We understand that unexpected events may mean that you need to withdraw money before you reach age 65.
Circumstances where you can withdraw money are restricted to:
You may be able to withdraw your money if a serious illness:
- means you are totally and permanently unable to engage in work for which you are suited because of experience, education, or training; or
- poses a serious and imminent risk of death.
You will need to include supporting medical evidence with your application. If your application is approved, you can choose to withdraw all of the money in your account. In this case, your account will be closed.
You can access an application for withdrawal due to serious illness form here. You will also need to complete an AML identity verification form.
Significant financial hardship
If you are suffering significant financial hardship and you’ve tried all other options to raise money, you may be able to withdraw money to help make ends meet.
You will need to supply enough evidence for us to understand your financial position because the criteria is quite strict. Generally it means you can’t pay for:
- minimum living expenses;
- the mortgage on your family home;
- the cost of modifying a residence to meet special needs arising from a disability to you or your dependant;
- medical treatment or palliative care for you or your dependant; or
- a dependant’s funeral.
Your application must include a statutory declaration relating to your assets and liabilities, as well as a range of information such as bank statements, pay slips etc.
Please note your withdrawal cannot include any:
- government contributions; or
- $1,000 government kickstart you may have received.
Life-shortening congenital condition
You can apply to withdraw your money before the age of 65 if you have suffered from a life-shortening congenital condition since you were born. Note that if you do make a withdrawal, you will no longer be eligible to receive government contributions or compulsory employer contributions.
You can apply to make a withdrawal if you have one of the following conditions:
- Down syndrome
- Cerebral palsy
- Huntington's disease
- Fetal alcohol spectrum disorder
You can also apply if you have a condition that's not on the list and your medical practitioner certifies that you suffer from a life-shortening congenital condition and that the condition is expected to reduce life expectancy below age 65.
Permanent emigration to Australia
Moving to Australia? While you can’t withdraw money from your KiwiSaver account when you move, you can:
- transfer your KiwiSaver balance (including your government contributions) to an Australian complying superannuation scheme; or
- leave your money in New Zealand to access when your reach retirement age.
Permanent emigration to another country (not Australia)
After you have been overseas for one year, you may:
- withdraw all of the money from your KiwiSaver account, except for any government contributions (these go back to the government); or
- transfer your funds to an authorised foreign superannuation scheme.
You will need to provide us with:
- a statutory declaration that you have permanently emigrated
- proof of your departure from New Zealand
- proof that you have lived at an overseas address since you left New Zealand.
Paying income tax and student loans linked to foreign superannuation transfers
If you have transferred money from a foreign superannuation scheme (such as a UK pension fund) into your KiwiSaver account, you may have to pay extra tax or increase your student loan repayments. If this happens, you can withdraw some of your KiwiSaver money to pay for these obligations.
Please note that a number of conditions apply to these transfers. You can find out more information on the Inland Revenue website.