KiwiSaver is a voluntary, work-based retirement savings initiative of the New Zealand Government.

The National Bank KiwiSaver Scheme ("National Bank KiwiSaver") is designed to help you save for your retirement now.

Key Features

• A one-off $1,000 Government contribution to your first KiwiSaver scheme.**
• Member contributions will be matched by the Government up to $20 per week (approximately $1,040 per annum) in the form of a tax credit paid annually to the member’s KiwiSaver account*.
• You choose the contribution rate – an amount equal to 2%, 4% or 8% of your gross salary or wages**.
• You'll receive a matching compulsory employer contribution of 2% of gross salary or wages*.
• A first-home deposit subsidy for eligible investors* - after three years of membership (up to $1,000 for each year of membership to a maximum of $5,000).
• ‘Contributions holiday’ – you can take a ‘Contributions holiday’ twelve months after your first contribution is received. Holidays can be for three months to five years, after which contributions will resume unless a further ‘Contributions holiday’ is applied for.
• You don’t need to do anything once you’ve signed up - your savings are automatically deducted from your salary or wages each payday, or the date of your direct debit if you do not earn a salary or wage.

Note: if you don’t have a regular income, you can contribute via a direct debit, by lump sum cheque contributions or to Inland Revenue directly. If you do earn a salary or wages then at least 2% will be deducted from your gross earnings.

*Certain criteria apply.

** Certain aspects of National Bank KiwiSaver and all other KiwiSaver schemes such as minimum contribution levels, the Government's incentives and the circumstances in which benefits can be withdrawn are prescribed in the KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such legislation may impact on such schemes.

Other Features

• Enrolment is generally automatic if you are aged between 18 and 65 years and commence new employment*. If you are automatically enrolled you can choose to ‘opt-out’ between two and eight weeks after starting the new job. Any contributions already deducted will be refunded. You can also choose to ‘opt-in’ to a KiwiSaver scheme at any time.
• A KiwiSaver scheme can be selected in one of three ways, in this order:
  - You can select a registered scheme that is available
  - Your employer can select a ‘preferred’ KiwiSaver scheme for use by staff. This means if you do not select a scheme yourself, you will automatically be joined to the scheme selected by your employer.*
  - If neither of the above happens, and you are automatically enrolled, you are allocated to a default provider by Inland Revenue. The default fund in a scheme is the Government mandated investment option that may over time produce lower returns compared to self selected or preferred schemes that employ more sophisticated investment strategies.
• Your savings are ‘locked in’, taking away the urge to dip in to your savings. Your funds are generally locked away until you reach the age of eligibility for New Zealand Superannuation (currently 65), or you’ve been in a KiwiSaver scheme (or 'complying superannuation fund') for five years, whichever comes later. In certain circumstances you can also withdraw your and your employer's contributions to put towards the deposit on your first home.
• National Bank customers with Online Banking are able to review their National Bank KiwiSaver balance online at their own convenience.

*Some exceptions apply e.g. if you are already a KiwiSaver member.

This information is intended to get you thinking about your investment goals. It is not intended as investment advice because it does not address individual circumstances. We suggest you seek independent advice before you make any investment.

A copy of the National Bank KiwiSaver Scheme Investment Statement is available as a PDF, or you can request one to be sent to you by calling 0800 156 020. You'll need Adobe Acrobat Reader to read the PDF version. If you don't have it, don't worry - it's free. Follow this link to the Adobe site to download a copy.

Guardian Trust Superannuation Trustees Limited is the issuer of National Bank KiwiSaver, ING (NZ) Limited is the Administration and Investment Manager and The National Bank of New Zealand, part of ANZ National Bank Limited, is the Distributor. Units in the National Bank KiwiSaver Scheme do not represent deposits or other liabilities of ANZ National Bank Limited. Units are subject to investment risk, including possible delays in repayment and loss of income and principal invested. No member of ANZ National Bank Limited Group, ING Group, Guardian Trust Superannuation Trustees Limited, its parent and their respective directors or any other person guarantees or secures (either partially or fully) ING (NZ) Limited and its subsidiaries or the capital value or performance of The National Bank KiwiSaver Scheme or any other products issued or managed by them.

