Change in employment circumstances but still employed by Air NZ

Significant Financial Hardship withdrawal
If you meet the criteria for Significant Financial Hardship, you may be able to make a withdrawal from your Koru FlexiSaver account and / or Koru KiwiSaver account to cover your minimum living expenses.
To find out if you meet criteria and to apply for Significant Financial Hardship for Koru FlexiSaver click here.  For KiwiSaver, click here.

Leaving your employment at Air NZ

In the event that your employment at Air NZ is ending, you can choose to stay in Koru FlexiSaver and move to what we call the deferred plan, or you can withdraw your money and exit the plan. It’s important that you speak to an adviser who can help you make the right choice based on your individual situation.

Staying in Koru FlexiSaver (Deferred Plan)

If you decide to stay in the plan, you’ll be placed in the Koru FlexiSaver Deferred Plan. You can make contributions and withdrawals at your discretion. You will still only pay the discounted fee rate available in your Koru FlexiSaver.

Who is eligible?
FlexiSaver members who are leaving their employment at Air NZ but wish to remain in the plan.

How does the deferred plan work?
The Koru FlexiSaver Deferred Plan is an open plan. That means you can contribute and withdraw money at your discretion, without approval from your employer. You will pay the same discounted fee rate that you pay as a Koru FlexiSaver member. You’ll still have access to My AMP and will still receive regular communications from us.

How do I apply?
You don’t need to do anything at all. Air NZ will let us know when you are leaving employment and we will automatically move you to the Deferred Plan.

Exiting the Koru FlexiSaver Plan

If you decide to exit the plan and withdraw your savings, you will be able to withdraw all your savings however, you won’t be able to re-join the plan unless you sign up again with another employer who is an NZRT member.

Who is eligible?
FlexiSaver members who are leaving their employment at Air NZ and wish to leave the plan.

What can I withdraw?
You can withdraw all of your savings; however, you cannot re-join the plan once you have left.

How do I apply?
Air NZ will let us know when you are leaving employment and pay their final employer contributions. You do not need to ask them to do this, this will happen automatically

Once we have received notification and the final contributions from Air NZ, we will be in touch with you to let you know how you can make a withdrawal

Important information

The timing of when you’ll be able to make a withdrawal will depend on when you leave employment and when we receive the final contributions from your employer

Any questions regarding eligibility criteria and withdrawals can be directed to the Air NZ HR Solutions Team by emailing hrsolutionscentre@airnz.co.nz

Kia Kaha

The Team at AMP

A disclosure statement is available from your adviser on request and free of charge.