While KiwiSaver is designed to help you save for your retirement, it’s flexible enough to keep up with other changes that happen in your life. You can make withdrawals when you reach your qualifying date, however, you may also have other opportunities to use your savings before you retire.
Keep track of your money
Our online portals, My AMP and My AMP app, make it easy and convenient to keep track of the balance of your AMP KiwiSaver Scheme account. My AMP also lets you keep your personal details up to date, update direct debit contributions and switch investment funds.
Depending on how you decide to contribute, you may be able to:
- receive an annual Government contribution
- receive employer contributions, and
- choose to make regular voluntary contributions
Then watch how your savings perform over time through our secure online portals, My AMP and My AMP app.
If you’re ready to buy your first home, or the land to build your future home on, you might qualify to use your KiwiSaver savings (but you will have to leave at least $1,000 in your KiwiSaver account) to help you with your first purchase.
You’ll need to meet certain criteria to be eligible to use your funds to purchase your first home (or land), including that:
- you’ve never owned a property before (including land): and
- three years or more have passed since the Inland Revenue received your first KiwiSaver contribution.
Take a break from contributing
If you’re an employee, and have been a member of KiwiSaver for 12 months, you can take a break from contributing to your AMP KiwiSaver Scheme account. You could either take:
- a ‘savings suspension’ – 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
It’s important to note that if you do 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.
It's easy to join the AMP KiwiSaver Scheme
When do you qualify to make a withdrawal from KiwiSaver?Show more
When do you qualify to make a withdrawal from KiwiSaver?
If you joined KiwiSaver before 1 July 2019
Your qualifying date is the later of:
- age 65 years; or
- five years after you first joined a KiwiSaver scheme or, if you transferred to KiwiSaver from a complying superannuation fund, five years after you joined that fund.
If you joined before 1 July 2019, and your qualifying date is later than age 65, you might be interested to know that from 1 April 2020, you will be able to choose age 65 as your qualifying date. Just keep in mind if you do so, you will lose your eligibility for any future Government and compulsory employer contributions (though your employer may choose to continue to contribute).
If you joined KiwiSaver after 1 July 2019
Your qualifying date is either:
- age 65 years; or
- if you have transferred to KiwiSaver from a complying superannuation fund which you joined before 1 July 2019, your qualifying date will either be the later of age 65 or five years after you joined that fund.
If this applies to you, from 1 April 2020 you will be able to make a withdrawal at age 65 even if your qualifying date is later. Just keep in mind if you do so, you will lose your eligibility for any future Government and compulsory employer contributions (though your employer may choose to continue to contribute).
You’ll then have access to your savings and can choose to:
- leave your savings in your current scheme and switch your investment funds to match your new goals
- withdraw some or all of your savings ($1,000 minimum) under the AMP KiwiSaver Scheme
- set up a regular withdrawal ($50 minimum under the AMP KiwiSaver Scheme, available fortnightly, monthly or quarterly).
Making a request for early withdrawalShow more
KiwiSaver is designed to help you save for retirement. However, in some situations you may be able to withdraw funds from your AMP KiwiSaver Scheme account before your qualifying date. If you meet the criteria, this might apply to you in the case of:
- purchase of a first home
- significant financial hardship
- serious illness
- permanent emigration (not to Australia)
- withdrawal of Australian retirement savings (from age 60 provided you have retired under Australian law).
The Inland Revenue has some rules about how this works and which types of contributions you can withdraw.
Find out more by downloading our AMP KiwiSaver Scheme Product Disclosure Statement.
Important informationShow more
AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.