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Budget 2025 | The Government has introduced changes to Working for Families and KiwiSaver as well as introducing Investment Boost: an immediate tax deduction when acquiring new business assets. Find out more: www.budget.govt.nz

Budget 2025 | The Government has announced changes to KiwiSaver. Find out more: www.budget.govt.nz

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Te whiwhi pūtea KiwiSaver ina tāoki Getting my KiwiSaver savings when I retire

KiwiSaver
What
Withdrawing your KiwiSaver savings and managing or continuing your contributions.
Who
Those who are retired and have been KiwiSaver members for at least 5 years.
When
You turn 65 years old, or if you joined before 1 July 2019, have been in KiwiSaver for at least 5 years.

You're eligible to withdraw all your KiwiSaver savings when you reach the age of eligibility (currently 65). 

If you joined KiwiSaver before 1 July 2019 and were aged between 60-64 you would have been locked into KiwiSaver for 5 years. Being locked in meant you could not withdraw your funds when you were 65. From 1 April 2020 you can now either:

  • opt out anytime after you're 65 (and withdraw your savings)
  • keep your funds in KiwiSaver for the full 5 year term (and withdraw them after that).

Choosing to opt out of the 5 year lock in

When you choose to opt out of the 5 year lock in period:

  • you stop getting the government contribution (GVC)
  • your employer stops contributing to your KiwiSaver.

Getting your KiwiSaver savings

When you reach the age that you're eligible to withdraw your funds, contact your KiwiSaver provider.

Getting my KiwiSaver savings at 65

If you turn 65 you can still make contributions to your KiwiSaver account if you joined KiwiSaver before 1 July 2019 and you've been a member for less than 5 years (unless you choose to exit KiwiSaver when you turn 65). If you continue to contribute, then your employer must also continue to contribute.

If you joined KiwiSaver on or after 1 July 2019 and keep working after you turn 65, you can choose to stop making contributions to your KiwiSaver account. Depending on your contract, employer contributions may stop.

Getting the government contribution

You can still get the government contribution if you joined KiwiSaver:

  • before 1 July 2019 and have been a member for less than 5 years
  • after 1 July 2019 and are under 65.

Stopping your KiwiSaver contributions

If you receive a salary or wage and want to stop making KiwiSaver contributions, fill in a Non-deduction notice - KS51 and give it to your employer. They will stop making KiwiSaver deductions from your pay and stop making employer contributions.

Restarting your contributions

If you're still a KiwiSaver member you can start contributing again whenever you like. Complete a KiwiSaver deduction form - KS2 and give it to your employer.

Last updated: 18 Feb 2025
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