If you joined the Kiwi Wealth Super Scheme as an individual member before 9 September 2016, you automatically become a Legacy Member of our scheme.
The Legacy section is closed to new members.
The Legacy section of our scheme was created when we transitioned to the rules introduced under the Financial Markets Conduct Act 2013 (FMCA), which apply to the Kiwi Wealth Super Scheme from 9 September 2016.
If you joined the Kiwi Wealth Super Scheme as an individual member before this date, the rules that apply to your membership of the Scheme don't meet the requirements for an open superannuation scheme under the FMCA. As a result, we’ve created a separate section of the Kiwi Wealth Super Scheme, called the Legacy section, which allows us to preserve all the original rules that you joined under. For example, the original rules allowed for a full withdrawal from age 55; under the FMCA requirements for open superannuation schemes, it's the age you qualify for NZ Superannuation, currently age 65.
In addition, we can no longer accept UK pension transfers into the Legacy section of the Kiwi Wealth Super Scheme. If you’ve previously transferred a UK pension to the Kiwi Wealth Super Scheme, or would like more information on why we can no longer accept UK pension transfers, you can find out more at the bottom of this page.
If you joined the Kiwi Wealth Super Scheme before 9 September 2016, you won't notice anything different. You can still make contributions in the same way as you did before, you can still withdraw your money under the same circumstances as before, and if your employer is contributing to your Kiwi Wealth Super Scheme account, they still can in the same way. Nothing has changed apart from the fact that we're no longer accepting new members into this section of the scheme.
For anyone who isn't a Legacy member and wants to join the Kiwi Wealth Super Scheme, you can join through the personal section of the scheme, or, if you work for an employer with a participation agreement with the Kiwi Wealth Super Scheme, you can join through your employer.
You can choose how much and how often to contribute. The minimum contribution amount is $50. You don't have to make any voluntary contributions.
If you and your employer agree, your employer can make contributions of any amount to your member account (even if they don't have a participation agreement with us.)
You can also make additional voluntary contributions of at least $50 by direct debit or cheque.
The direct debit form is included at the end of the Product Disclosure Statement or you can download it here.
Cheques must be made out to the ‘Kiwi Wealth Super Scheme Trust’ and include your full name and member number.
You can withdraw all your money from your Kiwi Wealth Super Scheme account when you reach the later of age 55, or once you’ve been a member of the Kiwi Wealth Super Scheme for at least five years.
Remember – you don’t have to cash in your investment once you qualify to withdraw from your Kiwi Wealth Super Scheme account.
You might be able to withdraw some or all of your money earlier in certain circumstances outlined below. Full details of the conditions that apply to early withdrawals are set out in the Legacy section of the Trust Deed.
You may be able to withdraw money from your Kiwi Wealth Super Scheme account if you’re suffering significant financial hardship. This may include not being able to meet minimum living expenses, or meet mortgage repayments on your principal family residence and other situations set out in the Trust Deed.
If you're suffering total and permanent disablement, as defined in the Trust Deed or your employer's participation agreement, you may be able to withdraw up to the total value of your member account. We will require you to provide certain information about your circumstances to assess your eligiblity for this withdrawal.
If your employer is contributing to your Kiwi Wealth Super Scheme account and you are made redundant, you may be able to withdraw the total value of your Kiwi Wealth Super Scheme account.
If you joined the Kiwi Wealth Super Scheme on, or after, 21 April 2011 and you are aged 55 or over, but aren't yet eligible to withdraw the total value of your member account, you can apply to withdraw part of your account as a lump sum.
If you joined the Kiwi Wealth Super Scheme before 21 April 2011, you can apply for an early withdrawal at any time.
If we agree to your withdrawal, the minimum monthly lump sum withdrawal is $500. You cannot withdraw more than 20% of your account balance in any 12 month period.
Instead of paying you all, or part of, the value of your Kiwi Wealth Super Scheme account once you become eligible to withdraw, you may be able to buy an annuity. Terms and conditions will need to be agreed between us and the provider of the annuity, in consultation with you.
The full value of your member account will be paid to your estate on your death, on application by your personal representative.
If you transferred your UK pension funds to us, you'll be able to make lump sum or regular withdrawals, or withdraw the full amount, at the time you become eligible to withdraw from the Kiwi Wealth Super Scheme.
The legacy section is closed to new members and as a result we can’t accept new transfers of UK pension funds into the Section. However, the Personal Section of the Scheme is open to new members. The Personal Section has a QROPS status, meaning we can accept transfers of UK pension funds into that section.
Please contact us on 0800 427 384 to discuss your options.
