National plays KiwiSaver card
National is proposing a range of changes to KiwiSaver if it returns to power, including making the scheme compulsory.
Sunday, June 21st 2026, 5:07PM
Leader Christopher Luxon said on Sunday that the party was proposing to enrol every child born in New Zealand into KiwiSaver from birth, as of July next year, with a $1,500 kickstart.
Everyone would be required to be contributing to KiwiSaver or an equivalent scheme from July 2028 and would only be able to suspend contributions if they met the criteria currently used for a hardship withdrawal.
It would also make an employer contribution for people on paid parental leave, whether they contribute or not. At the moment, people must contribute to qualify.
“For a stay-at-home mum or dad with two kids, their retirement savings could be around $15,000 larger by the time they reach 65, thanks to this change in policy,” Luxon said.
He said the party would also require employers to continue to make contributions for employees who are over 65.
“Right now, the day you turn 65, your employer can stop contributing to your KiwiSaver. That’s not right, and it’s out of step with how Kiwis actually live and work today. So, that’s why National will require employers to keep contributing to KiwiSaver for workers over 65. Just because you’re 65 doesn’t mean it’s time to stop saving for your future, and it doesn’t mean it’s time for your employer to stop supporting you in that mission either.”
The party would also lift contribution rates to 12% by 2032.
The Financial Services Council welcomed the announcement. It said it would strengthen New Zealanders’ long-term financial resilience and close gaps in the system.
"KiwiSaver is one of the most practical tools New Zealanders have to build long-term financial resilience," chief executive Kirk Hope said.
"These proposals recognise that saving needs to start earlier, reach more people and continue through the life stages where people can otherwise fall behind."
Simplicity chief economist Shamubeel Eaqub said it was a positive direction for the conversation about KiwiSaver to take. He said earlier research by Simplicity showed that people were supportive of these sorts of changes.
Eaqub said it was clear that KiwiSaver was shaping up to be a key issue in this year’s election. NZ First has already revealed it would make the scheme compulsory. “It feels like it’s a KiwiSaver election in the sense that it’s not just National. Everybody’s got some ideas on KiwiSaver. In the past it was the left wanting to improve KiwiSaver and the right wanting to denude KiwiSaver. Now it’s kind of become a more universal thing that we want KiwiSaver to be stronger, so we have choices in the future.”
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