Read our general disclosure statement and our disclosure statement prepared under the Securities Markets Act 1988.

When you join the National Bank KiwiSaver Scheme ("National Bank KiwiSaver"), you have choices about how your money is invested. To read about your options go to which fund is right for you.

If you're interested in understanding investment risk there is also a section covering this, which also describes what each of the funds invest in.

Do you have a question about KiwiSaver? Check out the frequently asked questions below. If your question isn't covered you can call us on
0800 156 020.

Frequently Asked Questions

• What are the benefits of KiwiSaver?
• Do I have any choices to make?
• What is a 'Contributions holiday' and how does it work?
• What happens if I change jobs and already belong to a KiwiSaver scheme?
• What is the Government 'start up' contribution and how is it allocated?
• How will the housing deposit subsidy work?
• How can I access my benefits?
• How do I change my KiwiSaver provider?

What are the benefits of KiwiSaver?

KiwiSaver offers a number of benefits, including:

• A one-off $1,000 contribution from the Government when you join your first KiwiSaver scheme to get you started
• A tax credit to your KiwiSaver scheme - this is applicable to KiwiSaver members aged 18 years and over, contributions will be matched by the Government up to $20 per week (approximately $1,040 per year)* and are paid annually to the scheme to the credit of your account
• A first home deposit subsidy - up to $1,000 per year of membership (up to a maximum of $5,000 for five years) after three years of saving through KiwiSaver*
• Tax free employer contributions – employer contributions of up to the lesser of the employee’s contribution or an amount equal to 2% of the value of the employee’s salary or wages (excluding employer superannuation contributions) are exempt from employer superannuation contribution tax.

*Criteria apply and not all members will qualify

Do I have any choices to make?

There are a few choices to make when you select National Bank KiwiSaver:

• Choose a contribution rate of either 2% (the default rate if no choice is made) 4% or 8% of your gross salary or wages**.
• Choose the fund you wish to invest in
• Choose whether or not to pay additional lump sums, contribute via direct debit, on top of any contributions directly from your salary or wages, or transfer current superannuation investments to your National Bank KiwiSaver.

** Certain aspects of National Bank KiwiSaver and all other KiwiSaver schemes such as minimum contribution levels, the Government's incentives and the circumstances in which benefits can be withdrawn are prescribed in the KiwiSaver legislation. The legislation may be amended from time to time by the Government and any such legislation may impact on such schemes.

What is a contributions holiday and how does it work?

After 12 months in KiwiSaver, you can apply for a contributions holiday. A contributions holiday can be for between three months and five years.

You can apply to Inland Revenue to take a contributions holiday if either:

• 12 months have passed since your first contribution was received by Inland Revenue or a KiwiSaver scheme; or
• You are suffering, or likely to suffer, financial hardship and at least one contribution has been received from you by Inland Revenue.

If you are not employed and make your contributions via direct debit, you must apply to your provider to take a contributions holiday.

At the end of the period, contributions will resume unless a further contributions holiday is applied for. You must reapply to Inland Revenue to renew the contributions holiday.

What happens if I change jobs and already belong to a KiwiSaver scheme?

You will remain part of your existing scheme, and your new employer will deduct the relevant contribution amounts and pay to Inland Revenue, who will then foward this amount to your KiwiSaver scheme.

You can choose to transfer between KiwiSaver schemes at any time subject to the payment of applicable transfer fees. National Bank KiwiSaver does not charge such fees.

What is the Government 'kick-start' contribution and how is it allocated?

The Government will contribute a one-off tax free payment of $1,000 to the first KiwiSaver scheme you become a member of. This payment will be made about three months after your first KiwiSaver contribution is received by Inland Revenue or the scheme.

How will the housing deposit subsidy work?

