KiwiSaver withdrawal options

While KiwiSaver is designed to help you save for your retirement, in very specific circumstances you may be able to access your KiwiSaver savings before you reach 65.

As your KiwiSaver provider, AMP can help you understand whether you’re eligible and can help you with the KiwiSaver withdrawal rules and processes if you are. In particularly challenging cases we can even refer you to specialists for help.

Situations that may enable you to withdraw from your KiwiSaver account include:

• Retirement: You can withdraw some or all of your KiwiSaver savings when you turn 65 (and meet other eligibility requirements).
  
• First home: You may be able to withdraw almost all your savings to purchase your first property.
  
• Hardship: You may be granted an early withdrawal in extenuating circumstances, such as financial hardship.
  
  

When can I withdraw my retirement savings from KiwiSaver?

You can currently withdraw from the KiwiSaver scheme when you turn 65, but for those who joined KiwiSaver (or a complying superannuation fund) before 1 July 2019, the qualifying date is the latter of:

• The qualifying age for New Zealand Superannuation (currently 65);
  
• Five years after you first joined KiwiSaver (or a complying superannuation fund if you have transferred to KiwiSaver from another country’s scheme);
  
• Five years after Inland Revenue received your first contribution (whether employer contribution or voluntary contribution).
  

If you are over 65 but haven’t yet reached your qualifying date, you can choose to bring it forward, but you will lose eligibility for government and employer contributions from that date.

The process of withdrawing from KiwiSaver after retirement

Having reached the qualifying age, you have three KiwiSaver withdrawal options in retirement:

How to make a KiwiSaver first home withdrawal

To make a first home withdrawal from your KiwiSaver account, fill out the first home withdrawal application form and send it to your KiwiSaver Scheme provider (AMP) with the following supporting documents:

• A copy of the sale and purchase agreement.
  
• Proof of identity.
  
• A letter of undertaking from your solicitor.
  
• Your solicitor’s trust account details.
  

You can leave the rest to us! Approval usually takes 8-15 days, at which point the funds will be transferred to your solicitor’s account.

Beyond retirement and purchasing your first home, you may be allowed to access funds from your AMP KiwiSaver Scheme account in very specific extenuating circumstances, but only ever as a last resort, when all other avenues have been exhausted:

Significant financial hardship

If you are suffering, or are likely to suffer from financial hardship, then you may be eligible for a significant financial hardship withdrawal from your AMP KiwiSaver Scheme savings. A Supervisor will determine whether you can make the withdrawal, and the amount you can withdraw, based on your circumstances. Your eligibility may include minimum living expenses, debt repayments and liabilities.

Significant Financial Hardship Withdrawal

Serious illness

If you are suffering from a serious illness, you may be able to make a serious illness withdrawal. This grants you access to some or all of your savings to help cover lost income and the costs of medical treatment. The decision is based on medical evidence reviewed by the Supervisor.

Serious illness withdrawal form

Life-shortening congenital conditions

Similar to the above, if you are suffering from a life-shortening congenital condition you may withdraw some or all of your savings, though the amount is dependent on whether you have a listed or unlisted condition.

Life-shortening congenital conditions withdrawal form

Permanent emigration to Australia

If you permanently emigrate to Australia, you can transfer all of your KiwiSaver savings to an Australian complying superannuation scheme. (It’s important to first confirm with your Australian provider that they will accept a transfer, as not all do.)

Permanent emigration transfer application form (Australia)

Permanent emigration elsewhere

A year after you permanently emigrate from New Zealand to another country (other than Australia), you may withdraw your KiwiSaver savings minus any Government contributions and money that you previously transferred over from an Australian super fund.

Permanent emigration transfer application form (not Australia)

Withdrawal of Australian retirement savings

If you have reached the age of 60, and you have retired under Australian law, you can access any retirement funds that you have transferred over to KiwiSaver from an Australian super fund.

Retirement withdrawal form (Australian sourced savings)

Death

In the event of your death, your KiwiSaver savings will be paid to your estate, or if your savings are less than a prescribed minimum amount (currently $15,000), the funds may be paid to the bank account of a permitted recipient, such as a partner or family member.

Deceased withdrawal form

Find out more by downloading our AMP KiwiSaver Scheme Product Disclosure Statements.
 

The process of withdrawing from KiwiSaver in extenuating circumstances

Your specific extenuating circumstances will define the process of accessing your KiwiSaver savings, and a range of criteria, rules and exclusions apply to each circumstance. It’s wise to speak to our KiwiSaver advisers before making any decision, to gain a better understanding of whether it’s the right move for you.

If you believe you meet eligibility requirements, you can apply to make a withdrawal using the form links above.

Generally speaking, a licensed Supervisor will review your completed application and supporting documentation. If satisfied, they will also decide exactly how much money you are permitted to withdraw from your KiwiSaver account.

Looking for expert KiwiSaver advice?

We recommend speaking to a financial adviser before making any KiwiSaver withdrawal, to gain professional financial planning advice, and to understand the most beneficial plan for your situation.

We recommend speaking to a financial adviser when looking for financial advice. By speaking with a financial adviser, you can find out how your plan is working (or not) for you, and they can provide guidance on some suggested changes if needed.

As an AMP KiwiSaver Scheme customer you have access to financial advice whenever you need it which can be obtained either through AMP or an external Adviser. The financial advice that can be provided by an internal AMP Adviser is limited to AMP products, whereas an external Adviser may be able to advise you on a broader range of financial matters.

Want to take a break from contributing?

As an employee, you can take a break from contributing to your AMP KiwiSaver Scheme account. You could either take:

• a ‘savings suspension’ – for 3 months up to 12 months if you’ve been a member for 12 months or more
  
• an ‘early savings suspension’ - If you’ve been a member for less than 12 months, and are experiencing financial difficulty
  

If you stop contributing, you may miss out on benefits such as employer contributions and Government contributions. To find out more or apply for a ‘savings suspension’, you can contact Inland Revenue on 0800 549 472.

Frequently asked questions

What are the 3 reasons you can withdraw money from KiwiSaver?

The three main reasons for accessing your KiwiSaver savings are:

• Retirement: Once you turn 65 (and meet other eligibility requirements) you gain complete control over your KiwiSaver savings.
• First home: As an eligible first home buyer you can access most of your KiwiSaver savings to help with the purchase of your first home.
• Extenuating circumstances: Your KiwiSaver savings may be used as a last resort in several extenuating circumstances such as financial hardship, serious illness or permanent emigration.

Can I withdraw my KiwiSaver savings to pay off my debt?

As a general rule, you cannot use your KiwiSaver savings to pay off debt. The only exception would be a financial hardship withdrawal, at which point a licenced Supervisor would determine whether you can access your KiwiSaver savings, and exactly how much you can take out.