Topping up your locked account to receive the maximum Government contribution of $260.72 per financial year.
If you’ve chosen to make locked contributions to your mysuper account you can make an additional voluntary locked contribution to bring your member locked contributions up to $1,042.86 each year (a year is defined as from 1 July to 30 June), so you can receive the full Government contribution each year, if eligible for it.
If you wish to receive the full Government contribution (and are eligible for it) you must make the voluntary contribution before 30 June each year. Some additional eligibility rules relating to receiving a full Government contribution apply to members who have only recently joined mysuper under the KiwiSaver Act 2006.
The following rules apply:
- Any member, active or deferred, can make voluntary contributions to access the Government contribution, if eligible.
- The maximum total voluntary contribution an eligible member can make to their mysuper account per financial year (1 July to 30 June) is the amount required to bring your member locked contributions up to $1,042.86.
- Access to your voluntary contributions falls under the mysuper Trust Deed rules and the KiwiSaver Act 2006. For example:
- To access locked contributions, you need to be over 65 (subject to limited exceptions).
- You are eligible for the Government contribution to mysuper or KiwiSaver (subject to your level of locked contributions and days of membership) if you:
- are aged between 18 and your KiwiSaver qualifying date (currently age 65); and
- reside mainly in NZ, unless you’re living overseas as a Government employee, or you’re volunteering overseas, or working for token payment for specified charitable organisations; and
- have not made a withdrawal on the grounds of a life shortening congenital condition; and
- have an annual taxable income is less than $180,000 per annum.