How is your retirement looking?


For many KiwiSaver members, retirement will feel like it’s a long way off, and it’s hard to fully understand how your actions today will impact your final retirement balance. Taking some time to review and understand the projections included with your BNZ KiwiSaver Scheme annual statement is a great way to see if you’re on track for the kind of retirement you want, or if you need to make changes to your savings habits now for a better outcome later.


What is included in your annual statement?

Your annual statement provides a round-up of what’s happened in your BNZ KiwiSaver Scheme account for the year to 31 March. You’ll find loads of information summarising the activity within your KiwiSaver account during the year, but the key information in relation to retirement savings and income projections can be found on the second page and will look like this:

The two important numbers to check

The first number is your expected KiwiSaver account balance at age 65, which is shown as a lump sum amount. The second takes that lump sum amount and turns it into a weekly income (we assume you’ll leave your money in your KiwiSaver account and make regular withdrawals from it).

The numbers you’ll see will be specific to your own KiwiSaver account. It’s worth bearing in mind the numbers are estimates only and don’t consider any other investments you may have, or any New Zealand superannuation payments you may be entitled to once you reach retirement age. As the numbers are estimates (more on how they are calculated below), think of the projections as a guide to what might happen. The important thing they’ll do is help you consider whether you need to do more to have the retirement income you think you may need.


How are the savings and income projections calculated?

The projections information in your KiwiSaver annual statement is calculated using a standard formula and set of assumptions, and all KiwiSaver providers use them. The figures shown are estimates and are based largely on the contributions you’ve made during the last year, your current choice of fund, and any money you may have received from your employer or the Government during this time. The projected numbers are simply there to guide you and help you recognise whether you need to make any changes.


Will everyone find the projections information on their statements?

Most of our BNZ KiwiSaver Scheme members will receive savings and income projections, but there are few groups that won’t:

  • Members under 18
  • Members over 65
  • Or members that joined or transferred to the BNZ KiwiSaver Scheme part way through the year – this will include those members that were moved to us as part of the Government’s changes to default KiwiSaver providers, in December 2021.

If you fall into any of these groups instead of projections you’ll receive information about some of the things you can do to change your retirement outcomes, and how to run your own projections using the tools we have available.


Take a look at your BNZ KiwiSaver Scheme account

Once you’ve looked at your projections it’s a good idea to take some time to review your BNZ KiwiSaver Scheme account, including your fund choice and contribution rate:

  • Are you in the right fund? Being in the right fund can make a big difference to your future. Use our BNZ KiwiSaver Scheme fund guide to discover which fund might suit you.
  • Can you afford to contribute more? See how small changes can make a big difference in the future with our KiwiSaver calculator.


When can you expect to receive your annual statement this year?

We expect annual statements and tax certificates to be available to BNZ KiwiSaver Scheme members in May this year and will notify via email or post when they are ready to view.


This article is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Neither BNZ nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any information, representation, or omission, whether negligent or otherwise, contained in this publication.

BNZ Investment Services Limited, a wholly owned subsidiary of BNZ, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement, or pick up a copy from a BNZ branch.

Investments in the BNZ KiwiSaver Scheme are not bank deposits or other liabilities of Bank of New Zealand (BNZ) or any other member of the National Australia Bank Limited group. They are subject to investment risk, possible delays in repayment, possible loss of income and possible loss of principal invested. No person (including the New Zealand Government) guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital. National Australia Bank Limited, the ultimate owner of BNZ, is not a registered bank in New Zealand and is not authorised to offer the products mentioned in this email to New Zealand customers.