Keeping track of your KiwiSaver balance & contributions

KiwiSaver can be just the tool you need to build up retirement savings – or even contribute towards a first home deposit. But do you know what your KiwiSaver balance is?

Canstar shows you how you can keep track of your KiwiSaver balance and contributions.

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Use your “My KiwiSaver” login, or register with IRD

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One easy way you can keep track of your KiwiSaver balance is to use Inland Revenue Department’s (IRD) “My KiwiSaver” platform. My KiwiSaver keeps tabs on any Government contributions to KiwiSaver  and contributions that are paid to IRD.

If you already have an online account on the website, you can use the same username and password to access the My KiwiSaver information. If you don’t have an online account, it’s pretty easy to register. Just enter your IRD number into the Online Servives Registration form, via the IRD website, and enter a few details to get going.  You’ll then be able to use the generated login to keep track of your KiwiSaver balance.

There are a few things to keep in mind, though,  when checking your KiwiSaver balance using the My KiwiSaver platform:

  • It will only show contributions after they have been processed from your employer’s payroll report. This can take up to three months from when they are deducted from your salary or wages.
  • If you want to know your overall balance and investment returns, you’ll have to contact your KiwiSaver provider.
  • You will be able to see when Inland Revenue transfers the money to your KiwiSaver scheme provider.

How do I track my overall KiwiSaver balance

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So, as you can see, the My KiwiSaver platform gives a good indication of the transactional side of your KiwiSaver balance, such as being able to see when IRD has transferred money over to your KiwiSaver provider. But how can you get an overall picture of your KiwiSaver balance?

The way you access this information will differ depending on who your KiwiSaver provider is. As an example, if your KiwiSaver provider is the same as your everyday banking provider, you should be able to check your KiwiSaver balance by logging into your online banking account.

Other KiwiSaver providers will generally have a similar form of secure online login system, where you’ll enter your username and password to access your KiwiSaver information. If you’re unsure how to check your KiwiSaver balance, contact your KiwiSaver provider directly.

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Why would you want to track your KiwiSaver balance?

There are a number of reasons why you might want to check your KiwiSaver balance.

If you’re working towards a first home deposit and are planning to tap into your KiwiSaver funds, then it helps to know how your balance is sitting. Just keep in mind that this amount is not set in stone, due to any fluctuations in investments. So, just use your KiwiSaver balance as a general indication, rather than a concrete figure.

You also might want to check your KiwiSaver balance so you can see how you’re tracking in terms of retirement savings.

For a two-person household of over 65 year-olds. the cost of a “no-frills” lifestyle in a city is $872.22 a week at the end of June 2017, according to Westpac-Massey Fin-Ed Centre’s annual Retirement Expenditure Guidelines. This is $271.92 more than what NZ Super pays.

So, it makes sense that you’d want to keep an eye on how your KiwiSaver fund is tracking!

A third – and very important – reason to track your KiwiSaver balance is to see how your provider fares when it comes to fee charges, as well as performance. By checking your balance  – including fee deductions – you are in a better position to see how your KiwiSaver fund compares. The good news there is that Canstar’s job is to compare KiwiSaver providers, looking at how they fare in terms of fees, features and support, to save you time (and maybe even money) along the way.

Canstar’s KiwiSaver comparison tool is designed to help you find a provider and scheme that fits your needs – whether you’re about to buy a first home, are nearing retirement, or are just planning for the future.

Compare KiwiSaver funds with Canstar

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