Withdrawal Options
KiwiSaver is about saving for your retirement, but there are other times when you might be able to access your savings. There are several withdrawal options within KiwiSaver.
It could be that you are moving overseas; you may need make a withdrawal due to a life-shortening congenital condition or serious illness; you may be arranging a withdrawal on behalf of someone who has died; you may need to withdraw from KiwiSaver due to financial hardship. There are also options to withdraw from KiwiSaver to purchase your first home.
| Withdrawal type | How much can I withdraw, if eligible? | Who handles my application? |
| You are buying a home or land for a home | Any amount but you must leave any Australian sourced funds and at least $1,000 in your account | We do |
| You die | The value of your account | We do |
| You become seriously ill | Any amount, up to the value of your account | The Supervisor does |
| You are suffering significant financial hardship | Any amount, but you can’t take out any Government kick-start payment* or Government contributions | The Supervisor does |
| You have a life-shortening congenital condition | Any amount, up to the value of your account | The Supervisor does |
| You permanently emigrate to Australia | You can’t withdraw your money, but you can transfer all of the money in your account to an Australian complying superannuation scheme that accepts KiwiSaver transfers** | We do |
| You permanently emigrated to a country other than Australia, a year or more ago | Any amount including the Government kick-start payment* (if received), but you can’t take out Government contributions or Australian sourced funds | We do |
| You want to pay tax or student loan liabilities arising because you’ve transferred overseas superannuation money to your account | Enough to cover the tax or student loan payment, but not to pay penalties or interest on it (the maximum allowed will depend on the value of your account and your tax position) | We do |
* If you joined KiwiSaver before 2pm on 21/05/2015, the Government kick-started your account with a tax-free contribution of $1,000.
** You can find a list of Australian complying superannuation schemes at www.superfundlookup.gov.au
In some circumstances, a court may order that we pay money out of your account.
Please note, you are unable to separately withdraw investment earnings out of your KiwiSaver account.
From acceptance of your application to withdraw you should allow up to ten business days for your withdrawal to be paid.
It’s my 65th birthday – can I withdraw my KiwiSaver investment now?
Happy Birthday! The Government currently sets the qualifying age for New Zealand superannuation at 65, and that’s when you can withdraw your KiwiSaver.
You can make a one-off full or partial withdrawal, or set up regular withdrawals from your KiwiSaver account.
Any withdrawal you make from the Summer KiwiSaver scheme will be tax free. You do not have to withdraw, and it’s fine if you’d like to remain a member of the Summer KiwiSaver scheme so that your money can work alongside any other investment arrangements you have.
You can continue to make contributions to KiwiSaver after you are eligible to withdraw, although your employer is not obliged to continue with their contributions, and you are no longer eligible to receive the Government contribution.
To stop making employee contributions once you become eligible to withdraw from your KiwiSaver account, you will need to complete a KiwiSaver Non-deduction notice (KS51 form) and give this to your employer.
How do I make my first withdrawal?
If you meet the criteria, simply complete a withdrawal form, suppling this with proof of your nominated bank account. We will arrange to make a payment to your bank account once your withdrawal is approved. When processing a withdrawal, PIE tax is deducted according to your prescribed investor rate (PIR). You can find more out about tax here and you can check the current PIR that we hold on your account by logging into your account and going to My Profile.
From acceptance of your application to withdraw, you should allow up to ten business days for your withdrawal to be paid.
How do I make subsequent withdrawals?
If you’ve made a withdrawal from your Summer KiwiSaver scheme account before, and would like to make another withdrawal to be paid into the same bank account, email [email protected] with the amount you wish to withdraw. This email should come from the email address associated with your Summer KiwiSaver scheme account. If you are unsure of the email address linked to your account, simply log in and select "My Profile" under the "Manage my account" section or contact us.
From acceptance of your application to withdraw, you should allow up to ten business days for your withdrawal to be paid.
If you want your subsequent withdrawal to be paid to a different bank account than your first withdrawal please complete a subsequent withdrawal form.
What's next?
Planning what to do with your KiwiSaver proceeds is an important decision, and the right advice can make a difference to your ongoing income during your retirement years. We can help you connect with a financial adviser who is experienced in advising on portfolios that aim to achieve specific investment objectives.
Moving overseas
Sometimes people leave this beautiful country. If you are emigrating permanently to anywhere other than Australia, once the withdrawal is approved, you can transfer your KiwiSaver account balance as a cash payment once you have been away for more than 12 months. This includes your contributions, employer contributions and the Government kick-start* (if received), however it excludes any Government contributions and amounts transferred from an Australian complying superannuation scheme.
Can I transfer my KiwiSaver investment to Australia if I emigrate there?
Trans-Tasman portability is an important feature of KiwiSaver. You can’t receive a cash payment, if you permanently emigrate, but we can transfer your Summer KiwiSaver Scheme balance to an approved Australian complying superannuation fund for you. Find out more about Australian transfers.
Serious illness
You can apply to withdraw any amount, up to the value of your account, from your KiwiSaver account due to serious illness. A decision on this withdrawal is made by the supervisor of your KiwiSaver scheme, and you’ll need to provide medical evidence.
Serious illness is defined as an injury, illness or disability that:
- Results in you being totally and permanently unable to engage in work for which you are suited by reason of experience, education or training or any combination of those things; or
- Poses a serious and imminent risk of death
To make an application for a serious illness withdrawal complete the withdrawal form and return it to us, or contact us and we can assist you.
Life-shortening congenital illness
You can apply to withdraw any amount, up to the value of your account, from your KiwiSaver account if you suffer from a life-shortening congenital condition.
Life-shortening congenital condition means a condition that exists for a person from the date of their birth and is likely to reduce their life expectancy, or persons generally with the condition, below the New Zealand superannuation qualification age.
If you make a life-shortening congenital condition withdrawal you may continue to make contributions to the Scheme but you will no longer be eligible for Government contributions or compulsory employer contributions.
What is a life shortening congenital illness?
The Government has identified the following conditions ('listed conditions') that qualify as life-shortening congenital conditions:
- Down syndrome (Down’s syndrome)
- cerebral palsy
- Huntington’s disease (Huntington’s chorea)
- fetal alcohol spectrum disorder.
You may make a life-shortening congenital condition withdrawal if you have a condition that meets the definition above, i.e. a condition that exists for a person from the date of their birth and is likely to reduce the life expectancy of that person, or for persons generally with the condition, below the New Zealand superannuation qualification age.
To make an application for a life shortening congenital illness withdrawal please complete the withdrawal form, or contact us for assistance.
Death
In the event of death, the balance of your KiwiSaver account will be paid in full to the executors or administrators of your estate.
If the balance of your account is below the prescribed amount (which is currently $15,000) and meets other requirements, we may be able to pay it direct to a surviving partner, caregiver, or other approved recipient.
To make arrangements for a withdrawal due to a death complete and return the withdrawal form or contact us and we can assist you.
