What is KiwiSaver?

KiwiSaver is a Government initiative that provides incentives for eligible New Zealanders, including Government contributions (previously called Member Tax Credits) and employer contributions, aimed at helping you save for retirement.

You can join KiwiSaver if you are:

  • a New Zealand citizen, or entitled to live in New Zealand indefinitely, and
  • living or normally living in New Zealand (with some exceptions).

You are unable to join the Scheme if you are:

  • holding a temporary, visitor, work or student permit,
  • living overseas, unless you're a government employee:
    • serving outside New Zealand, and
    • employed on New Zealand terms and conditions, and
    • serving in a jurisdiction where offers of KiwiSaver scheme membership are lawful.

If you are employed you can contribute a regular amount of 3%, 4%, 6%, 8% or 10% of your before tax salary or wages. Your contribution is deducted from your after-tax pay and paid to the Scheme via Inland Revenue. If you do not choose a rate, the default contribution rate is 3%.

You can change the rate at which you contribute to the Scheme or apply for a ‘savings suspension’.

You may also pay additional regular or lump sum amounts into the Scheme at any time. 

If you are over 18 and contributing into KiwiSaver, you may also be entitled to employer contributions. Your employer contributions will be a minimum of 3% of your before-tax pay and are subject to tax.

If you are self-employed (and do not deduct PAYE), aged over 65 or not working, you can make lump sum payments or regular contributions to the Scheme. You can decide the timing and amount of your contributions.

In most cases your employer will be required to contribute as well (minimum 3% of your gross salary or wages).

If you are Employed

If you are 18 or over and under age 65, you will automatically be enrolled in KiwiSaver when you start a new job. Your employer will deduct contributions from your pay, unless you decide to opt out. You can do this within a certain timeframe and your contributions will be refunded.

If you are already in a job, you can also join. Choose a KiwiSaver Scheme of your preference or let your employer know you want to opt in. You have three months to select your preferred KiwiSaver scheme, then you are enrolled in one of the default providers’ schemes.

If 12 months or more have passed since Inland Revenue or a KiwiSaver scheme received your first contribution, you can take a break from making KiwiSaver contributions (known as a Savings Suspension). Your Savings Suspension can last between 3 months and 1 year. There is no limit to the number of times you can take a Savings Suspension.

If you are Self-employed

As someone who is self-employed you can make payments directly to your KiwiSaver provider.

You can contribute when and how much you want to contribute. If you meet the eligibility criteria, you may want to contribute at least $1,042.86 each year (1 July to 30 June), to ensure you receive the maximum Government Contribution. This is currently up to $521.43 per year. To read more about the Government Contribution please read the Other Material Information.


You can join KiwiSaver even if you are not employed. To ensure you receive the maximum government contribution you will need to contribute at least $1042.86 each year. The Government will then give you a tax credit of 50 cents for every dollar you contribute (up to $521.43) per year if you meet the eligibility criteria.

Under 18

Enrol your children into KiwiSaver. This is a great way to start saving for their future. Minors are not eligible for Government Contributions.

As a minor and non-working, there are no requirements around an initial contribution or minimum annual contribution. A working minor must make KiwiSaver employee contributions (until eligible for a Savings Suspension). Employers are not required to make compulsory employer contributions on behalf of a minor. You can make voluntary contributions to your children's KiwiSaver accounts at any time.

As legal guardian, you will be able to instruct across your child’s KiwiSaver until they turn 18 years of age.

Why choose Craigs KiwiSaver Scheme?

Craigs KiwiSaver Scheme provides you with the flexibility to build a portfolio of investments from our list of Investment Options and allows you to select and change investments that suit your risk profile and objectives.

A Craigs investment adviser is available to help you select your investments at no additional cost. By joining the scheme, you will also gain access to Craigs’ market research which enables you to keep informed of investing opportunities in a timely manner

You can change the composition of your portfolio as your circumstances change by contacting your Craigs investment adviser or by completing an Investment Direction & Switch Form.

Craigs KiwiSaver Scheme is registered under the Financial Markets Conduct Act 2013. It is a trust, governed by a trust deed between us and The New Zealand Guardian Trust Company Limited, the Scheme's Supervisor.

