New Zealand First is backing major changes to KiwiSaver ahead of the election and it's sparked discussion about what this could mean going forward.

The party's announced it will campaign on compulsory employee and employer contributions rising to 10 percent, to be offset with tax cuts.

Finance Minister Nicola Willis says this will likely be a significant issue ahead of the election, but she's voiced concerns about the tax cuts.

"For context, our tax package that we delivered after the election was $3.7 billion - so that is a heck of a lot of tax cuts. So the question then becomes - how do we fund that?"

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