Frequently Asked Questions

Contributing to KiwiSaver

  • If you are an employee, you can choose to put in 3% (the default rate if you don’t make a choice), 4%, 6%, 8% or 10% of your Before Tax Pay. The amount of your contributions is deducted from your after-tax pay.

  • Your employer must match your contributions up to 3% of your salary or wages.

    If you are over 18 and contributing to KiwiSaver from your salary or wages, your employer is required to put in a minimum of 3% of your Before Tax Pay (less employer's superannuation contribution tax).

    You can choose to contribute 3%, 4%, 6%, 8% or 10%, however, your employer is still only required to contribute 3%.

    The exception to this is if you are on a "Total Remuneration Package". This allows an employer to set a fixed remuneration amount for each employee. If the employee joins KiwiSaver, the cost of the employer contribution comes out of the employee's pay.

     

  • If you are self employed, or not employed, there is no minimum initial investment. It is your choice to contribute and a good way to do that is by direct debit. You can fill out a Generate KiwiSaver Scheme  Direct Debit Form with the application. 

    If you are employed, you will have to contribute 3%, 4%, 6%, 8% or 10% of your gross salary or wages. If you contribute, your employer generally will also contribute 3% (if you are over 18 but under Retirement Age and meet certain other criteria)*, and for every dollar that you pay into the Generate KiwiSaver Scheme up to $1,042.86, the government will contribute $0.50c (up to a maximum of $521.43) (see Government Contribution if you are over 18 but under Retirement Age and meet certain other criteria)*. 

    If you are employed and you do not want to continue contributions to your KiwiSaver account you may be able to go on a savings suspension for up to 1 year. You can choose to start making contributions again at anytime. On a savings suspension you do not have to contribute to your KiwiSaver account. However, in this instance you will not receive the Government Contribution or your employer’s contribution. (You can still receive the Government Contribution if you make voluntary contributions - not out of your salary or wages - while you are on a savings suspension).

    *Conditions apply – see the Product Disclosure Statement for details.

  • Yes, however you will not be eligible for the Government Contribution, whilst you are not a resident in New Zealand.

  • ​No. The KiwiSaver Act specifically excludes KiwiSaver contribution deductions from redundancy payouts.

  • Please see below ways that you can make voluntary contributions to your Generate KiwiSaver Scheme account at any time:

    Through your online banking

    You can make a payment from your internet banking to the Generate KiwiSaver Scheme application account 12-3244-0004191-00.

    Please include your surname, initials and your Generate Membership Number as a reference. 

    Direct Debit

    You can log in to your online member account and set up a direct debit. Once you are logged in, you will find ‘Set up a Direct Debit’ on the left-hand side menu. Provide instructions such as amount, frequency, start date, bank account name and account number to set up a new direct debit. Alternatively, you can complete our Direct Debit form (available in Forms and Downloads on our website). Once completed, please email a copy through to info@generatekiwisaver.co.nz so we can set this up. Please ensure you give a clear 10 working days for the first deduction date

    Bill Payment (through your online banking)

    1. Add New Bill Payment Payee

    2. Type in Generate KiwiSaver Scheme and Search

    3. Select this option and then input the requested information - Member surname, initials and Generate Member Number

    IRD Payments (through your online banking)

    1. Select Inland Revenue Pay Tax

    2. Select KiwiSaver Member Account

    3. Where applicable type in the relevant information such as IRD number, Member Number and Name

    PLEASE NOTE:

    • Without the correct name and Generate Member Number, payments cannot be allocated to the correct KiwiSaver account. Your Generate member number can be found under My Details on your member login. 
    • All payments should be set up individually per member, as we are unable to split up a combined amount intended for multiple Generate members.
    • Payments made directly to Generate should be visible on your online member account within 3 working days of payment made. If any further information is required, we will contact you and this can delay funds being allocated to your KiwiSaver investment.
    • Payments made via IRD will take a couple of weeks longer to reach your Generate KiwiSaver Scheme account as this is dependent on IRD processing and then passing on to us as your provider but these will be eligible for Government contributions if made before 30 June claim period.

  • You have probably heard a lot about KiwiSaver and retirement in the news over the last few years and should know why it is so important to save for your retirement. The facts are hard to ignore:

    • There are generous government incentives on offer that should not be missed out on. Especially the HomeStart grant of up to $5,000 ($10,000 for new builds) and the $521.43 Government Contribution per year (for every $1 you put into your KiwiSaver account, the government will put in 50 cents up to a maximum of $521.43) if you meet certain eligibility criteria, including being over 18.
    • Life expectancies are continuing to increase and most people will live well past the current retirement age of 65.
    • Planning to live off New Zealand Superannuation alone may not allow you to enjoy your retirement or the lifestyle you are currently used to. NZ Super as at 1 April 2018 is $400.87 per week for a single person living alone or $616.72 per week for a couple (before tax).
    • If you’re hoping to maintain your current lifestyle when you retire you need to start making plans to start saving now. For example: If you’re earning a salary of $60,000 a year (pre-tax), you will generally need two thirds of your salary for each year of your retirement ($40,000) before allowing for inflation. NZ Super is only around $23,058.36 per year for an individual or $34,916.96 per year for a couple (before tax). 


