Accessing your money

When you reach retirement age you can access your KiwiSaver savings. You can leave your savings in your KiwiSaver account, and you can also keep contributing if you want to. Or, you can choose to withdraw some or all of your savings in lump sums or as a regular payment.

If you do keep contributing to your KiwiSaver account, you’ll no longer be eligible for Member Tax Credits and if you’re still working, your employer doesn’t have to continue contributing 3%, but your own contributions would continue unless you ask your employer to stop making deductions.

If you’re eligible to make a withdrawal, you can apply using the application form.

You may be able to use your KiwiSaver funds to buy your first home.
To be eligible for a KiwiSaver first home withdrawal you’ll need to meet the following criteria:

• You've been a KiwiSaver member for at least three years
• You’ve never owned property or land before
• The property or land is in New Zealand
• You intend to live in the home you're buying or build a home to live in on the land you're buying
• It's the first time you've made a KiwiSaver withdrawal to buy a home

You can withdraw your contributions (and your employers, where applicable) and any member tax credits you’ve received. You do have to leave a minimum $1000 in your account and any money transferred from an Australian complying superannuation scheme. You can choose to apply the funds towards your deposit or at settlement.

To apply, you will need to complete the application forms.

What you need to know before you apply

If you can provide evidence that you're suffering or likely to suffer significant financial hardship, you may be able to withdraw some of your KiwiSaver savings. You’ll also need to provide proof that you’ve explored all other reasonable alternative sources of funding as part of your application.

Significant financial hardship includes if you're:

• unable to meet minimum living expenses
• unable to meet mortgage repayments on the home you live in, resulting in your mortgage provider enforcing the mortgage on your property
• unable to pay rent/board payments
• modifying your home to meet special needs because of you or a dependent family member having a disability
• paying for medical treatment if you or a dependent family member:
  • becomes ill
  • has an injury, or requires palliative care
  • suffering from a serious illness
• incurring funeral costs if a dependent family member dies.

Before you apply, have you considered:

• asking Work and Income New Zealand (WINZ) for assistance?
• contacting IRD about taking a contributions holiday?
• seeking budgeting advice from a Budget Advisory Service?

How much can you apply for?

You can apply to withdraw all your funds less member tax credits. The Supervisor of the Nikko AM KiwiSaver Scheme is responsible for approving your application and will determine the amount you require to relieve your hardship. This amount will likely be sufficient to cover a shortfall in your minimum living expenses for three months, and an amount to pay overdue bills or arrears.

If you think you’re eligible for a KiwiSaver Hardship withdrawal you, need to:

• Complete all parts of the application form
• Provide all of the supporting documents listed in the checklist
• Complete the statutory declaration have this witnessed by a person authorised to take Statutory Declarations
• Provide certified copies of proof of your identity and address

We will check your application and supporting documents and will then contact you if we require any further information. We won’t be able to assess your application until we receive all the information requested.

We’ll then assess your application and send it to the Supervisor for a final decision.

To apply, please complete an application.

You may be able to apply to withdraw your funds on the basis of serious illness. A serious illness means 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
• that poses a serious and imminent risk of death.

To apply, you will need to complete an application which includes a declaration from your doctor.

If you leave New Zealand permanently, after living overseas for 12 months or more, you can apply to withdraw your funds (excluding member tax credits). If you are immigrating to Australia however, you must transfer your funds to an Australian complying superannuation scheme (ACSS) instead.

You must provide evidence of your departure from New Zealand and evidence that you are now permanently living overseas (including Australia).

If you wish to transfer your KiwiSaver account to an ACSS, you do not need to wait 12 months. You’ll need to complete the Australian scheme’s application process and supply confirmation of this to us.

If you’ve permanently emigrated to somewhere other than Australia, please complete an application form.

If you die while you’re a member of KiwiSaver, the balance your KiwiSaver account is paid to your estate. Personal Representative(s) of the member need to apply to make the withdrawal- there are two types of Personal Representatives, depending on your balance of your KiwiSaver account.

If the balance is over $15,000 this will be:

• The person(s) who has been granted Probate if the Deceased left a Will
• The person(s) who has been granted Letter of Administration if the Deceased did not leave a Will

If the balance is under $15,000 and no Probate or Letter of Administration have been granted, then a relevant person is able to apply to make the withdrawal. Personal Representatives will need to complete an application form.