Have you been on KiwiSaver for a while? Or have you just started and want to check on your progress? The good news is that it's straightforward to view your KiwiSaver.
To check your KiwiSaver, you've got a couple of options. Depending on your bank, you should be able to see your savings online in a box next to your other savings information.
If you click into the box, you can see your statements in total, too, as you do with your savings or current account.
Be prepared, though — your KiwiSaver isn't a bank account. Contributions arrive in your account when your employer gets around to it, and so it can take up to a month for the money to show.
That's because your KiwiSaver isn't precisely a savings scheme (although, confusingly, it does include savings). It's more like an investment in your future, which means the interest you get from your account changes, depending on your bank or provider.
We cover all that in another blog if you're now thinking of switching out your KiwiSaver provider.
What other options are there?
If you want to get all the details about your account, jump onto your KiwiSaver provider's website, or check out My KiwiSaver. To log in to My KiwiSaver, try myIR or RealMe (your myIR number is on your payslips).
From there, you can track your KiwiSaver contributions. If you want to make any changes, you'll have to fill in a few forms. But it's worthwhile if you're going to build your savings or change the rate of your contributions.
Can I get my KiwiSaver information on paper?
Depending on your provider, they should send you a statement form, like your bank does, detailing your overall balance and breaking down your KiwiSaver contributions.
Your KiwiSaver is made up of:
- Everything you put into your account
- Your employer's contributions
- The government's contributions
- Gross investment returns (the money your provider has made on your KiwiSaver investment. This bit goes up and down but doesn't lose you money overall).
Also included are some standard fees, such as:
- Account fees (what you pay your provider for being a KiwiSaver member).
- Management fees (this is the particular charge, based on the type of fund you went in for. We cover the different types and what they mean elsewhere. But for a quick breakdown, they are; Defensive, Conservative, Balanced, Growth and Aggressive).
- PIE tax (the overall net tax paid or taken from your account over the last year).
Can I get a simple breakdown of what these all mean?
Your KiwiSaver statement should include that information. If all you want to know is how much KiwiSaver you're pulling in, check the bottom of your statement form or online for:
- Your balance (overall savings).
- Any difference (the change between your opening and closing balance for the year).
- And any withdrawals (if you've withdrawn any money from your KiwiSaver).
There are a few ways to check on your KiwiSaver — through your online bank account, My KiwiSaver or by requesting a form from your KiwiSaver provider. You'll also want to check your balance, any differences in that balance (between the start and end of the year) and any withdrawals you've made.