    If you are employed, please use our contributions table to see what contributions you will need to make toward your KiwiSaver account. If you can't afford the contributions from your pay, you should not join a KiwiSaver scheme. If you are already in a KiwiSaver scheme and are having trouble making contributions, please see the Savings Suspension FAQ section below for information about possibly stopping your contributions. We can also recommend a budgeting service that may be able to help you.

  • Yes, everyone under 65 who is living (or normally living) in New Zealand, and is a New Zealand citizen or permanent resident, can join, and we welcome stay at home mums and dads. You will get exactly the same benefits as anyone who is self employed or not employed: up to $521.43 per year Government Contribution (50 cents for every dollar you contribute. To get the maximum Government Contribution you will need to be a KiwiSaver member for the full year and contribute $1,042.86. If you are over 18 but under the Retirement Age (and meet certain other criteria) you may be able to take advantage of the first-home withdrawal opportunity and, if you’re eligible, the HomeStart grant from Housing New Zealand.

    Everyone should save for their retirement and as a couple it makes sense for you to both contribute to a KiwiSaver Scheme as you may both receive the KiwiSaver benefits and enjoy more for your retirement together.

  • Worked in Australia anytime since 1992?

    If you have then you will have an Aussie Super account you are able to bring that money home and invest it in your KiwiSaver account.

    Why bring your Aussie Super home?

    There are a lot of good reasons to bring your Aussie Super home:

    Potential for lower fees - You are probably paying at least two sets of fees. Consolidating your super with one KiwiSaver provider could reduce the total cost. It is also possible that you might have more than one super account in Australia if you changed jobs when you were there.

    Visibility - Having all your retirement savings in one place makes it easier to keep track of your savings and what is happening with it.

    Certainty - If you are planning to retire in New Zealand, you probably want to know what your nest egg is worth in New Zealand dollars

    Important:

    Once you have transferred your superannuation savings to New Zealand you cannot reverse the decision unless you decide to permanently move back to Australia.

    You can only transfer Australian funds back into KiwiSaver in your name.

    You cannot access any Australian funds transferred to New Zealand until age 60 and you satisfy the Australian definition of retirement at that age.

    Transferred Australian funds cannot be used to assist with the purchase of a first home, nor can they be transferred to another country.

    There is no tax to pay on the transferred balance prior to it being invested in your KiwiSaver account, however, once it is invested the balance will be subject to New Zealand tax just like your current KiwiSaver earnings are. Investments in New Zealand are taxed differently to those in Australia. Australia generally has a flat rate of 15% on earnings from superannuation schemes. New Zealand's tax rate can range from 10.5% to 28% depending on your own Prescribed Investor Rate (PIR). However, Australia taxes capital gains in superannuation schemes on equities whereas New Zealand currently does not tax capital gains on New Zealand equities and most Australian equities. International shares are usually taxed as if they earned 5% per annum. If you require further information, we recommend that you seek independent advice on taxation from an expert.

    There may be other benefits specific to your Australian super scheme which are not provided by KiwiSaver Schemes. If you are unsure of the impact of transferring to the Generate KiwiSaver Scheme we suggest you seek more in depth financial advice.

    Not sure where your Aussie super is?

    It is estimated there is over $5 billion of Kiwis' money sitting ‘lost’ in Aussie Super. You can contact the Australian Tax Office (ATO) to help you find 'lost' Aussie Super. Instructions are available here.

    If you are considering whether to transfer funds from your Australian Superannuation Fund into any KiwiSaver Scheme in New Zealand, you should have a look at the ATO's published information on their website.

    Contact us or call us on 0800 855 322 so we can assist you to bring your Aussie Super home.



     PLEASE NOTE: When the rollover is processed by the Australian providers, most will send the funds by foreign AUD cheque via post to Generate.

    Cheques/drafts drawn on overseas banks and received for deposit into Foreign Currency Deposit accounts in the bank are subject to a hold period of 21 business days. According to the bank, this period may also vary from time to time. Once Generate has received the cheque in the post, it is expected that these funds will be cleared and allocated into your KiwiSaver in 4-5 weeks. During this hold period there is no interest accrued on the funds and the NZD value is subject to the wholesale exchange rate at the time of clearance.

    The processing time for Australian transfer and clearance of cheques is unfortunately out of Generate's control. We can assure you that we will be allocating these funds into your KiwiSaver account as soon as the cheque is cleared. You will be informed by email once we receive the cheque, and again once the funds are cleared and allocated into your KiwiSaver account.

Feedback and complaints
Investing with generate

  • Step 1: Open the Generate homepage (www.generatekiwisaver.co.nz) on your phone browser. On iPhone you need to use Safari.

