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What happens to my KiwiSaver money if I die?

September 25, 2013

Chief Editor, Kiwi Wealth News

Written by Chief Editor, Kiwi Wealth News

Bringing you all the latest news, views and up-to-date info on KiwiSaver, retirement planning, finance and more.

25 September 2013

What happens to my KiwiSaver money if something happens to me. Will it automatically be given to my wife?

If you pass away while you are a member of a KiwiSaver scheme, upon application to that scheme, your full account balance will be paid to your estate.

You can’t nominate beneficiaries to receive your funds directly from your KiwiSaver Scheme; your provider must always pay it to your estate.

If you want particular people to receive the proceeds of your KiwiSaver account, you should (if you haven’t already) make a will and specify who you want to receive those proceeds. You should also let them know who your KiwiSaver provider is as they will need to contact them to discuss the documentation required to release the funds in your account.

Note that if your account balance is less than $15,000, your provider can make the payment to an authorised person (for example a surviving spouse or partner) without requiring probate or letters of administration.  

The information provided above is stated accurately to the best of our knowledge at the time of publication. It is general in nature and should not be construed, or relied on, as a recommendation to invest in a particular financial product or class of financial product. You should seek financial advice specific to your personal circumstances from an Authorised Financial Adviser before making any investment decision.

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Tags: KiwiSaver

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