From the 1st April 2008, KiwiSaver Act 2006 came into effect.
KiwiSaver is a government initiative involving employers, scheme providers and several government agencies. It's a work-based savings initiative to help all New Zealanders save for their future. KiwiSaver has unique benefits to make long-term saving easier. It's also flexible, to suit everyone needs at different times in their lives.
All new employees and existing employees who are over 18 must be enrolled into Kiwi Saver unless they decided to opted out or are ineligible due to immigration restrictions. It is designed to make it easier to save for everyone's future.
New Zealanders will be able to access their savings when they are eligible for NZ Super (currently 65) or after five years' membership, whichever is later. Being a KiwiSaver member won't affect your eligibility for NZ Super.