Under SuperLife when you reach your KiwiSaver Retirement Age you have several options. Your KiwiSaver Retirement Age is the later of:
- The day that you reach the standard New Zealand Superannuation qualification age (currently age 65), and
- The day that you have been a member of KiwiSaver (and/or a Complying Fund) for five years. The five years starts from the earlier of:
- the date you first joined a KiwiSaver scheme or Complying Fund, or
- the 15th of the month for which contributions deductions were first received by the IRD.
Options
When you reach your KiwiSaver Retirement Age:
- You can withdraw all or some of your savings.
- You can leave your KiwiSaver savings in SuperLife until you want to access them.
- Until your KiwiSaver Account balance is paid out in full, your balance continues to be invested and you can continue to save until you advise otherwise.
- When your account balance is paid out in full, you cease to be a member of KiwiSaver.
- You can set up a ‘managed income’ – you decide how much you want to take out on a regular basis, e.g. each month, and have it paid into your bank account.
- You can transfer your KiwiSaver savings to start a SuperLife invest scheme savings account (i.e. non-KiwiSaver).
Remember you don’t actually have to retire to access your KiwiSaver Account; you just have to reach your KiwiSaver Retirement Age. Also, you do not need to withdraw your money all at once.
Contributions to KiwiSaver after your KiwiSaver Retirement Age
When you reach your KiwiSaver Retirement Age:
- You don’t have to contribute to KiwiSaver, but you can if you want to.
- Your contributions continue unchanged until you change them.
- If you are currently saving by direct debit to SuperLife, this will continue until you tell us to stop.
- The compulsory employer contributions stop. However, some employers may choose to continue and you will need to find out if your employer will, and if yes, what the rules are.
- If you are employed, you will have to tell your employer in writing if you want to stop contributing to KiwiSaver. Otherwise, they have to keep making deductions from your pay.
- You can carry on saving directly with SuperLife by setting up a direct debit with SuperLife.
Remember, the government contribution does not apply after your KiwiSaver Retirement Age.
Government contribution
When you reach KiwiSaver Retirement Age, you are eligible for a proportion of the government contribution for the period from the last 1 July to your KiwiSaver Retirement Age. SuperLife will tell you what that entitlement is and how much you need to save to get your maximum final government contribution. These contributions need to be made before your KiwiSaver retirement age.
