From 1 April 2020 the rules around making withdrawals from KiwiSaver schemes are changing to make things easier for people over 65 and people with life-shortening congenital conditions. 

Opting out of the lock-in period

Currently, if you joined KiwiSaver before 1 July 2019 and you were aged 60-64 at the time, you are subject to a five-year lock-in period. This means you can only make a withdrawal from your KiwiSaver account after you have been a member for five years. 

From 1 April 2020, these rules will change. You will be able to 'opt-out' of the lock-in period and withdraw your funds at any stage once you reach the New Zealand Superannuation age, regardless of whether you have been a member for five years. 

You can make such a withdrawal by completing a retirement withdrawal application form, available in the resources section of our website. 

Life-shortening congenital conditions

From 1 April 2020, if you were born with a life-shortening congenital condition you can apply to withdraw all or a portion of your KiwiSaver account balance before reaching the age of New Zealand Superannuation. 

The Government is creating a list of all the relevant health conditions. If you have a life-shortening congenital condition that is not on the list, you may also apply to make a withdrawal, although you will be required to provide more medical evidence. 

If you make a withdrawal under this category, you can continue in paid employment. However, you will not be entitled to Government contributions or compulsory employer contributions on any further contributions you make. 

To make such a withdrawal application please email us at or call us on 0800 800 627.

More news

Report on investment performance for the quarter ended 31 December 2019

22 January 2020 - The fourth quarter of 2019 was marked by strong returns, with many share markets hitting record highs as investors reacted positively to signs that the trade dispute between the United States and China was close to being resolved..

New Year's Honours for MAS Members

9 January 2020 - Nine MAS Members have been recognised in the New Year’s Honours List 2020.