Default KiwiSaver rates stepping up from April 2026
More than half of KiwiSaver members say they want to contribute more when new default contribution settings kick in from April, according to a survey commissioned by ANZ Investments.
From 1 April, the default employee contribution rate will rise from 3% to 3.5%. Members will be able to temporarily drop back to 3% for up to 12 months, or choose to pay more than 3.5%. A further increase will follow on 1 April 2028, when the default rate
ANZ Investments’ managing director Fiona Mackenzie (pictured) said nudging contribution rates higher is a powerful way to improve long‑term outcomes.
“Raising contribution rates is one of the ways we can build people’s financial wellbeing for the long term and help them prepare for life after 65,” Mackenzie said.
Survey reveals how members plan to respond
The Horizon Research survey of KiwiSaver members across all providers found 34% intend to stay on the new 3.5% default rate. Another 21% said they would increase their contribution above 3.5% if their employer matched the higher rate.
On the flip side, 10% of surveyed members intend to request a temporary reduction back to 3%, while 3% plan to ask for a contribution suspension. A further 22% say they are unsure what they will do.
“It’s really encouraging to see that so many members intend to increase their contribution rate,” Mackenzie said. “We know when personal and household budgets are stretched this can be a challenge, but we continue to see Kiwis positively engaging with KiwiSaver, as a pathway to homeownership as well as planning for life after 65.”
Modelling from the Retirement Commission, cited in the release, shows that for a 35‑year‑old earning around $80,000, moving to a combined 4% default rate (employee and employer) would deliver a KiwiSaver nest egg at 65 that is about 25% higher than under current settings.
Digital tools helping Kiwis model higher savings
Mackenzie said ANZ is “always looking for ways we can innovate and create digital tools to bring those future decisions forward, helping people see how making little changes today can have a big impact.”
The bank’s new “Your KiwiSaver Calculator” in its goMoney app has already been used more than 84,000 times, with many customers checking their contribution rate and fund choice — and in some cases choosing to increase what they put away for retirement.
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