What is "kiwisaver"

The KiwiSaver scheme is a New Zealand voluntary long-term savings scheme which came into operation from Monday, 2 July 2007. The main purpose of the KiwiSaver fund is for retirement savings, but younger participants can also use it to save a deposit for their first home.

A policy initiative of the Fifth Labour Government of New Zealand, it is aimed at improving New Zealand's low average rate of saving. It is governed by various Acts of Parliament including the KiwiSaver Act 2006, passed in September 2006.