Original source: Wikipedia

KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.

A policy initiative of the Fifth Labour Government of New Zealand (in office 1999–2008), KiwiSaver is governed by various Acts of Parliament, including the KiwiSaver Act 2006 (passed in September 2006).

As at 31 March 2021, the Financial Markets Authority (NZ) reports $81.6 billion in assets is managed by KiwiSaver providers.

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