How much do I have to contribute?

Under legislation applying as at February 2016, if you are an employee you must contribute at the minimum rate of 3% of your gross salary or wages. You can elect a higher contribution rate of 4% or 8%. If you are self-employed or not employed (and aged 18 or more) then to open a BCF Scheme account you must:

  • Complete a Direct Debit Authority to make a regular contribution of at least $20 per month; or
  • If you are unable, or do not wish, to commence a direct credit at this time, make an initial deposit of $100 (by cheque made out to “BCF KiwiSaver Scheme”).

If you are aged under 18, no contributions are required in order to join the BCF Scheme (unless you are employed and paying income tax), but:

  • Some form of contribution is necessary in order to meet administration fees; and
  • We can close a member’s BCF Scheme Account if it has a nil balance.