Early KiwiSaver withdrawals

You can choose to withdraw:

• Your entire savings as a lump sum
• Part of your KiwiSaver savings

But you don't have to withdraw your KiwiSaver money if you don't want to. If you don’t need your savings right away, you can leave some or all of them in your KiwiSaver account so they can continue to grow.

What’s best for you will depend on your overall financial situation and your lifestyle – so we recommend you talk to your financial adviser before making any decision.

To apply for retirement withdrawal, return the completed Booster KiwiSaver Scheme Retirement Withdrawal Form either to us or your financial adviser.

You can withdraw all or some of your KiwiSaver account balance when you reach the qualification age for New Zealand superannuation, currently 65.

If you've transferred funds from an Australian-complying superannuation scheme to a KiwiSaver scheme, you can withdraw these transferred funds when you meet both the following conditions. You must:

• Reach the age of 60
• Satisfy the definition of 'retirement' in Australian legislation

If you joined KiwiSaver before 1 July 2019 and were between the ages of 60 and 64, you were subject to a five-year lock-in period before you could withdraw your savings.

On 1 April 2020 the rules changed, allowing you to opt-out of the lock-in period and withdraw your funds at any stage once you turn 65, regardless of whether you have been a member for five years.

You may be able to withdraw an amount equal to:

• Your own contributions
• Your employer contributions
• Any investment returns

This amount will not include any government contributions.

You can only withdraw money:

• That is enough to ease your hardship
• If you can show that you have looked into and used up all other reasonable options

You will need to send us or your financial adviser:

1. A completed Booster application for significant financial hardship withdrawal
2. Proof of your financial situation including a statutory declaration about your assets and liabilities

You can get a copy of the significant financial hardship withdrawal form here, from your financial adviser or call us on 0800 336 338.

MoneyTalks is a free service and support group to help you through financial hardship. MoneyTalks connects people and whānau with local foodbanks, helps find their way through Work and Income processes and entitlements, and gives helpful advice to manage money.

You can get in touch with MoneyTalks if you need help with day-to-day money matters, like budgeting, Kiwisaver hardship applications and debt management. Sharing information and linking you with local community groups may give you new options, and the power to make choices.

To contact MoneyTalks, call 0800 345 123, text 4029, email help@moneytalks.co.nz or chat online via www.moneytalks.co.nz.

You may be able to withdraw an amount equal to:

• Your own contributions
• Your employer contributions
• Any investment returns
• Any government contributions

You will need to send us or your financial adviser:

• A completed Booster application for a serious illness or life-shortening congenital condition withdrawal (you can download this form in mybooster)
• Medical proof of your health, including a statutory declaration

If you permanently migrate to Australia, you can’t withdraw your KiwiSaver savings, but you can transfer them to an Australian complying superannuation scheme.

You will need to send us or your financial adviser:

1. A completed Booster application for Trans-Tasman withdrawal form
2. A statutory declaration
3. Proof that you have permanently emigrated

If you have received government contributions when you were ineligible to, such as during a time New Zealand wasn’t your main residence, Inland Revenue will take back these contributions from your KiwiSaver account. This will reduce the amount you have available for a first home withdrawal.

If you permanently migrate to a country other than Australia, after you’ve been living overseas for at least a year you can do one of two things. You can either choose to:

• Withdraw your savings
• Transfer them to an approved superannuation scheme

The amount you can withdraw or transfer won’t include any government contributions you may have received.

You will need to send us or your financial adviser:

1. A completed Booster application for permanent emigration withdrawal form (mybooster)
2. A statutory declaration
3. Proof that you have permanently emigrated

If you have received government contributions when you were ineligible to, such as during a time New Zealand wasn’t your main residence, Inland Revenue will take back these contributions from your KiwiSaver account. This will reduce the amount you have available for a first home withdrawal.

You may be able to withdraw some of your KiwiSaver savings if you need to pay either:

• Any New Zealand tax liability
• A higher student loan repayment after you've transferred money from a foreign superannuation scheme – other than an Australian scheme – to a KiwiSaver scheme

You won't be able to withdraw more than the amount of:

• Tax you have to pay
• Your additional student loan repayment obligation

Note that you cannot withdraw:

• The kick-start contribution, if you had one
• Your government contributions

If the withdrawal to pay tax or higher student loan repayments is approved, it will be paid directly to Inland Revenue.

You should seek independent advice about:

• The tax treatment of any interests you hold in foreign superannuation schemes and any transfers of money from such schemes
• Whether your foreign superannuation scheme allows a withdrawal in these situations

If you want to apply for a withdrawal to pay tax or higher student loan repayments, there's a time limit. You must do it within 24 months from the end of the month in which Inland Revenue assesses your liability for tax or student loan repayments.

You will need to send us or your financial adviser a completed Booster Partial withdrawal for foreign superannuation tax liability form - you can download this form in mybooster.