Your contributions into the Scheme (and those that are made for your benefit) are credited to a Scheme account in your name. Your contributions are pooled with other members’ contributions and invested into the securities selected by you and held through the Scheme.  By pooling your investment with other members, you access more investments and achieve greater diversity.

Craigs KiwiSaver Scheme is a managed investment scheme designed to help you save for your retirement. Your money will be pooled with other investors’ money and invested in various investments. Craigs Investment Partners Superannuation Management Limited (CIPSML) will invest your money and charge you a fee for its services. The returns you receive are dependent on the performance of the investments you have selected. The value of those investments may go up or down.

Key benefits of investing in Craigs KiwiSaver Scheme are:

  • self-selecting your investment portfolio. This allows you to choose a broad range of investments that suit your risk profile and investment objectives.
  • holding partial shares or below minimum holdings. This  allows for greater portfolio diversity.
  • accessing Craigs Private Wealth research and analysis.
    You benefit from the research and analysis of our private wealth research team and the Craigs’ Investment Committee.
  • accessing advice by speaking to a qualified investment adviser.

    Each Craigs KiwiSaver portfolio has a cash account. You will be required to keep 0.25% of your portfolio’s value as cash. The account is used to record contributions, income distributions, and payments such as tax, fees or withdrawals.

    Responsible investment, including environmental, social and governance considerations, is not taken into account in the investment policies and procedures of the scheme as at the date of this Product Disclosure Statement. However, some managed funds available as Investment Options have responsible investment policies and procedures. Please refer to the offer documents of the relevant fund for more information.

How do I join Craigs KiwiSaver Scheme?

Click here to go to the Craigs Kiwisaver Scheme online application.

To be eligible to join the Scheme you must be:

  • Transferring from an existing KiwiSaver scheme; or
  • A non-KiwiSaver investor who is:
    • a New Zealand citizen or entitled to permanent residence in New Zealand; and
    • living in, or normally living in, New Zealand (subject to certain exceptions for state services workers).

There is no Crown guarantee in respect of any KiwiSaver scheme or investment product of a KiwiSaver scheme.

Our investing approach

Our Investment Options include a range of equity, investment trusts, managed funds, index funds and listed property trust investments, available in local and international listed and unlisted markets, together with cash.

The CIP Product Committee approves all Investment Options. To be included as an Investment Option a security must be either covered by CIP Private Wealth Research or subject to a due diligence process.

Covered stocks are reviewed and recommended by CIP Private Wealth Research analysts. The team will analyse, or use analysis from chosen providers, which relates to the security, its industry and markets it operates in, competitive position, liquidity as well as specific economic indicators and commentary.

The due diligence process undertaken by the Product Committee includes a check of the characteristics of the security and a review of the issuing manager. Details are available in the Craigs Superannuation Other Material Information or from the offer register at disclose-register.companiesoffice.govt.nz.

The Craigs Private Wealth Research team is responsible for researching and recommending securities to the Investment Committee who formally review and update the Investment Options list each quarter (or more regularly where appropriate). For an explanation of the ratings used, read our understanding research recommendations website page.

The Investment Options are formally reviewed and updated each quarter, although changes can be made at any time. We will notify you at the end of each quarter if any security you hold or invest into is no longer an Investment Option.

The latest list of investment options is available from your Craigs Investment Adviser, on our Investment Options website page or from the offer register at business.govt.nz/disclose.

You can switch all or part of your investment into another security or securities by completing an Investment Direction & Switch Form, or requesting one from your Craigs Investment Adviser.

We have discretion to reject switches, for example if the Scheme is being used to actively trade securities.

Brokerage expenses of up to 1.25% of the amount of the relevant listed equity transaction may be incurred when a switch is being executed.

You can change your investment direction for future contributions at any time by contacting your Craigs Investment Adviser or completing a ‘Change of Investment Direction’ form which is available at craigsip.com/document-library.

Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the Scheme as at the date of this product disclosure statement. You can obtain an explanation of the extent to which responsible investment is taken into account in those policies and procedures at craigsip.com/kiwisaver.

What are the risks of investing?

To help you clarify your own attitude to risk, you can seek financial advice or you can work out your risk profile at craigsip.com/risk-profiler.

Our Investment Options Supplements include a risk indicator for each security and an explanation of the risk indicator.  