    Step 2: Click the 'sharing' icon which is the box with the arrow at the bottom of the page on Safari.

    Step 3: Find the 'Add to Home Screen' option. On iPhone this is on the bottom row of options, you may have to scroll to the right.

    Step 4: Save with the title 'Generate'. It may auto-populate as shown below in which case you can just delete '- Homepage'.

    Step 5: If the Generate 'G' shows up on the phone home screen then you are done!

  • Step 1: Open the Generate homepage (www.generatekiwisaver.co.nz) on your phone browser. On Android common options are Chrome or Firefox.

    Step 2: Click the 'Add to home screen' option which is in the menu which drops down from the top right of the screen.

    Step 4: Save with the title 'Generate'. It may auto-populate as shown below in which case you can just delete '- Homepage'.

    Step 5: If the Generate 'G' shows up on the phone home screen then you are done!

  • We take our Anti-Money Laundering/Countering Financing of Terrorism responsibilities very seriously and as a result have put in place robust processes and procedures so that Generate can play its part in this important endeavour.


    Please contact us to find out more.

  • As the Supervisor, Public Trust has full oversight of your KiwiSaver investment.  Public Trust is New Zealand's most enduring supervisor organisation. It’s the only Crown entity that acts as a supervisor serving the corporate and business market in New Zealand. Providing corporate supervisor services to some of the best known names in the finance and investment industry (both locally and internationally). Public Trust’s role is important, as it is the supervisor of your investment in the Scheme. Public Trust does not guarantee the performance of the Scheme or any of the Funds.

    The Generate KiwiSaver Scheme will be audited every year, currently our auditor is Grant Thornton New Zealand. Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. Grant Thornton New Zealand operates from three locations in Auckland, Wellington and Christchurch, with 32 partners and more than 240 professional and management services staff.

  • Yes we do and you can read it here Generate Responsible Investment Policy. We are also a signatory to the United Nations Principles for Responsible Investment.

  • We believe that international investment markets are not perfect. Too often human nature, including fear and greed, will drive investment decisions. This creates a market where someone may want to buy or sell assets at a price below or above their fair value. Active management aims to take advantage of those situations.

    Active managers rely on analytical research, forecasts, and their own judgment and experience in making investment decisions on what securities to buy, hold and sell. The opposite of active management is called passive management, better known as "indexing", where an investor simply buys a proportion of all the shares in an index, like the NZX50, and will receive the same return as the market.

    We have identified market-leading investment managers who have all fashioned outstanding track records over a long period of time. We invest in funds that have substantial funds under management and are run by well-resourced teams of investment managers and research analysts located around the world. Importantly, some of our managers seek positive returns from rising and falling asset prices. After all, the Global Financial Crisis was a timely reminder that asset prices don’t always go up in value.

    All investments have different levels of risk. For information on the risks see the Generate Product Disclosure Statement or Generate KiwiSaver Scheme Risks below.

  • “Most investment professionals agree that, although it does not guarantee against loss, diversification is the most important component of reaching long-range financial goals while minimizing risk”*.

    The simplest example of diversification is provided by the proverb "Don't put all your eggs in one basket". Dropping the basket will break all the eggs. Placing each egg in a different basket is more diversified. There is more risk of losing one egg, but less risk of losing all of them.

    Our strategy spreads the risk of investing across a number of investment managers, investment strategies and markets. We further diversify your savings by combining property, infrastructure, international equities, fixed interest, and cash assets with our chosen investment funds to create our Growth Fund. The Focused Growth Fund is similar to the Growth Fund except that it has a higher weighting of international equities investments and a lower weighting of fixed interest investments. We also offer a conservative Fund that invests in these same property, infrastructure, fixed income and cash assets. The Conservative Fund also holds direct investments in international equities.

    *Investopedia “The importance of diversification”

  • The Product Disclosure Statement sets out the risks of the Scheme. Some of these are listed below.

    Equity risk
    The funds invest in different classes of assets, each with different risks attached to them. Funds that invest in shares will generally have higher levels of risk attached to them. For all assets there is the risk that the asset will not perform to the target rate of return and your returns will be lower than anticipated (or even negative for a period of time).

    Tax and regulatory risk
    Changes in the tax rates and tax rules of New Zealand and in countries in which investments are made by the funds could adversely affect your investment. In addition, changes to the KiwiSaver regime and government incentives could adversely affect your investment.

    Market risk
    Investment markets are affected by a range of social, political and economic factors, in both New Zealand and internationally that may impact share prices, property values and interest rates, which could adversely affect your investments.

    Liquidity risk
    If the assets of a fund become illiquid then the fund may be unable to sell those assets which would affect that fund’s ability to make payments on time.

    Derivatives risk
    Derivatives may be used as a risk management tool by the funds and IEMs and as an alternative to investing in a physical asset by the IEMs. Derivatives may not perform as expected and may result in increased volatility and unexpected gains or losses.