After three years, you may be eligible for a one-off deposit subsidy for your first home of up to $1,000 for every year you have been a member of a KiwiSaver Scheme – up to a maximum of $5,000.

If you have a partner also saving through KiwiSaver, you can combine your deposit subsidies. So, after five years’ saving, a couple could get up to $10,000, provided you have a total household income below the income cap and meet any other criteria. The Qualification criteria are still to be finalised.

Criteria apply and not all members will qualify

How can I access my benefit?

Your funds will generally remain locked in until you reach New Zealand superannuation qualification age (currently 65) or you’ve been in a KiwiSaver scheme (or ‘complying superannuation fund’) for five years, whichever is the later.

The exceptions to this restriction are:

• You are suffering from or are likely to suffer significant financial hardship (you can withdraw all but the $1,000 Government contribution and member tax credits)
• You are suffering from serious illness (you can withdraw the balance of your account)
• You emigrate permanently. The funds excluding member tax credits can be paid out after 12 months have passed since you permanently emigrated from New Zealand. You may at any time after you permanently emigrate from New Zealand apply to have your KiwiSaver benefit transferred into an overseas superannuation scheme authorised for that purpose under KiwiSaver legislation
• You are purchasing your first home and three years have passed since Inland Revenue received your first KiwiSaver contribution, or you have been a KiwiSaver member for three years or more. (A withdrawal for this purpose cannot include the $1,000 Government contribution and member tax credits)
• You pass away, in which case the balance of your KiwiSaver account will be paid to your estate when requested
• If required under any Act of Parliament.

See the Investment Statement for more details on accessing your benefit.

How do I change my KiwiSaver provider?

Transferring is easy. If you've been automatically enrolled in or joined another scheme it's simple to change to National Bank KiwiSaver, all you need to do is read the Investment Statement and fill in an application form - and ING (NZ) Limited will do the rest.

Read our general disclosure statement and our disclosure statement prepared under the Securities Markets Act 1988.

*There is an additional trustee fee of up to 0.065% p.a. and a switching fee of up to $25 per switch may apply.

Read our general disclosure statement and our disclosure statement prepared under the Securities Markets Act 1988.

Joining or switching to the National Bank KiwiSaver Scheme is easy. All you have to do is read the Investment Statement, fill in the application form and ING (NZ) Limited will do the rest.

Copies of the National Bank KiwiSaver Scheme Investment Statement (including the application form) are available as PDFs.

You'll need Adobe Acrobat Reader to read the PDF version. If you don't have it, don't worry - it's free. Just follow this link to the Adobe site to download a copy.

For more information, you can call our Managed Funds team on 0800 156 020, Monday to Friday, 8.30am to 5.30pm or visit any National Bank branch.

This information is intended to get you thinking about your investment goals. It is not intended as investment advice because it does not address individual circumstances. We suggest you seek independent advice before you make any investment.

A copy of the National Bank KiwiSaver Scheme Investment Statement is available as a PDF, or you can request one to be sent to you by calling 0800 156 020. You'll need Adobe Acrobat Reader to read the PDF version. If you don't have it, don't worry - it's free. Follow this link to the Adobe site to download a copy.

Guardian Trust Superannuation Trustees Limited is the issuer of National Bank KiwiSaver, ING (NZ) Limited is the Administration and Investment Manager and The National Bank of New Zealand, part of ANZ National Bank Limited, is the Distributor. Units in the National Bank KiwiSaver Scheme do not represent deposits or other liabilities of ANZ National Bank Limited. Units are subject to investment risk, including possible delays in repayment and loss of income and principal invested. No member of ANZ National Bank Limited Group, ING Group, Guardian Trust Superannuation Trustees Limited, its parent and their respective directors or any other person guarantees or secures (either partially or fully) ING (NZ) Limited and its subsidiaries or the capital value or performance of The National Bank KiwiSaver Scheme or any other products issued or managed by them.

Read our general disclosure statement and our disclosure statement prepared under the Securities Markets Act 1988.