Where a NZ managed fund or a NZ Exchange Traded Fund ('ETF') which is an Investment Option, has its own fund update produced by the manager of that fund, the latest risk indicator for that fund is included in that fund's fund update. The Investment Options supplement includes a link to these fund updates. 

The most recent supplement is available from your Investment Adviser, from the CIP website craigsip.com/kiwisaver-investment-options or from the offer register at disclose-register.companiesoffice.govt.nz.

General Investment Risks

Some of the general investment risks that may cause an Investment Option's value or the value of your portfolio to move up and down are:

Other Specific Risks

Below is a specific risk that is not reflected in the risk indicator. This risk applies to Craigs KiwiSaver Scheme because you can self-select your own portfolio of investments from the list of Investment Options.

There are also general business risks relating to our operations that may result in loss (e.g. extended loss of access to IT Systems).

More information relating to risk associated with the Scheme is available at craigsip.com/document-library and within the Other Material Information document and on the offer register; business.govt.nz/disclose.

Can I withdraw my investments?

The nature of a KiwiSaver scheme means your savings are locked in until you are eligible for NZ Superannuation (currently 65).

You may be able to make an early withdrawal of part (or all) of your savings under the KiwiSaver rules if you satisfy certain criteria. There are rules around when each of these withdrawals can be made and how much of your account can be withdrawn.

The table below summarises the permitted withdrawals from the Scheme:


*Only applicable to members who joined KiwiSaver before 2pm on 21 May 2015 and received a kick-start incentive payment into their KiwiSaver account.

** Provided you have been a member of a KiwiSaver scheme or a complying superannuation fund for at least five years. However, members who join KiwiSaver from 1 July 2019 at the age of 60 or over and therefore have not been a member for five years when they qualify for NZ super will be able to access their funds at 65. From 1 April 2020 members who were over age 60 and joined prior to 1 July 2019 will be able to opt-out of the 5 year membership requirement by notifying us and access their funds when they turn 65.

*** You must retain a minimum balance of $1,000 in your KiwiSaver account.

**** The amount of the withdrawal is limited to the amount that, in the supervisor’s opinion, is needed to alleviate your hardship.

***** These amounts must be transferred to an Australian complying superannuation scheme. Restrictions also apply to withdrawals if you have transferred Australian superannuation savings into the Scheme.

You may apply to us to make a one-off withdrawal from the Scheme to help pay for the purchase of your first home or to help pay the initial deposit, if you meet the following requirements:

  • You have been a KiwiSaver member or a member of a complying superannuation fund for a combined period of at least three years;
  • the home you are purchasing is, or is intended to be, the home you and your family will mainly reside in; and
  • you have not previously owned property (as defined under the KiwiSaver rules).

Any first home withdrawal must be paid into your solicitors trust account and must be paid prior to settlement. In some circumstances you may still be able to make a withdrawal if you have owned a home before.

You may also be entitled to a KiwiSaver HomeStart grant. Terms and conditions apply, see hnzc.co.nz for more information. You must retain a minimum balance of $1,000 in your KiwiSaver account.

You may apply for a withdrawal on the grounds of serious illness if:

  • You have an illness, injury or disability that results in you being totally and permanently unable to work in the job that you are suited by reason of experience, education or training; or
  • you have an illness, injury or disability that poses a serious risk of you dying soon.

We will require medical evidence (including a declaration from your medical team) before being able to request a withdrawal determination from the Scheme supervisor.

You may apply for a withdrawal on the grounds of life-shortening congenital conditions if:

  • You have a known congenital condition which is likely to shorten your life below the age of 65 (these congenital conditions are identified through regulations); or
  • There is medical evidence to verify that your congenital condition is expected to reduce life expectancy below NZ retirement age

We will require a medical certificate that verifies the condition before making a recommendation to the Supervisor on a life-shortening congenital condition withdrawal request. We will also require a statutory declaration acknowledging that your funds are to be released as if you had reached New Zealand Superannuation qualification age and that after withdrawal, you are no longer eligible to receive the Government contribution or compulsory employer contributions.