    Other specific risks

    Underlying fund risk
    The Growth Fund and Focused Growth Fund both invest in IEMs. Some of the IEMs that these funds invest into may also use commodities, derivatives, currencies, fixed interest and other securities to help them achieve their investment strategies. Most of these managers are able to suspend withdrawals from their funds in limited circumstances. This could result in the funds being unable to make payments on time.

    Foreign exchange risk
    When the funds invest in international investments foreign currency movements could affect the investment performance of the funds. We actively manage the Foreign Exchange Risk and typically enter into foreign exchange transactions, a practice known as ‘hedging’.

  • I wish to apply for membership of the Scheme for me, or, where indicated, for my child or dependant. I confirm that I have received, read and understood the current Generate KiwiSaver Scheme Product Disclosure Statement dated 16 May 2022 and agree to be bound by the terms and conditions set out in the Product Disclosure Statement and Trust Deed governing the Scheme. I understand that if a transaction request is invalid or insufficient information is provided, it will not be processed until valid documentation is received. I understand that, if I am a member of another KiwiSaver scheme, my balance in that KiwiSaver scheme will be transferred to the Scheme if my application is accepted. I authorise the manager or supervisor of that KiwiSaver scheme to provide the Manager or Supervisor of the Scheme with personal information about me as necessary to complete the transfer. I understand that neither the Manager nor the Supervisor has represented or implied that any particular fund or investment strategy is appropriate for my particular circumstances. I understand that investments in the Scheme are subject to investment risk and that the value of my investment may rise and fall from time to time. I understand that the distributor through which I joined the Scheme (if applicable) may be remunerated by the Manager for distributing the Scheme. I acknowledge that none of the Manager, the Supervisor and any distributor through which I joined the Scheme will be liable to me for any loss as a consequence of them accepting or acting on instructions from me or an authorised signatory in respect of my membership in the Scheme (and that none of the Manager, the Supervisor, or any other person (including the Crown) guarantees the performance of the Scheme or the repayment of any money payable from the Scheme). I confirm that I meet the eligibility criteria for joining the Scheme as set out on page 6 of the Product Disclosure Statement and that all of the information in this application form is true and correct. I agree to notify the Manager immediately if there is any change in the information given in this application form.


    By submitting this Application Form I consent to receive all forms of information and communication including account information, confirmation information, newsletters, Scheme annual reports, annual member statements and annual tax certificates by any form of communication including email or other electronic means. I agree, pursuant to the Unsolicited Electronic Messages Act 2007, that the person sending any such message need not include a functional unsubscribe facility in the message. Telephone calls may be recorded for training purposes or to provide security for transactions by the Manager, its related companies or agents. I confirm that I have read and I accept the “Declarations” in the above section.


    And/Or if submitting on behalf of an applicant under 18, I confirm that I am a legal Parent or Guardian of the applicant. I confirm that I have read and accepted the “Declarations” in the above section on behalf of the applicant. If I am the only person signing as a parent or guardian, I confirm that I am the sole legal Parent or Guardian. If the applicant is aged 16 or 17 and becoming a KiwiSaver member for the first time, only one parent/guardian is required to sign along with the applicant. If the applicant is aged 16 or 17 and is already a member of a KiwiSaver scheme; or is married, in a civil union or a de facto relationship, the applicant alone can sign. If the applicant is aged 15 and under and becoming a KiwiSaver member for the first time, all parents/guardians must sign. If the applicant is aged 15 and under and is already a member of a KiwiSaver scheme, one parent or guardian can sign, provided they have the consent of all of the applicant’s other parent(s)/guardians(s).

  • You can access daily fund prices here on our website and keep up-to-date with monthly ‘plain English’ email newsletters, annual reports and audited financial statements. Our members also have private login details to our website so they can always view the full details of their investments, including how much they have saved and transaction information.

    You can contact one of our Generate KiwiSaver Scheme specialists anytime at contact us or by phone on 0800 855 322.

  • Target investment mix: Each fund has a long-term target investment mix. The actual investment mix will vary from the target investment mix as we pursue tactical investment opportunities, or as we seek to protect asset values in periods of market volatility. For further information about the funds’ investment activities see the Statement of Investment Policy and Objectives (SIPO) here.

    Income assets: Cash and fixed interest assets are referred to as income assets because they generate income in the form of interest payments. Income assets are typically less volatile than growth assets, so while the returns will go up and down (and be negative at times) they won’t usually move to the same degree as growth assets. Over the long-term, income assets will usually provide lower returns than growth assets.

    Growth assets: Equities and property and infrastructure are referred to as growth assets because they have greater potential to achieve capital growth over the medium to long-term than income assets. They also involve more risk. Typically, the returns of growth assets will fluctuate more than income assets, and growth assets are more likely to experience periods of negative returns.

