kiwisaver
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Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=15865
Printed Date: 06 October 2025 at 10:38pm
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Topic: kiwisaver
Posted By: cuppatea
Subject: kiwisaver
Date Posted: 31 March 2008 at 9:57pm
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A couple of people have mentioned this in the house/family thread thing (sorry can't remember what it was actually titled).
Just thought I would mention it in case people are unaware and might be interested. You can get kiwisaver for your children all you need is to apply for an ird number for them and then get it set up. We have Spencer in with AXA as we don't have to make any contributions and also if we want to make them they can just be random one offs doesn't have to be a set amount. The gov do not match what you put in but they do still put the $1000. 
We figure it will be awesome for him if he is allowed to take it out for a house deposit when he is older and married and ready to give me some grandchildren  ------------- 
 
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Replies:
Posted By: Kels
Date Posted: 31 March 2008 at 10:26pm
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Yeah I saw this at the Parent and child show. Great idea ------------- http://lilypie.com"> 
Busy mum to Miss 15yrs, Miss 10yrs and Master 4yrs |
Posted By: Bombshell
Date Posted: 31 March 2008 at 10:36pm
| yeah we looked into that...but she can only use the money if she wants to use it to buy a house she will live in...we have trusts set up tohelp her out there so kiwisaver will be a moot point for that use and she will need to wait til 60 something then if not using it for that....UGH |
Posted By: cuppatea
Date Posted: 31 March 2008 at 10:41pm
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Well they give you the $1000 and you don't have to put anything in. 60 years of compound interest and she probably won't need to do anything else for her retirement. -------------
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Posted By: kebakat
Date Posted: 01 April 2008 at 8:00am
| Hmmmm I'll have to look more into that. DH opted out of kiwisaver while we are on one income so haven't paid much attention to it since. |
Posted By: MrsMojo
Date Posted: 15 April 2008 at 3:22pm
I have been looking into this to see if it's worth it for Michaela and noticed that the info regarding min contributions says "If you are not an employee, you may contribute to FirstChoice KiwiSaver at any rate that you choose. There is currently no minimum contribution amount or rate. Members will be notified if a minimum contribution amount is introduced." So if we do sign up for her and then they introduce a min contribution that means we'll have to start paying for the scheme. Also concerned if the markets remain turbulent that the $1000 boost from the government won't go far, it's an investment scheme (purchasing units) rather than a savings plan so there's no compounding interest and if the funds go down so does the money in there. It's possible that the investment management charge would also eat the government boost away to nothing over time. I would definitely speak with a qualified financial adviser before making any decisions. -------------  
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cuppatea wrote:Posted By: BellaBoo
Date Posted: 15 April 2008 at 3:35pm
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On my dads advice we have signed Bella up. We just put in $5 a fortnight for her. Kinda like a bank account for when she wants to buy a house with the advantage of a free $1000. ------------- http://lilypie.com">   http://lilypie.com">
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Posted By: BellaBoo
Date Posted: 15 April 2008 at 3:36pm
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Oh I should add, my Dad is an accountant so hopefully he knows what he is talking about! ------------- http://lilypie.com"> http://lilypie.com">
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Posted By: Bobbie
Date Posted: 15 April 2008 at 3:54pm
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Thanks Cuppatea - I was going to start one up for Rowan but I wasn't sure which providers allowed zero contributions. Might look into AXA as well. -------------  
 
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Posted By: lilfatty
Date Posted: 15 April 2008 at 4:04pm
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When I opened Issys savings account they mentioned I could open her a kiwisaver plan with them with zero contributions - maybe contact your bank Kate. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year  http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: cuppatea
Date Posted: 15 April 2008 at 4:14pm
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Yeah we did all ours through our financial advisor so am pretty happy with it. DH is already in a super sheme with his work so we aren't all tied into it. I figure if it goes tits up for Spencer then is no big deal as we haven't actually put anything into it.
Hmmmm didn't know about poss mandatory contributions but will cross that bridge if or when needed. -------------
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Posted By: Bobbie
Date Posted: 15 April 2008 at 4:48pm
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I saw an article from Mary Holm (the Herald Kiwisaver advisor) who said that you can find providers who allow zero contributions - so I'm assuming there are some that require money to be put in other than the gvt. contribution.
Julia I was thinking about the bank but DH and I both have our accounts with ASB so I don't really want to do kiwisaver through them as well - the whole 'eggs in one basket' thing. But I will be opening up an account with them for Rowan and get the $10 credit they're offering. -------------
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