Retirement

The retirement age at which you can access your KiwiSaver Account is known as your KiwiSaver Retirement Age. Your KiwiSaver Retirement Age is the later of the age you are eligible for New Zealand Superannuation (currently age 65) and 5 years after you join (if you join after age 60).

When you reach your KiwiSaver Retirement Age you can withdraw all or some of your KiwiSaver Account balance at any time - including the government kick-start and the MTC's (member tax credits). You can choose to take this as a lump sum. Under SuperLife you can also continue to invest your savings and take some out as an income. 

KiwiSaver does not affect your entitlement to New Zealand Superannuation.

Special circumstances

As KiwiSaver has been designed to help New Zealanders save for their retirement, you are generally not allowed to be paid a benefit before you reach your KiwiSaver Retirement Age, except in special circumstances.

First home withdrawal

Although KiwiSaver is primarily for retirement savings, if you have never owned a house you may also be able to use it to help buy your first home. KiwiSaver is a great way to save for your first home and the younger you start saving the more beneficial KiwiSaver can be.

If you have been a member of KiwiSaver for at least three years and you buy your first home, you can withdraw some of your KiwiSaver Account to help you buy your first home. You cannot withdraw the government’s $1,000 kick-start, or the government paid MTC's - these must stay for your retirement - but you can withdraw the investment earnings on them along with your savings and those of your employer. Also, if you have met the minimum contribution requirement for three years, you may qualify for the first home deposit subsidy of $1,000 for each year of saving (up to a maximum of 5 years) available from Housing New Zealand. Download our article on KiwiSaver for first homes.

Death

If you die, your savings will be paid to your estate. They therefore act as a funeral or tangi benefit.  It is important therefore, that you have a will and keep it up-to-date.

Other circumstances

Benefits may also be payable prior to your KiwiSaver Retirement Age:

- If you experience significant financial hardship. This maximum withdrawal excludes the government kick-start and MTC's but includes the investment earnings on them.  The kick-start and member tax credits must stay invested for retirement. Learn more.

- If you permanently emigrate. This withdrawal includes the $1,000 kick-start, excludes the MTC's which are paid back to the government, but includes the investment earnings on them. Learn more.

- If you suffer serious illness. This withdrawal includes the $1,000 kick-start and the MTC's. Learn more.

In most cases, you apply to the trustee if you want to withdraw your savings.  If you experience significant financial hardship or serious illness within the first three months of joining KiwiSaver, you'll need to apply to the IRD. 

If you need to apply for any of these circumstances and your KiwiSaver is with SuperLife, you can find the forms you need here, or alternatively contact us.