    The Manager takes a broad view of what constitutes property and infrastructure assets. The Manager’s definition expands to include aged care, telecommunications, transport and logistics companies.

    International equities are made up of underlying funds that invest predominantly in equities and direct investment in international stocks. See the SIPO for more information here.


Joining-kiwisaver

  • Anyone can join a KiwiSaver Scheme. However, you must be living or normally living in New Zealand, be a New Zealand citizen or have permanent residency. There are generous government incentives for everyone; including children, students, employees, self employed, not employed, stay at home spouses and beneficiaries.

  • All KiwiSaver scheme applicants need to have copies of their documents certified by an Approved Person (see the list below) as being a true copy of the original document and that they represent the identity of the applicant or parent/guardian.

    Approved persons who are able to certify:

    • An employee or agent (including advisers who have agreed to be our agent for this purpose) of Generate.
    • Justice of the Peace or Notary Public
    • Registered teacher
    • Lawyer
    • Chartered accountant
    • Police officer
    • Registered medical doctor
    • Member of parliament
    • Any other person who has the legal authority to witness statutory declarations in New Zealand


    Approved persons must be over the age of 16 and cannot be:

    • your spouse or partner;
    • a person who lives at the same address as you; or
    • related to you, e.g. a parent, sibling, child, aunt, uncle or cousin.


    The original form of identification must be viewed by the Approved Person who then compares it with a photocopied, scanned or photographed version. The Approved Person then signs and dates the copy and prints their name and occupation alongside the following statement:

    "I certify this to be a true copy of the original document and confirm that it represents the identity of (full name of applicant or parent/guardian)."

    This certification can also be made on the application form under Certification of Identity in the Adviser information section.

    Certification must have been carried out in the 3 months prior to the presentation of the copied documents. If you already have certified documents within this time frame, they will be acceptable. Certified copies must be entirely legible and the photos clear.

  • ​Yes, everyone under 65 who is living (or normally living) in New Zealand, and is a New Zealand citizen or permanent resident can join, and we welcome children. It’s a great way to save for their first home and to teach them the importance of saving along the way. However, since the Government removed the $1,000 kick-start contribution there are no incentives for children under 18 to join. If you are not making contributions to your child's account then KiwiSaver is not recommended for under 18's.  

    Is your child aged 16 or 17?

    – If your child is already a member of a KiwiSaver scheme, or is married, in a civil union or de facto relationship, then they can sign alone.

    – Otherwise both your child and one of their parent(s) or guardian(s) are required to sign the application.

    – Your child will need to verify their identity. Identification is also required for the parent or guardian if they are required to sign the form with your child.

    – Your child will also need to provide their IRD number.

    Are you aged 15 and under?

    – If your child is becoming a KiwiSaver member for the first time, both of their parent(s) or all of their guardian(s) are required to sign the application.

    – If your child is already a member of a KiwiSaver scheme, one of their parent(s) or guardian(s) can sign if they have consulted and are acting in agreement with the childs other parent or all of the childs other legal guardian(s).

    – Your child will need to verify their identity. Identification is also required for the parent(s) or guardian(s) who are signing.

    – Your child will also need to provide their IRD number.

  • ​Once we have processed your application we will notify the IRD. The IRD will then send your employer a letter telling them you have joined a KiwiSaver Scheme and to start making contributions, how much to contribute and when to start contributing.

    This process may take time so if you want to avoid any delays please tell your employer you have joined and to start making deductions – if they have any questions they can call us on 0800 855 322 or IRD on 0800 549 472.

Fees and tax

  • Your PIR is your Prescribed Investor Rate which is the tax rate applied to any income attributed to your Generate KiwiSaver Scheme account. Because the Generate KiwiSaver Scheme is a Portfolio Investment Entity (PIE) we calculate and pay the tax owing from your KiwiSaver account for you. This makes it easy for you and we will send you a tax statement every year setting out how much tax you have paid.


    Your PIR tells us at what rate we should pay the tax on your account. The PIR rates are different from your normal income tax rate so if you don’t know your PIR, you need to find out. Either ask your accountant, call the IRD on 0800 227 774 or please see our page Working out your Prescribed Investor Rate (PIR). You can also go to the IRD website for more information.

    It is important to get your PIR right. Please tell us as soon as possible if your PIR changes. If your PIR is too low you may have more tax to pay and if your PIR is too high you may end up paying too much tax from your KiwiSaver account.

Withdrawing from KiwiSaver

  • There are typically two stages in life when you can make a withdrawal:

    • For your retirement – when you reach the New Zealand superannuation age which is currently 65.
    • For your first home - when you make a first home withdrawal.

    Having said that you may also be able to make an early withdrawal for based on significant financial hardship, serious illness, or permanent emigration**. (Note: It is possible for your estate to make a withdrawal after you pass away.)

    *You can withdraw some or all of your savings any time after you turn 65. However, by doing so you will no longer be entitled to any further government contributions. Furthermore, your employer will no longer be required to contribute. 

