Scheme Benefits

You will be eligible for a retirement benefit (equal to all of your funds) when you reach your Qualifying Date, usually the age you qualify for New Zealand Superannuation (currently 65). 

However, if you first joined KiwiSaver or a complying superannuation fund before 1 July 2019, your Qualifying Date is the later of the date you became eligible for New Zealand Superannuation, or the date that is five years from the date you first joined KiwiSaver or a complying superannuation fund. 

You will still be eligible to make a withdrawal after you became eligible to receive New Zealand Superannuation, even if you haven’t completed five years membership by then. However, if you opt to make a retirement withdrawal before reaching your Qualifying Date you will cease to be eligible for Government Contributions and your employer could stop their contributions.  

Your retirement benefit is available to be paid to you as a tax paid lump sum. 

You can elect to take the benefit at this time, or transfer it to another scheme, or continue to remain a member of the Scheme and take the benefit at a later date. You may, if you wish, have all or part of your retirement benefit paid to you by instalments at intervals to be agreed with us. When you wish to have part or all of your retirement benefit paid you should make a request in writing to us (see the PDS for our address). 

KiwiSaver Retirement Withdrawal Form

You may be eligible to make a withdrawal to use as a deposit on your first home in New Zealand, or an interest in a dwelling-house on Māori land. We will need to be satisfied that the purchase is for your principal place of residence and: 

  • three years or more have passed since Inland Revenue received the first contribution to a KiwiSaver scheme in respect of you; or 
  • you have been a member of one or more KiwiSaver schemes, or complying superannuation funds, for a combined total period of three years or more. 

If you would like to purchase land on which to build your first home, you must apply the first home withdrawal towards buying the land and not towards building the home. 

 The following types of ownership will be ignored for the purposes of the withdrawal: 

  • holding an estate in land as a bare trustee; 
  • holding a leasehold estate; 
  • holding an interest in Māori land; and 
  • holding an estate in land as a trustee who is a discretionary, contingent, or vested beneficiary under the relevant trust; but has no reasonable expectation of being entitled to occupy the land as the principal place of residence for the person or the person’s family until the death of the person who currently occupies the land (the occupier) or the death of the occupier’s survivor. 

You may also be eligible to make a withdrawal if you have previously owned your own home (including land) and Kainga Ora confirms you are now in the same position as a first home buyer in terms of income, assets and liabilities. You can find more information at kaingaora.govt.nz (previously known as Housing New Zealand). 

You must leave at least $1,000 in the Scheme after the withdrawal. In addition, savings transferred to your account from an Australian-complying superannuation fund (other than any investment returns since the transfer) cannot be withdrawn. 

A first home withdrawal must be paid firstly from your savings (excluding any Kickstart and Government Contributions) and secondly, from the Government Contributions. 

You may only make a first home ownership withdrawal once. 

We require the follow documentation for First Home Withdrawal applications: 

After one year from the time you have permanently emigrated from New Zealand you can withdraw your funds (excluding your Government Contributions and any savings transferred from an Australian-complying superannuation fund). Alternatively, you can transfer them to an authorised foreign superannuation scheme (none has been authorised as at the date of this document). 

A permanent emigration withdrawal application must be in the form required by us and must include: 

  • a statutory declaration completed by you to the effect that you have permanently emigrated from New Zealand; and 
  • proof to our satisfaction that you have departed New Zealand and you have lived at an overseas address at some time during the year following departure from New Zealand. 

We may also require that any other documents, evidence or information produced in support of the application are verified by oath or statutory declaration. 

KiwiSaver Permanent Emigration Form

If you permanently emigrate to Australia, you can transfer all of your Scheme savings (including your Government Contributions and any Kickstart payment) to an Australian-complying superannuation fund. As it is not compulsory for Australian-complying superannuation fund providers to accept KiwiSaver savings, we recommend first confirming with your Australian superannuation provider that they will accept a transfer. A bank transfer fee may be charged and your Australian-complying superannuation fund provider may also charge a fee.  

A permanent emigration withdrawal application must be in the form required by us and must include: 

  • a statutory declaration completed by you to the effect that you have permanently emigrated to Australia; and 
  • proof to our satisfaction that you have departed New Zealand and you have lived at an Australian address at some time during the year following departure from New Zealand. 

We may also require that any other documents, evidence or information produced in support of the application are verified by oath or statutory declaration. 

If you suffer significant financial hardship that, in our opinion, justifies withdrawing some or all of your savings from the Scheme, you will be entitled to receive a hardship benefit. 

‘Significant financial hardship’ includes significant financial difficulties that arise because of: 

  • your inability to meet minimum living expenses; 
  • your inability to meet mortgage repayments on your principal family residence resulting in the mortgagee seeking to enforce the mortgage on the residence; 
  • the cost of modifying a residence to meet special needs arising from your or your dependant’s disability; 
  • the cost of medical treatment for an illness or injury of yours or your dependants; 
  • the cost of palliative care for you or your dependant; 
  • the cost of a funeral for your dependant; or 
  • you suffering from a serious illness (see below). 

This benefit entitles you to withdraw up to the full amount of your savings (excluding any Kickstart payment and any accumulated Government Contributions) and allows you to remain a member of the Scheme. 

We will need to be satisfied that reasonable alternative sources of funding have been explored and have been exhausted. We can also direct that the amount withdrawn be limited to a specified amount that, in our opinion, is required to alleviate the particular hardship. 

A significant financial hardship application must be in the form required by us and must include a completed statutory declaration covering your assets and liabilities. We may also require that any other documents, evidence or information produced in support of the application are verified by oath or statutory declaration. This amount will be paid to you as a tax paid lump sum. 

KiwiSaver Withdrawal Form

KiwiSaver Assets and Liabilities Form

If we are reasonably satisfied you are suffering from serious illness, you will be entitled to receive a serious illness benefit. 

‘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. 

This benefit entitles you to withdraw all or part your funds (including any Kickstart payment and any accumulated Government Contributions) and allows you to remain a member of the Scheme. 

A serious illness withdrawal must be in the form required by us. We may also require that any other medical matter asserted in support of the application for withdrawal is verified by medical evidence, and that any other documents, evidence or information produced in support of the application are verified by oath or statutory declaration. 

KiwiSaver Withdrawal Form

Should you die while a member of the Scheme, a death benefit is payable as a tax paid lump sum. The benefit will be the amount held in your member’s account and employer’s account (if any). 

We will: 

  • on application by your personal representative, pay to that person an amount that is equal to the value of your savings, the date on which the application is accepted as part of your estate; or 
  • if the requirements of section 65 of the Administration Act 1969 are met and your account balance is less than a prescribed amount (currently $15,000), pay to the relevant person any sum authorised by that section, subject to that Act. 

This may involve payments being made to your dependants or to your legal personal representative, depending on the circumstances applying at the time. 

KiwiSaver Withdrawal Form

If you have transferred your funds into a KiwiSaver scheme you may withdraw the associated tax and student loan obligations from your funds. To find out more about this, please contact our office on 04 978 1250.