Withdrawals

There are only six circumstances under which you can withdraw from your GMK KiwiSaver account.


ORDINARY WITHDRAWALS

When you reach the age of eligibility for NZ Super, which is currently 65. (Or if you joined KiwiSaver after you turned 60 you need to stay in for 5 years before you can withdraw.)

  • How much will you get? Your contributions, any government contributions, any employer contributions, any transfers from other super schemes, plus or minus any earnings or losses on these contributions.
  • How can you withdraw it? You can take out the whole amount as a lump sum,  or take regular withdrawals.
  • You can keep contributing after you’re eligible to withdraw, but you will no longer be eligible for the member tax credits or the fee subsidy.

 

EARLY WITHDRAWALS

You can apply to withdraw from your KiwiSaver early for the following reasons:

  • If you are buying your first home, you can use your KiwiSaver money as part of the down payment, as long as you’ve been contributing for a minimum of three years.
  • If the trustees of the KiwiSaver Scheme agree to a withdrawal because of serious financial hardship.
  • If the trustees of the KiwiSaver Scheme agree to a withdrawal because of serious illness.
  • If you have moved overseas permanently. You can apply to withdraw 12 months after you have emigrated.
  • If you have a KiwiSaver account when you die, your account balance will paid to your estate.

 

The rules about withdrawal from KiwiSaver are described in detail on IRD’s KiwiSaver website.