    Please refer to the calculator here to find out how long someone your age and gender is likely to live

    If you would like to discuss an early withdrawal or for more information please don’t hesitate to call us on 0800 855 322 or email info@generatekiwisaver.co.nz.

    *Conditions apply

  • The following people are authorised under New Zealand law to witness statutory declarations made in New Zealand. You will need to sign a statutory declaration in front of one of these people when you apply for a withdrawal such as a first home withdrawal or retirement withdrawal.

    A statutory declaration must be made before:

    - a person enrolled as a barrister and solicitor of the High Court

    - a Justice of the Peace

    - a notary public

    - Registrar or Deputy Registrar of the Supreme Court

    - Registrar or Deputy Registrar of the Court of Appeal

    - Registrar or Deputy Registrar of the High Court or a District Court

    - a member of Parliament

    - some other person as authorised by law

    Generate is able to accept statutory declarations made in Australia and witnessed by someone authorised to do so under Australian law.

    Please contact us on 0800 855 322 or info@generatekiwisaver.co.nz if you have any further questions.

  • KiwiSaver is a savings scheme to be used for retirement. Given that the purpose of your KiwiSaver savings is for your retirement there are limited circumstances that allow you to withdraw your money earlier.

    Please note that withdrawing from your KiwiSaver early will affect your long-term retirement savings. Further information can be found here.  

    One of these circumstances is significant financial hardship. As per the KiwiSaver Act 2006, if you are suffering or likely to suffer significant financial hardship, you may be able to withdraw all or part of your savings (excluding any government contributions and Kickstart if applicable).  

    You must be able to demonstrate that you meet the criteria which can include if you are: 

    • Unable to meet your minimum living expenses 

    • Unable to pay your mortgage/rental/board payments 

    • Modifying your home to meet special needs arising from your own or a dependant family member’s disability 

    • Paying for essential medical or dental treatment 

    • Incurring funeral costs for a deceased dependant* 

    • Temporarily unable to work due to illness 

    What are minimum living expenses? 

    Minimum living expenses generally include: 

    • Basic food and groceries 

    • Mortgage/rent/board payments 

    • Basic clothing and normal household items 

    • Utility bills (power, water, phone) 

    • Basic transport costs 

    • Expenses in relation to any financial dependants with special needs 

    • Insurances 

    • Essential medical and dental costs 

    • Public school fees (excluding donations and private) 

    Have you explored all other options? 

    In assessing your hardship claim, the Supervisor will require to see that you have taken all reasonable steps to alleviate your current financial hardship. This includes providing supporting evidence that you have exhausted all other reasonable alternative sources of funding available to you, such as: 

    • Approaching WINZ for assistance 

    • Refinancing or consolidating your existing debt 

    • Making minimum repayment arrangements 

    • Having a financial review with your bank

    • Applying for any Government’s COVID-19 relief packages

    • Seeking budget advice from a budget adviser

    • Applying for a KiwiSaver savings suspension  

    Who decides if you meet the criteria? 

    The Supervisor of the Scheme assesses whether you meet the criteria for the Significant Financial Hardship Withdrawal and decides on whether to approve your withdrawal application.  

    Our Supervisor is Public Trust.  

    Decisions are based on the information included within the withdrawal form and any supporting documents you provide. Generate KiwiSaver Scheme will help work with you to collect this information on behalf of the Supervisor. 

    Approval of your withdrawal request is at the Supervisor’s discretion and not guaranteed. The Supervisor may consider the withdrawal of all or part of the amount you seek and may direct that the amount withdrawn be limited to a specified amount that the Supervisor considers is required to alleviate your particular hardship. Generally, this will be up to 13 weeks’ shortfall worth of your minimum living expenses.  

    Please note that funds cannot be released to repay loans or credit cards in full, however minimum repayment arrangements may be considered in your weekly expenses. It is important to understand if your application is approved, you can only withdraw from your and your employer’s contributions (not any government contributions). 

    How to apply? 

    1. It is advisable that you check the requirements under the KiwiSaver Act 2006. This may assist you in deciding whether to apply. In addition, the Workplace Savings Guidelines provide a good overview of the process, all Supervisors are required to refer to this when completing their assessment of such withdrawal.

    2. Please give us a call on 0800 855 322 to speak about your situation and obtain the latest form before you apply.

    3. Complete the latest application form in full.

    4. Collect and provide recently dated supporting documents. The Supervisor assesses these applications as a household; therefore, you will need to include supporting documents for both yourself and your partner if living together.

    5. Take your application form to an authorised person under the Oaths and Declarations Act 1957 i.e. J.P, Notary of Court, solicitor etc. You will need to complete the Statutory Declaration in front of them and they will witness your signature. They will also be able to certify your photo ID.

    Where do I send my application to? 

