Are you thinking of making a KiwiSaver hardship withdrawal?
We understand that sometimes things don’t always go according to plan and your personal circumstances can change suddenly. Below, we provide information you may like to consider when thinking about making a hardship withdrawal from your KiwiSaver funds.
If after reviewing the information across these websites, you would like to proceed with a hardship withdrawal, please read below.
KiwiSaver hardship withdrawals
You can withdraw money from your KiwiSaver account due to significant financial hardship. A decision on a withdrawal of this nature is made by the supervisor of your KiwiSaver scheme. You will also need to provide evidence.
Significant financial hardship is defined as:
The supervisor must be satisfied that all reasonable alternative sources of funding have been exhausted. They will also require a statutory declaration about your assets and liabilities.
Withdrawals issued due to financial hardship are only able to be paid from money you and your employer have contributed into your account, as well as any investment earnings. Australian superannuation savings you have transferred to New Zealand may also be assessed for withdrawals. Government contributions are not able to be assessed for payment.
You may also wish to find out more about taking a ‘savings suspension’.
The more information you provide with your application, the better it will be able to be assessed. Requests for additional information can increase the processing time.