Understanding the Process of Withdrawing Your KiwiSaver Savings
You generally become eligible to withdraw all your savings as a lump sum when you qualify for NZ Super (currently at the age of 65)
Updated 13 September 2024
Important: This guide only relates to anyone reaching the age of 65. Our guides to Hardship Withdrawal Applications and First-Home Withdrawals have specific guidance.
You can withdraw your savings:
Important: This guide only relates to anyone reaching the age of 65. Our guides to Hardship Withdrawal Applications and First-Home Withdrawals have specific guidance.
You can withdraw your savings:
- When you're eligible to withdraw your savings, apply to your KiwiSaver provider
- Any withdrawals from your KiwiSaver account are tax-free.
You can Continue Your Contributions Even After You Make a Withdrawal:
If you're:
- Self-employed, then you can continue to make contributions directly to your scheme provider.
- An employee, then you can continue to make contributions by deductions from your pay or directly to your scheme provider.
Forms and Options
If you want to stop your contributions
To stop making KiwiSaver deductions from your pay, you must complete a Non-deduction notice (KS51) and give it to your employer.
If you want to restart your contributions
Provided you're still a KiwiSaver member you can start contributing again to your KiwiSaver account at any time, even after you've given your employer a non-deduction notice. If you want to restart the contributions from your pay you'll need to complete a KiwiSaver deduction form (KS2) and give this to your employer.
Employer contributions and Government contribution
Once you're eligible to withdraw your savings your employer is no longer required to make compulsory employer contributions to your KiwiSaver scheme, unless this is specified in a contractual employment agreement, or similar arrangement, between you and your employer. Also, you no longer qualify for the Government contribution.
Withdrawing to pay tax liability on foreign superannuation transfer
If you transferred your funds into a KiwiSaver scheme you may withdraw the associated tax and student loan obligations from your funds. KiwiSaver providers administer this withdrawal.
To stop making KiwiSaver deductions from your pay, you must complete a Non-deduction notice (KS51) and give it to your employer.
If you want to restart your contributions
Provided you're still a KiwiSaver member you can start contributing again to your KiwiSaver account at any time, even after you've given your employer a non-deduction notice. If you want to restart the contributions from your pay you'll need to complete a KiwiSaver deduction form (KS2) and give this to your employer.
Employer contributions and Government contribution
Once you're eligible to withdraw your savings your employer is no longer required to make compulsory employer contributions to your KiwiSaver scheme, unless this is specified in a contractual employment agreement, or similar arrangement, between you and your employer. Also, you no longer qualify for the Government contribution.
Withdrawing to pay tax liability on foreign superannuation transfer
If you transferred your funds into a KiwiSaver scheme you may withdraw the associated tax and student loan obligations from your funds. KiwiSaver providers administer this withdrawal.
Credit: This information originally appeared on kiwisaver.govt.nz before the website was closed down. MoneyHub's research team continues to keep it up to date.
Related Guides
- KiwiSaver Hardship - if you're a KiwiSaver member and struggling with your finances, our guide explains everything you need to do to ask for an early redemption
- Contributions holiday - if you're wanting to take a break from contributing, our guide explains your options
- KiwiSaver First Home Withdrawal Guide - if you want to use your KiwiSaver balance for a house deposit, our guide explains everything you need to know
- KiwiSaver HomeStart Guide - get a grant of up to $20,000 and access to your KiwiSaver fund for your first house or apartment deposit
- Your contributions - You can choose how much to contribute. Find out what happens when you go on leave, receive a benefit or entitlement, or have a tax debt
- Your employer's contributions - If you're a KiwiSaver member making contributions from your pay, your employer will also contribute to your KiwiSaver savings
- Government contributions - To help you save, the Government will make an annual contribution towards your KiwiSaver account as long as you meet certain conditions.
- Voluntary contributions - make voluntary contributions (or lump sum payments) at any time, either directly to your KiwiSaver provider or through Inland Revenue
- KiwiSaver and tax - KiwiSaver contributions are deducted from your before-tax pay, and our guide explains everything you need to know.
- How to check your KiwiSaver contributions - Keeping track of your KiwiSaver contributions is easy with 'My KiwiSaver'
- KiwiSaver Providers - You can choose which scheme to join, even if you're provisionally allocated to an employer-chosen/default scheme
- Opting out of KiwiSaver - If you're a new employee who's been automatically enrolled, you can choose to opt out of KiwiSaver
- KiwiSaver Fund Selection Guide - 10 Must-Know Facts Revealing Everything You Need To Know About KiwiSaver
- KiwiSaver Calculator - our retirement calculator considers KiwiSaver contributions, how much you earn right now, how much you plan to spend during retirement, and how old you are, among other factors