    Email: please scan your completed application form and all supporting documents to: info@generatekiwisaver.co.nz or 

    Post: please post your completed application form and all supporting documents to: Generate KiwiSaver Scheme, PO Box 91609, Victoria Street West, Auckland 1142 

    What happens once we receive your application? 

    1. We check your application and supporting evidence – we will contact to let you know if any further information is required for the Supervisor’s assessment.  

    1. If all information is provided, we will send your application (form and supporting documents) to the Supervisor.   

    1. The Supervisor then makes the final decision. 
      (Please note: the Supervisor may request further information prior to that if necessary). 

    1. Once their decision has been made, we advise you of the outcome either by email, or letter. 

    1. If your application is approved, the payment is made to the personal bank account in your name.   

    How long will my application process take?  

    If you provide all the necessary information, we should be able to send your application to the Supervisor for their assessment and give you an outcome in approx. 15 business days. Please note, if the Supervisor requires additional information at any stage of your application, this may cause delays in the processing of your application. 

    If you have exhausted all other reasonable sources of funding and believe that you may be eligible to apply for the withdrawal of part of your KiwiSaver, please call us on 0800 855 322 and we can assist you through the application process. 

     

    * A dependant may include a spouse (including a de facto spouse) and/or a child (including an adopted child, stepchild, or ex nuptial child)

  • You may be able to make a withdrawal of some or all of your KiwiSaver funds if the Supervisor determines that you are suffering from a Serious Illness as defined in the KiwiSaver Act 2006.  

    Serious Illness, as defined by the KiwiSaver Act 2006 and the Workplace Savings Guidelines, means an injury, illness, or disability that: 

    • Results in you being totally and permanently unable to engage in work for which you are suited by reason of experience, education, or training (or a combination of these things); or 

    • Poses a serious and imminent risk of death (within the next 12 months). 

    We strongly encourage you to call us on 0800 855 322 to discuss your situation, or if you have a specific query related to a condition that does not clearly meet the criteria. This may assist you in further understanding the guidelines and the application process. In addition, the Workplace Savings Guidelines provide a good overview of the process, all Supervisors are required to refer to this when completing their assessment of such withdrawal. 

    As outlined above, the criteria for withdrawal on the grounds of Serious Illness are explicit and high. If you do not clearly meet the above criteria, you are unlikely to qualify for a Serious Illness withdrawal and may wish to consider applying for a withdrawal on the grounds of Significant Financial Hardship instead. More information around Significant Financial Hardship withdrawal can be found here.

    What do you need to do? 

    1. Complete the latest application form in full. You can download a Serious Illness Withdrawal application from our website. 

    1. Have your Medical Practitioner fill in the Declaration of Serious Illness, please make sure they include a detailed diagnosis as per the Workplace Savings Guidelines. 

    1. Please request the medical practitioner to provide a detailed medical certificate in line with the criteria outlined above. This can further support your claim. Please note the Supervisor may still require further medical information as per the criteria set by the Guidelines. 

    1. Take your application form to an authorised person under the Oaths and Declarations Act 1957 i.e. J.P, Notary of Court, solicitor etc. You will need to complete the Statutory Declaration in front of them and they will witness your signature. They will also be able to certify your photo ID. 

    1. Enclose certified copy of your valid photo ID e.g. NZ Passport or NZ driver licence. 

    1. Enclose recent copy of your proof of address e.g. bank statement, utility bill or letter from NZ Government agency. 

    1. Provide recent proof of bank account showing your full legal name and account number e.g. bank statement. 

    How much can I withdraw? 

    You may be able to withdraw part of or all of your KiwiSaver, if the Supervisor determines that you are suffering from a serious illness, in accordance with the legislation and the guidelines.  

    Where do I send my application to? 

    Email: please scan your completed application form and all supporting documents to: info@generatekiwisaver.co.nz or 

    Post: please post your completed application form and all supporting documents to: Generate KiwiSaver Scheme, PO Box 91609, Victoria Street West, Auckland 1142 

    What happens once we receive your application?  

    1. We check your application and supporting evidence (refer to the checklist on page 1 of the form)– we will contact to let you know if any further information is required for the Supervisor’s assessment.   

    1. If sufficient information is provided, we will send your application (form and supporting documents) to the Supervisor.    

    1. The Supervisor then makes the final decision. 
      (Please note: the Supervisor may request further information prior to that if necessary and in accordance with the KiwiSaver Act 2006).  

    1. Once their decision has been made, we advise you of the outcome either by email, or letter.  

    1. If your application is approved by the Supervisor, the payment is made to the personal bank account in your name.    

    How long will my application process take?  

    If you provide all the necessary information, we should be able to send your application to the Supervisor for their assessment and give you an outcome in approx. 15 business days. Please note, if the Supervisor requires additional information at any stage of your application, this may cause delays in the processing of your application.  

    We encourage you to please give us a call on 0800 855 322 so we can assist you through the application process.


