Understanding your KiwiSaver account projections


Around this time every year, we send members of the BNZ KiwiSaver Scheme an annual statement. This provides a roundup of what’s happened in your BNZ KiwiSaver Scheme account for the year to 31 March. Taking some time to review and understand your 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 now to secure a better financial future.

The aim is to help you get a better understanding of how much money you could have in your KiwiSaver account when you turn 65, and the weekly income in retirement this amount would provide.


What’s included in your annual statement?

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.  Below is an example of what your projection information will look like:


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 what changes you need to make to have the retirement income you 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, which all KiwiSaver providers use. 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 (1 April 2022 to 31 March 2023).

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 we’ll notify you via email or post when they are ready to view.  Once available, you can find your annual statement online in Internet Banking.


Want to learn more?

To find out more about how to read your annual statement, here’s a handy guide with information to help you understand each section: https://www.bnz.co.nz/support/kiwisaver/essentials/understanding-your-annual-statement


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 Harbour Asset Management Limited, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement PDF 1.1MB, 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, including possible delays in repayment. You could get back less than the total contributed. 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 amounts contributed. National Australia Bank Limited, the ultimate owner of BNZ, is not a registered bank in New Zealand but a licensed bank in Australia and is not authorised to offer the products and services mentioned on this webpage to customers in New Zealand.

BNZ Investment Services Limited (BNZISL) uses the BNZ brand under licence from Bank of New Zealand, whose ultimate parent company is National Australia Bank Limited. No member of the FirstCape group (including BNZISL) is a member of the NAB group of companies (NAB Group). No member of the NAB Group (including Bank of New Zealand) guarantees, or supports, the performance of any member of FirstCape group’s obligations to any party.