You may apply for a withdrawal on the grounds of significant financial hardship. The sorts of circumstances where that may be available include:

  • If you are unable to meet minimum living expenses; or
  • if you are unable to meet mortgage repayments on your principal family residence resulting in the mortgagee seeking to enforce the mortgage on the residence; or
  • meeting the costs of modifying your home to meet your, or your dependent family member’s special needs arising from a disability; or
  • meeting the cost of your, or your dependent family member’s, medical treatment for an illness or injury; or
  • meeting the cost of your, or your dependent family member’s, palliative care; or
  • meeting the cost of a funeral for a dependent family member.

We will require evidence of your financial position together with a statutory declaration of your assets and liabilities and income and expenditure before being able request a withdrawal determination from the Scheme supervisor. The Supervisor may limit a withdrawal to an amount that, in the Supervisor’s opinion, is required to alleviate your hardship.

If you emigrate to Australia

You can transfer your Scheme balance to an Australian complying superannuation scheme following your permanent emigration to Australia.

We will require evidence that you have permanently emigrated, including a statutory declaration. You can transfer everything including your contributions, your employer’s contributions, the $1,000 kick-start (if you were eligible) and Government contributions.

If you emigrate to anywhere else

After one year you may apply for a withdrawal on grounds of permanent emigration. We will require evidence that you have permanently emigrated, including a statutory declaration. You can transfer your contributions, your employer’s contributions and the $1,000 kick-start (if you were eligible). Government contributions are refunded to the IRD.

If you permanently emigrate to New Zealand from Australia, you may transfer your Australian complying superannuation scheme to the Scheme.

You may make a withdrawal of an amount equal to the amount transferred (excluding any gains or losses on that amount) from your Australian superannuation scheme when you attain the age of 60 and satisfy the ‘retirement’ definition in the Australian legislation.

If you die while you are a member of the Scheme, your interest in the Scheme will be paid to your estate or, if your balance does not exceed the prescribed amount (currently $15,000) and other conditions are met, we may pay your balance to an eligible claimant under the Administration Act 1969.

We will require a certified copy of the death certificate, or probate, or where there is no Will, a Letter of Administration.

Withdrawal to meet tax liability on foreign superannuation withdrawal

If you have transferred savings from a foreign superannuation scheme to a KiwiSaver scheme, you may be able to make a withdrawal to pay tax or make a student loan repayment owing as a result of the transfer.

We will require evidence of the tax liability, including a statutory declaration, and the withdrawal will be paid direct to the IRD on your behalf.

Release of funds required under other enactments

In accordance with the KiwiSaver Act 2006, we must comply with any enactment requiring the release of funds from the Scheme. That can include releasing funds if ordered by a Court (including under the Property (Relationships) Act 1976).

If you wish to withdraw funds from the Scheme you must give written notice using our withdrawal request forms. A withdrawal request cannot be withdrawn once given.

For more information on withdrawals go to the offer register; business.govt.nz/disclose

What are the fees?

You will be charged fees for investing in Craigs KiwiSaver Scheme. Fees are deducted from your investment and will reduce your returns.

Some Investment Options such as funds and ETFs, may also charge fees.

The fees you pay will be charged in two ways:

  • regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your investment over the long term;
  • one-off fees (for example, brokerage).

The Scheme has a tiered management fee structure. This means the management fees charged to your Scheme account are determined by the asset class of the securities you hold and the market value of your investment in those particular asset classes.

The total management fee will not exceed 1.25% of the market value of your total investment into the Scheme. Fees will be recovered from your cash holdings, or by selling down securities within your portfolio proportionately.

Tiered Management Fee structure:

Tiered management fee structure table

Flat Management Fee Structure:

For those securities that are funds, the management fees are not the same as the annual fund charges. An explanation of what annual fund charges comprise is set out below.

The total annual fund charges for each security are set out in the Investment Options. These are stated as a percentage of the net asset value of the security.

The ‘Total Annual Fund Charge’ is made up of the following:

  • Management fees – are calculated based on the number of days the security has been held throughout the relevant year. This management fee covers the cost of managing the Scheme, including managing investments, processing contributions, withdrawals and corporate actions, dealing with correspondence and preparing statements. We currently meet the fees payable to the administration manager, custodian and supervisor out of the management fees. Fees will be recovered at the end of each month from your cash holdings, or by selling down securities within your portfolio proportionately.
  • Fees and expenses of underlying funds – securities that are funds may also have fees and expenses which are charged by the manager and supervisor of that fund. These fees and expenses will be reflected in the fund’s unit price and may therefore indirectly affect your returns.
  • Performance fee – the total annual fund charge will include the performance fees for any related underlying fund. Performance fees for other underlying funds are not included as part of the total annual fund charge. The Investment Options document identifies which securities charge performance fees.

