We’re currently in the process of updating our KiwiSaver calculator to reflect the KiwiSaver Updates announced in Budget 2025. Please read and review our KiwiSaver projection tool assumptions for further information. For now, the calculator does not include all the changes effective from 1 July 2025. If you have questions or would like assistance understanding how these changes may affect you, please get in touch.
The retirement projections for the AMP KiwiSaver Scheme (the “Scheme”) give you an idea of what your balance could look like at retirement, and how much that amount equates to as a weekly income from age 65 through to age 90. These amounts are expressed in today’s dollar terms, which means you can compare them to the price of goods and services today without having to factor in how much prices might rise between now and your retirement. Your projection is an estimate only, and incorporates your balance, the level of contributions you make, how old you are, what type of fund you are invested in, and an assumed rate of investment returns. Like the projection contained in your Annual Statement, the key assumptions used to calculate your projection is set by the Government, as explained below. It’s important to know these figures are an estimate only and aren’t guaranteed by us or the Government. They are information only and do not constitute financial advice.
Your My AMP projection allows you to try different scenarios that are not included in your Annual Statement projection (such as changing your retirement age). It is calculated based on your current age and your most recent balance and contributions over the last year (rather than as at 31 March , which is the date used for your Annual Statement projection). For these reasons your My AMP projection will be different to your Annual Statement projection.
In order to calculate your estimated projected amount of savings at retirement and your weekly income until age 90 we have utilised a number of assumptions which are as follows:
The projected balance has been adjusted for future price inflation, so it is based on the purchasing power of today. For example, if today you can buy a cup of coffee for about $5, and if your projected weekly income to age 90 is $30, you are projected to be able to buy 6 cups of coffee per week in retirement.
Your current age is rounded to the nearest whole number, so if you are currently 39½, your age in the calculation will be rounded to 40. This differs from the assumption used for your Annual Statement, which uses your age at 31 March rounded to the nearest whole number.
The projection assumes that your retirement age, and the age that you begin to withdraw your balance, is age 65.
You can select to change the retirement age in the My AMP Projection tab and view the outcome. Changing the retirement age assumes that you will continue earning and contributing until the retirement age selected, and you only start to draw down from your account after you have retired. If you have selected to include NZ Super, the weekly income shown will be how much you can draw down after you have retired, plus NZ Super.
If you don’t select a different retirement age, it defaults to age 65.
For the weekly amount, it is assumed you leave your money invested, and will make regular withdrawals until age 90 (i.e. for 25 years from age 65) until your balance reaches zero.
If you select a different retirement age (see above) the retirement savings run-out age does not change.
NZ Super is excluded by default in your weekly projected income. You can select to add this payment in the My AMP Projection tab and view the outcome.
If NZ Super is included, the retirement income will include the weekly amount after tax, at ‘M’ tax code, as outlined below. The calculator assumes you have no taxable income other than NZ Super.
The NZ Super amount shown for a single person is currently $538.42 per week (assume single and living alone, after tax).
The member and employer contributions are based on the amount paid into the Scheme over the last 12 months. This differs from the assumption used for your Annual Statement, which uses contributions for the most recent year to 31 March.
If you made any voluntary contributions (for example a regular direct debit) over the last 12 months, it is assumed that you will continue making these contributions each year until you reach retirement. However, the contributions will be treated as regular or one-off as follows:
• Regular - If you make a payment of exactly the same amount 4 or more times during the last 12 months, it will be included as a regular payment and your projection will assume that you will make those contributions every year until you reach the retirement age at 65.
• One-off - All other voluntary contributions e.g. a lump sum contribution made to qualify for your Government Contribution, or a contribution you have made 3 times or less during the last 12 months will be capped at $1,500 in total per year. This ensures any large one-off payments you’ve made over the last 12 months that might not be repeated don’t overstate your projection.
It is assumed you take no savings suspensions – where you stop contributions for a period of time.
All contributions, member and employer, voluntary and one-off (up to the cap) are projected forward into the future with an assumed level of wage/salary growth of 3.5% per year, with contributions increasing in line with pay.
You can see what additional contributions will do to your projection in the My AMP Projection tab.
It is assumed that no amounts are withdrawn for first home purchase or financial hardship, or (for estimating the weekly income) as a lump sum after you reach age 65. You can add a “First Home Withdrawal” in the My AMP Projection tab and view the outcome that it will have on your retirement savings.
For the weekly income in retirement it is assumed you will make regular withdrawals until age 90 (e.g. for 25 years from age 65) until your balance reaches zero.
