KiwiSaver for Children

Yes, children can join KiwiSaver.1

Retirement may be completely off the radar for the kids, but people join their children up with KiwiSaver for many reasons. Some are simply interested in getting the $1,000 kick-start payment for them. Some want to get their kids into an early savings habit, so they make regular contributions and involve their children in watching progress on their accounts. Some do it to help their children save for a deposit for their first home. Whatever your reasons, here’s how to get the kids signed up and saving.

Children in KiwiSaver – What you need to know

KiwiSaver benefits for children – what they get and don’t get

Children will receive the $1,000 Government kick-start.

but they will NOT receive

  • Member tax credits from the Government.
  • Employer contributions. Employers are not required to contribute to a child’s KiwiSaver account, but they may choose to.

How children join KiwiSaver

Parents or legal guardians can join their children up by applying directly to a KiwiSaver Scheme provider. They can join the Gareth Morgan KiwiSaver Scheme by filling out this KiwiSaver application form.

Children must join under their own IRD number, not a parent’s IRD number.

Only the children’s legal guardian(s) can sign them up, and if they are between 16 and 18, they must co-sign the application form with one of their legal guardians.

How children contribute to KiwiSaver

Voluntary Contributions

If your child is not working, you can make voluntary contributions to their account. You are not required to contribute to a child’s Gareth Morgan KiwiSaver Scheme account.

Direct debit
There is a minimum of $50 per payment for direct debit contributions. Use this form to set up a direct debit.

Cheque
There is a minimum of $50 per payment for cheque payments. Make cheques payable to the Gareth Morgan KiwiSaver Scheme Trust, and mail to Gareth Morgan KiwiSaver Scheme, Freepost 210729, PO Box 10068 Wellington 6143. Please include the child’s IRD number and full name on the back of the cheque or attach the lump sum payment form.

You can make lump sum contributions as often as you wish.

Payments through IRD
You can also make KiwiSaver contributions for children through IRD. IRD contribution options include electronic bank transfers, over-the-counter payments and cheque payments. Details here.

Contributions through a job

Employee contributions
If a child is in KiwiSaver and they are working, they will contribute through their job at either 2% (rising to 3% from 1 April 2013), 4% or 8% of their pay. Children do not need to make regular contributions to KiwiSaver from their salary or wages if PAYE is not required to be deducted, but a child can still choose to contribute to KiwiSaver by giving their employer a deduction notice. If your child does make contributions from their pay, then the child’s employer will handle the deduction, pass this on to IRD and they will pass this on to the KiwiSaver provider. You don’t need to do anything.

  1. By children, we mean human beings who have not reached the age of 18. In case you were wondering.
  2. From 1 April 2013, the minimum contribution rate for employees (including children) will rise to 3%.