Kiwisaver’s 5th birthday was on 1st July 2012. With an enrolment of almost two million New Zealanders Kiwisaver can definitely be hailed as a success. Considering this has happened during a time of fiscal restraint it is very satisfying to know that so many New Zealanders now have savings which they may not have had otherwise, plus it may have changed their views on the value of savings accounts now they can see the rewards.
Those who have had an account for five years and have reached the age of 65 (eligible to receive NZ Superannuation) will now be able to access those funds, both these stipulations must be met. For instance if you joined when you were 62 you still won’t be eligible until you are 67.
If you wish to withdraw your savings speak initially to your scheme provider who will be able to explain how to do this and tell you how long it will take. Both these things will depend on the type of funds/assets portfolio you have, and your provider’s systems as to the timeframe. They will also be able to confirm the value of your savings. Contact the IRD if you aren’t sure who your provider is and they will be able to tell you (you will need to give your IRD number).
You can start the application with your provider prior to your eligibility date to speed up the process, have your paperwork to hand for reference. You can still leave your account open and contribute to it after you become eligible.
For employers with employees who reach the eligibility criteria please note you are no longer liable to pay contributions as an employer after this date, unless their employment agreement states otherwise