Certain fees, charges or expenses are subject to GST at the prevailing rate.

There are some additional charges to those already mentioned that you may be subject to. These are outlined in the table below:

Performance fees may be charged within certain securities. The performance fee will typically be reflected in the securities price and may therefore indirectly affect your returns. For further information, please refer to the Investment Options document.

Sarah invests $10,000 in a number of the investment options from the Investment Options. She is charged brokerage when her funds are invested of $125.00 (1.25% of $10,000).

This brings the starting value of her investment to $9,875.00.

She is also charged the management fee, which works out to $123.44 (1.25% of $9,875.00). These fees might be more or less if her account balance has increased or decreased over the year and are dependent on the type of investments she has selected.

Over the next year, Sarah pays other charges of $45.00.

Estimated total fees for the first year

Brokerage: $125.00

Management Fees: $123.44

Other charges: $45.00

Sarah will also be charged Scheme expenses and if Sarah’s investment options include any funds, those funds may be subject to further fees (including performance fees) and expenses.

This example may not be representative of the actual fees you may be charged and reflects a sample portfolio of investment options at the maximum management fee rate.

We can change the existing fees and introduce new fees, subject to any maximum levels in the Scheme’s Trust Deed and the requirement in the KiwiSaver Act 2006 not to charge unreasonable fees, by giving notice to all members.

The Craigs KiwiSaver Investment Options include a range of investments such as global, New Zealand and Australian equities, investment trusts, managed funds, index funds, listed property trusts and cash. The Investment Options are grouped by asset class. By viewing this document you will be able to see & understand what management fees are charged. The actual fees charged during the most recent year will be provided in your quarterly report.

How we calculate fees

Methodology for calculating total fees disclosed in the Craigs KiwiSaver Scheme Annual Member Statements

This explains how we calculate the estimated total fees paid by a Craigs KiwiSaver member included in report packs under Fees and Expenses. It also includes a description of the information and assumptions used to estimate certain underlying fund charges which form part of the total fees.

Fees and Expenses calculation methodology

Fees and Expenses, expressed as a dollar amount, paid by a member for the year ended 31 March in the Annual Member Statement, is split into two parts:

Total Annual Fund Charge includes:

- Management Fees
- Underlying Fees and Expenses
- Performance Fees

Management Fees are calculated each day, by multiplying the market value of the assets held by the applicable management fee rate (refer the PDS for the fee rates, up to a maximum of 1.25%).

Underlying Fees and Expenses are calculated using the following formula:

a x b

where: a is the average value of your holding in an underlying security for the period
b is the underlying security annual fund charge.

The underlying security annual fund charge is prepared by the manager of the underlying security. The underlying security annual fund charge includes performance fees charged by the underlying security. Details of the underlying security fees are included in the Investment Options brochure.

Performance Fees for the QuayStreet Altum Fund are calculated using the following formula:

c x d

c is the average value of your holding of the QuayStreet Altum Fund
d is the performance fee rate charged on the QuayStreet Altum Fund

Estimates of certain underlying fund charges

The annual fund charges include the actual management fee, supervisor fee and expenses for each fund, as well as actual expenses and estimates of the other fees (including any performance fees). Estimates are based on historic fees and expenses data for the underlying funds. Where no historic data is available we estimate the expected fees and expenses levels using similar underlying funds. In the case of performance fees we use the estimates calculated by the relevant underlying manager. When we make estimates using historic data, we assume that ongoing charges will be at levels equivalent to the charges contained in the historic data.

Other charges includes:

- Scheme administration fee
- Brokerage, stamp duty and FX margins
- Scheme expenses (including audit and legal costs)

The scheme administration fee is $30.00 per annum, as described in the PDS.

Brokerage, stamp duty and foreign exchange (FX) margins are charged whenever you purchase or sell a security. We apply standard rates to the value of the transaction. The rates of the charges are described in the PDS.

Scheme expenses included audit and legal expenses. These expenses are paid by the manager and then recovered from the scheme.