It is assumed that the Government Contribution provided to you in the past 12 months will continue to be paid to you each year until you reach age 65. For example, if you qualified for the full Government contribution of $521, the projection will include this for every year. If you only qualified for a portion of the contribution, that same portion will be applied every year. Inflation is not applied to the Government contribution.
The KiwiSaver projections tool assumes that your taxable income remains below $180,000 each year until age 65, and that you therefore remain eligible for the Government Contribution.
The balance used for calculating your projection is consistent with the balance shown in My AMP. This differs from the assumption used for your Annual Statement, which uses your balance as at 31 March. The balance we use may be up to three business days old.
The rate of return is based on your fund type, as shown in the table below (Table 1). The rates of return are:
• After tax of 28%. This is the highest and most common tax rate for KiwiSaver members across all KiwiSaver providers.
• After fees. The fees used are an industry-average for your investment option and don’t reflect the actual fees you pay.
It is assumed that you stay in the same fund or fund mix until you reach age 65. If you are in a Lifesteps fund type, it is assumed that you will stay in Lifesteps, and therefore progress from the more aggressive to more conservative fund types as you get older.
These rates of return are based on those provided by the Government and we have indicated how they apply to all the investment options in the AMP KiwiSaver Scheme. Find out more on the Financial Markets Authority website at https://www.fma.govt.nz/investors/resources/kiwisaver-projections
After age 65, the assumed rate of return is 2.5% after fees and tax, regardless of fund selection.
| Government Fund Type | AMP Investment Option | Government Assumed Rate of Return to age 65 (after fees and tax) |
|---|---|---|
| Defensive | AMP Cash Fund | 1.50% |
| Defensive | AMP NZ Fixed Interest Fund | 1.50% |
| Defensive | AMP Global Fixed Interest Fund | 1.50% |
| Conservative | AMP Default Fund | 2.50% |
| Conservative | AMP Conservative Fund# | 2.50% |
| Conservative | AMP Conservative Fund No. 2 | 2.50% |
| Conservative | Milford Conservative Fund | 2.50% |
| Balanced | AMP Balanced Fund# | 3.50% |
| Balanced | AMP Moderate Balanced Fund# | 3.50% |
| Balanced | AMP Moderate Fund# | 3.50% |
| Balanced | SuperLife Balanced Fund | 3.50% |
| Balanced | SuperLife Moderate Fund | 3.50% |
| Balanced | AMP Balanced Fund No. 2 | 3.50% |
| Balanced | Mercer Balanced Fund | 3.50% |
| Balanced | AMP Balanced Fund No. 4 | 3.50% |
| Balanced | Milford Balanced Fund | 3.50% |
| Growth | AMP Growth Fund# | 4.50% |
| Growth | SuperLife Growth Fund | 4.50% |
| Growth | AMP Growth Fund No. 2 | 4.50% |
| Growth | Milford Active Growth Fund | 4.50% |
| Aggressive | AMP Aggressive Fund# | 5.50% |
| Aggressive | AMP Australasian Shares Fund | 5.50% |
| Aggressive | AMP International Shares Fund | 5.50% |
| Aggressive | AMP International Shares Fund No. 2 | 5.50% |
| Aggressive | Milford Aggressive Fund | 5.50% |
| Lifecycle Investment Option Under 50 | Lifesteps* | 3.50% |
| Lifecycle Option 50 and over | Lifesteps* | 2.50% |
The assumed rate of general inflation used is 2% per year (the long term expected rate of inflation) to show the ‘real buying power’ of your savings in the future.
The assumed rate of wage and salary inflation used is 3.5% i.e. how much your wages are assumed to increase each year.
It is assumed that no amounts are withdrawn for first home purchase withdrawal. You can add a “First Home Withdrawal” in the My AMP Projection tab and view the outcome that it will have on your retirement savings. It is assumed that you will withdraw all but $1,000 of your KiwiSaver balance when you take a first home withdrawal.
The projection assumes you are eligible for a first home withdrawal.
Members are only eligible to make a first home withdrawal after they have been a KiwiSaver member for three years.
The projected balance at retirement is rounded to the nearest $1000.
The estimated weekly income is rounded to the nearest $10.
If your balance is low or you are close to age 65, rounding might mean your estimated weekly income amount shows as zero dollars.
If an amount is required to be rounded, an amount at the midpoint is rounded up.
You won’t get a projection on your My AMP app if:
• You weren’t with AMP for a full year before trying to get a projection
• You’re under 17 ½
• You’re over 64½
You can however utilise the AMP KiwiSaver calculator to undertake a projection yourself at any time.
