Media Releases

KiwiSaver relief for quake-affected

Tuesday, November 22, 2016 - 14:27
Commerce and Consumer Affairs

Commerce and Consumer Affairs Minister Paul Goldsmith has announced relief for KiwiSaver members who are suffering financial hardship following the November 14 earthquakes, by making it easier for them to withdraw their funds.

“I have asked the supervisors of the KiwiSaver schemes to expedite requests for early withdrawal for earthquake-affected members as quickly as they can.

“I also emphasised to KiwiSaver supervisors that when assessing financial hardship applications, they should take into account the effects of the earthquake on their member’s assets, ability to work, income and expenses.”

“Supervisors have agreed to this approach. They will work with KiwiSaver providers to ensure affected members can go through the withdrawal process as quickly and flexibly as possible.”

KiwiSaver scheme rules provide for early withdrawal if supervisors are reasonably satisfied that a member is suffering or is likely to suffer from significant financial hardship.

Any KiwiSaver member considering making a financial hardship application should contact their KiwiSaver scheme provider directly, or alternatively can call the Government Helpline on 0800 779 997 for further information.