  • You may make a withdrawal of some or all of your investment from your Generate KiwiSaver Scheme account if the Supervisor is reasonably satisfied that you are suffering from a life-shortening congenital condition. You will need to provide medical evidence to support your request.

    You may qualify for this withdrawal if you have a condition that has existed since birth and:

    • Is identified as a life‐shortening congenital condition under regulations that will be made under the KiwiSaver Act (Listed Condition)*

    • Not a “Listed Condition” but you can provide medical evidence to verify that the congenital condition is expected to reduce your life expectancy or for people in general with the condition below the New Zealand superannuation qualification age of 65 (a Non‐Listed Condition).

    To apply please call us on 0800 855 322.

    *Please note that the Government is yet to release a list of “Listed Conditions”. Until the Government makes the list of eligible Life‐Shortening Congenital Conditions available, withdrawal requests will be applied for as though they are in respect to a Non-Listed Condition.


  • You may withdraw your money from the Scheme (excluding any Government Contributions) one year after you have permanently emigrated from New Zealand (except if you are moving to Australia - see below).  Your Government Contributions are repaid to Inland Revenue.

    Alternatively, at any time after you have permanently moved overseas (except to Australia - see below), you may direct us to transfer your investment (excluding your Government Contributions) to an overseas superannuation scheme authorised for that purpose by regulations made under the KiwiSaver Act.

    Your Government Contributions in either circumstance will be repaid to Inland Revenue.

    To do this you will need to complete a statutory declaration stating that you have permanently emigrated from New Zealand.  You must also prove to our satisfaction your departure from New Zealand, and that you have resided at an overseas address at some time during the year following your departure from New Zealand. Contact us for more information by email at info@generatekiwisaver.co.nz or by calling us on 0800 855 322.

    Moving to Australia

    If you permanently emigrate to Australia:

    • you will not be permitted to make a cash withdrawal on the basis of permanent emigration; but
    • you will be permitted to transfer your full KiwiSaver savings (including the Government Contributions) to an Australian complying superannuation scheme, provided your KiwiSaver savings are below any maximum transfer amount required by Australian legislation.

    Please contact us for more information about accessing your money when moving to Australia by email to info@generatekiwisaver.co.nz or by calling us on 0800 855 322.

  • If you pass away, all of your investment in the Scheme will be paid, to your personal representatives on request.

    This means your KiwiSaver savings will go to the beneficiaries of your estate.

    For more information please contact us by email to info@generatekiwisaver.co.nz or by calling us on 0800 855 322.

  • If you are employed and you do not want to continue contributions to your KiwiSaver account you may be able to go on a savings suspension for up to 1 year. On a savings suspension you do not have to contribute to your KiwiSaver account. However, if you do not contribute you will not receive the Government Contribution or your employer’s contribution. (You can still receive the Member Tax Credit if you make voluntary contributions - not out of your salary or wages - while you are on a savings suspension.)

    If you are an employee, you may apply to Inland Revenue to suspend your contributions to the Scheme if:

    • 12 or more months have passed since your first contribution was received by Inland Revenue, or since you first contributed direct to a KiwiSaver scheme; or
    • you are suffering, or likely to suffer, financial hardship (and Inland Revenue has received at least one contribution from you).


    If a savings suspension is granted based on financial hardship, its duration will be three months (unless Inland Revenue agrees to a longer period).  The duration of a savings suspension will otherwise be between three months and one year (unless your employer agrees to a shorter period).  Inland Revenue will notify you before your savings suspension ends and you may apply for a new savings suspension.

    You may resume contributing at any time by giving notice to your employer, requiring the employer to start making deductions from your salary or wages.

    To apply please complete a Savings Suspension Request Form and send it back to the IRD as detailed on the Form.

  • Please see below the required documents for the first home purchase withdrawal if you are building your home on Maori land:

    A completed first home purchase withdrawal application form.

    Documentation confirming that the land you own is a Maori land and that this has the same meaning as in the Te Ture Whenua Maori Act 1993.

    Legal evidence of the right to occupy that Maori land.

    Legal agreement for the building of dwelling house, listing you (and your partner, if applicable) as the purchaser.

    For more information, please click here.

    You must also meet the same criteria for first home withdrawal as listed on the previous section ‘How do you apply for a first home purchase withdrawal?’.

  • Generally, you will not be eligible to make a first home purchase withdrawal from your KiwiSaver to purchase a tiny home. However, you may withdraw from your KiwiSaver to purchase the land in which you plan to install your tiny home.

    Another circumstance where you may be eligible to withdraw your KiwiSaver to purchase a tiny home is if you were gifted a Maori land and you plan to put the fixed tiny home on that land.

    The tiny home must be grounded to the land (i.e., no wheels). The tiny home building contract will be requested as part of the first or second-chance home withdrawal application.

    We also recommend that you consult with your solicitor or your conveyancing practitioner regarding your eligibility.

    You must also meet the same criteria for first home withdrawal as listed on the previous section ‘How do you apply for a first home purchase withdrawal?’