Withdrawing your savings

KiwiSaver is designed as a long-term investment to help you save for your retirement. That's why generally, your money is locked away until you're 65. However you may also be able to withdraw funds:

• To help buy your first home
  
• If you're moving permanently to a different country
• If you're experiencing significant financial hardship
• If you have a serious illness
• If you have a life-shortening congenital condition.

You can usually start withdrawing from your KiwiSaver account when you turn 65. If you joined KiwiSaver or a complying superannuation fund before 1 July 2019, you may be subject to a five-year membership requirement before you can start making withdrawals.

Once you turn 65, you can opt out of this ‘lock-in’ period by making a retirement withdrawal. However, it’s important to note that opting out means you’ll no longer be eligible to receive any Government contributions and your employer can stop their contributions.

Remember you don’t need to withdraw your savings as soon as you turn 65. You can keep them in your account, working for you, until you need them. The choice is yours.

Congratulations on reaching this great milestone!

New Zealanders are typically living longer so it’s important to make sure your savings will support you throughout your retirement. Before you make any big financial decisions, we recommend you speak to your financial adviser to help you get the best from your savings. If you’d like some help, ANZ’s financial advisers can provide free advice tailored to your individual situation.

It’s also important to keep your money safe. Unfortunately, we’re seeing a rise in scammers trying to get their hands on retirees’ hard-earned money. They can be very clever and persuasive, but remember if something sounds too good to be true, it usually is. 

To make your first retirement withdrawal, simply download and complete a retirement withdrawal form, and return it to us with certified identification and proof of residential address – see the form for details of what’s required. (You’ll only need to complete the statutory declaration and provide certified identification the first time you make a withdrawal).

Please note that withdrawals can take up to 15 working days to process. We’ll update you on the progress of your application.

To make a subsequent retirement withdrawal, or to amend your regular withdrawal, simply download and complete a subsequent retirement withdrawal form.

If you’ve been a member of KiwiSaver or a complying superannuation scheme for at least three years, you may be able to withdraw some of your money to put towards buying your first home, or land to build your first home on.

Here you’ll find how KiwiSaver can help you get into your first home, who is eligible and how much you can withdraw. You can also find out if you’re eligible for Housing New Zealand’s First Home grant.

If you’re moving overseas permanently, you may be able to take your KiwiSaver savings with you.

If you move permanently to a country other than Australia, you can withdraw your funds after you’ve been overseas for at least one year. Please note that you can’t withdraw:

• any Australian sourced funds (e.g. if you’ve transferred money from an Australian super scheme to your KiwiSaver account), or
  
• any Government contributions you’ve received (these will be returned to the Government).

To apply, download and complete our permanent emigration withdrawal form. You’ll need to show evidence that you’ve permanently left New Zealand and are living overseas, and complete a statutory declaration – see the form for more details.

You can apply for an early withdrawal if you have a serious illness. Serious illness means an injury, illness or disability that has you:

• totally and permanently unable to work at a job that you’re suited to because of your education, training or experience, or
  
• at serious risk of dying very soon.

You’ll need a declaration from a registered medical practitioner and you’ll also need to make a statutory declaration. For more information and to apply, see our serious illness application form.

You may be able to make an early withdrawal if you were born with a condition that is expected to reduce life expectancy below 65.

You’ll need a medical certificate from a registered medical practitioner and you’ll also need to make a statutory declaration. For more information and to apply, see our Life-Shortening Congenital Conditions Withdrawal Guide and Withdrawal Form.

The supervisor will determine whether you’re eligible for a life-shortening congenital conditions withdrawal.

If you make a life-shortening congenital conditions withdrawal you won’t be eligible for any Government contributions and your employer can stop their contributions.

See the guide and product disclosure statement for the OneAnswer KiwiSaver Scheme.