To withdraw KiwiSaver funds, the process depends on the reason for withdrawal:
- At Retirement (usually age 65): You can withdraw all your savings from KiwiSaver once you reach 65. You need to contact your KiwiSaver provider and complete a retirement withdrawal form with certified identification and proof of residential address. You can choose to withdraw as a lump sum or in regular amounts, or keep your funds invested and withdraw as needed. There is no requirement to withdraw immediately at 65; you can keep your funds invested longer if you wish. Your first withdrawal requires a statutory declaration and ID verification, subsequent withdrawals are simpler.
- Buying Your First Home: If you have been in KiwiSaver for at least three years, you may be eligible to withdraw funds to help buy your first home. You apply by completing a first home withdrawal application form and providing evidence of eligibility. You must leave at least $1,000 in your KiwiSaver account.
- Moving Overseas Permanently:
- If moving to Australia permanently, you can transfer your KiwiSaver balance to an Australian complying superannuation scheme immediately.
- If moving elsewhere permanently, you must have lived overseas for at least one year to withdraw your contributions and investment returns (not government contributions). You will need to provide proof of departure and residence overseas, plus a statutory declaration.
- Financial Hardship or Serious Illness: Withdrawals are possible in cases of significant financial hardship or serious illness. You must apply with evidence of hardship or illness, and only your and your employer’s contributions (not government contributions) can be withdrawn in hardship cases.
In all cases, contact your KiwiSaver provider to get the correct forms and follow their specific process. Withdrawals typically take about 8-15 business days after application and verification documents are received. This covers the main ways to withdraw from KiwiSaver depending on your situation.
