However, there are a few key considerations to make when signing your kids up for KiwiSaver and some aspects that will differ until they are 18. Read our guide to make sure you understand how it all works before signing them up!
Joining KiwiSaver
When signing your kids up for KiwiSaver, unlike over 18s, they can’t join through their employer even if they are working. They will need to join through a scheme provider and apply directly to them.
To apply, you’ll need their IRD number. If your child is under 16, both parents or guardians will need to sign the application form on their behalf. If your child is 16 or 17, they must sign the form alongside at least 1 parent or guardian.
Before signing your child up, consider the decision carefully as there is no option to opt-out even once they turn 18!
Selecting a fund
When signing your child up to KiwiSaver you’ll need to select a fund with your chosen provider to invest in. A Haven adviser can guide you through suitable options so you can consider carefully what fund is the best choice for your child currently. They will have the option to move funds again in the future.
Alongside considerations like risk and potential returns, you should look at the fees associated with a particular fund.
Making contributions
For under 18s, the primary way to contribute to KiwiSaver is through voluntary contributions.
If an under 18 is working, they are required to contribute a minimum of 3% of their wages or salary to their KiwiSaver account. After being a member for 12 months, they will have the option to apply for a savings suspension for a period of 3 to 12 months.
Government Contributions:
- From 1 July 2025, 16 and 17 year olds become eligible to receive the government contribution, provided they meet the contribution requirements. This contribution is 25 cents for every $1 you contribute, up to a maximum of $260.72 annually (between 1 July and 30 June), if the individual earns under $180,000.
- Under 16 year olds are not eligible for government contributions.
Employer Contributions:
- From 1 April 2026, employers will be required to make KiwiSaver contributions for their 16 and 17 year old employees who are actively contributing to their KiwiSaver accounts.
- Under 16 year olds are not eligible for employer contributions.
Withdrawing
When you can withdraw your KiwiSaver savings is the same for all members. Generally, your money is locked away until you’re 65. However you may be able to withdraw funds to help buy your first home, if you’re permanently moving overseas, experiencing financial hardship or are seriously ill.
Summary
How can a Haven Financial Adviser help?
Our advisers are able to work with to help you decide which fund is right for your child’s financial future. If you have any other questions, don’t hesitate to get in touch with our team.
