Depending on your KiwiSaver provider, you should receive a statement similar to the one you get from your bank or credit provider. This will be available online or in the post if you still get mail sent. Your statement describes your overall balance, earnings and interest, breaking down your KiwiSaver contributions.
Be prepared to wait — 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. 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.
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 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 (based on your fund type)
- PIE tax (the overall net tax paid or taken from your account over the last year)
If all you want to know is how much KiwiSaver you're pulling in, check the bottom of your statement form 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- And any withdrawals (if you've withdrawn any money from your KiwiSaver)