than a year, you can apply to the IRD to take a break from saving. However, you need to provide evidence that you are experiencing, or are likely to experience financial hardship. You also need to show that your financial circumstances have changed due to reasons beyond your control. The default savings suspension period is three months, but the IRD may allow up to year, depending on your circumstances.

Q: How to increase your KiwiSaver contributions

You can set your contribution rate at either 3%, 4%, 6%, 8% or 10% of your salary or wages. Simply tell your employer in writing the rate you would like to increase it to and complete the IRD KS2 form.

You can also contribute above what is being deducted from your salary or wages by setting up a direct debit, and saving directly into your KiwiSaver account, or by making a lump sum contribution.

Set up a direct debit

If you need to increase your contributions to the JMI Wealth KiwiSaver Scheme, contact us to request the direct debit authority form to set up recurring contributions.

Direct credit via your online banking

Set up regular payments or do a one-off payment via your online banking straight into your KiwiSaver account using the following details:

Bank account name: JMI Wealth KiwiSaver Scheme
Account number: 12-3244-0021856-00  
Payer Reference: Investor’s name and IRD number

Q: Who can join KiwiSaver?

You can join KiwiSaver if you are:

  • a New Zealand Citizen, or entitled to live in New Zealand indefinitely; and
  • living or normally living in New Zealand.

If you are under the age of 18:

  • To join you will need to contact us (0800 80 87 87 or [email protected]) - you can't join through your employer.

If you are 16 or 17:

  • One of your legal guardians must co-sign your application form with you. If you don't have a legal guardian you may enrol yourself directly with us.

If you are under 16 years old:

  • All your legal guardians will need to give their consent. You can't enrol yourself.
Q: How much does it cost to join the Select KiwiSaver Scheme?

You will be charged fees for investing in the Scheme. Fees are deducted from your investment and will reduce your returns. If we invest in other funds, those funds may also charge fees. The fees you pay will be charged in two ways:

  • Regular charges (for example, fund charges). Small differences in these fees can have a big impact on your investment over the long term.
  • One-off fees (currently none).

These are as follows:

Fund Administration fee (% per annum) Management fee (% per annum) Total fund charges (% per annum) Other fees
Growth Fund 0.30% 0.99% 1.29% Membership fee - $36 per annum ($3 per month)
Balanced Fund 0.30% 0.93% 1.23%
Conservative Fund 0.30% 0.80% 1.10%

The total fund charges are made up of an administration fee and a management fee (both of which are charged on the fund’s net asset value and are deducted from, and reflected in the value of, the fund).

The administration fee covers normal fund operating costs such as our fees and costs, and the fees and costs charged by the supervisor, custodian and administration manager.

The management fee is paid to JMI Wealth to cover the fees and cost for providing investment management services and some of the fees and costs of Select Wealth for acting as distributor of the Scheme. It also includes the fees and costs charged by the underlying funds that the Scheme invests in.

The membership fee is deducted from your account balance at $3 plus GST each month.

We do not charge any fees on an individual basis for investor-specific decisions or actions.

We may, in exceptional circumstances, deduct costs that relate to the Scheme that arise outside the ordinary course of business from a fund (such occasions are likely to be very rare).

All fees are disclosed on a before-tax basis. GST will be added to fees and may be included in some expenses, where applicable. 

The distributor may pay financial advisers a fee of up to 0.25% for providing financial adviser services to investors. This fee will be paid out of the fee paid to the distributor (which is paid on behalf of all investors as part of the management fee. It is not paid by individual investors).

Q: What are the rules about first home withdrawals and KiwiSaver HomeStart grant?

First home withdrawal 

If you've been a member of KiwiSaver for three years you may be able to withdraw some of your KiwiSaver savings to put towards purchasing your first home.

You may withdraw your contributions, your employer’s contributions, any government contributions, and all of the investment returns in your KiwiSaver account, provided you leave a minimum balance of $1,000. You may access your KiwiSaver funds for First Home withdrawals only once.

If you have owned a house before, you may still qualify if the Kainga Ora - Homes and Communities considers that your financial situation, in terms of your income, assets and liabilities, is the same as what would be expected for a person who has never owned a home. In this case, you need to get a certificate from Kainga Ora - Homes and Communities verifying this.


KiwiSaver HomeStart grant

If you are eligible for a first home withdrawal you may be eligible for the extra First Home Grant. The First Home Grant is separate from the first home withdrawal payment. It is managed by Kainga Ora – Homes and Communities and not the KiwiSaver provider. To view a comprehensive eligibility checklist, visit the Kainga Ora – Homes and Community website by clicking the link here

Q: Can I withdraw my KiwiSaver money?

The law governing KiwiSaver doesn’t generally allow withdrawals until you turn 65.

In some specific circumstances, you may be able to withdraw all or part of your savings early if you're buying your first home, emigrating or suffering financial hardship or serious illness. You can read more about this on the government’s KiwiSaver website by clicking here

Q: How do I change my investment strategy?

The JMI Wealth KiwiSaver Scheme investment funds can be combined any way you choose and changed any time, free of charge. You can do it online, using your JMI Wealth member login.

Q: Are there any costs to transfer or switch?

No, we do not charge for transfers to the JMI Wealth KiwiSaver Scheme or switches between funds in the JMI Wealth KiwiSaver Scheme.

For further information on the costs and fees relating to the JMI Wealth KiwiSaver Scheme, please refer to our product disclosure statement.

Q: Can I continue to invest if I am over 65?

Yes, you can leave your savings in the JMI Wealth KiwiSaver Scheme until you want to access them.

Need financial advice? 

If you would like advice about the JMI Wealth KiwiSaver Scheme, talk to your financial adviser. For help finding a financial adviser, contact us.

Q: How do I make a complaint?

If you have any issues or concerns about your investment, please contact us at [email protected] or on 0800 80 87 87.

See the Smartshares Complaint Disclosure Statement for more information.

If for any reason we are not able to resolve the matter, you can also contact the Scheme Supervisor at: Complaints, Public Trust, Private Bag 5902, Wellington 6140, Phone: 0800 371 471 Email: [email protected].

If we or the Supervisor are unable to resolve your complaint, you can complain to Financial Services Complaints Ltd (FSCL) - A Financial Ombudsman Service. They can be contacted at: Financial Services Complaints Limited, PO Box 5967 Wellington 6140 Phone: 0800 347 257. The Financial Services Complaints Limited Scheme will not charge you a fee to investigate or resolve a complaint.

Q: What is the annual tax certificate?

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