Hon Peter Dunne

Minister of Revenue

Sunday 1 July 2012

Media Statement

KiwiSaver turns five; first members able to take their funds
 

KiwiSaver celebrates its fifth birthday today with the first of its almost two million members now able to take their retirement nest eggs out of the scheme, Revenue Minister Peter Dunne said.
 
More than 1,950,000 people have joined it since KiwiSaver was launched on July 1 2007 and the first 17,500 members – those who joined in their 60s and have now been in KiwiSaver for the full five years – will be eligible to withdraw their funds this month.
 
“New Zealanders have embraced KiwiSaver in numbers and with an enthusiasm far beyond all initial expectations,” Mr Dunne said.
 
“In the past five years, $11.8 billion dollars in individual and employer contributions have gone into the funds run by 30 providers – and that is not counting voluntary contributions members may have also made.
 
“The number of members continues to rise, which shows that New Zealanders really see KiwiSaver’s value and how it can play a key part in their future financial security,” he said.
 
Members can apply to withdraw from KiwiSaver either when they turn 65 or when they have been in the scheme for five years, whichever comes later.
 
Approximately 75,000 members will meet those eligibility criteria over the next 12 months.
 
“People wanting to withdraw their funds must contact their scheme providers for the correct information about their individual circumstances,” Mr Dunne said. 
 
“If members have closed their account, some may receive additional member tax credit payments directly from Inland Revenue.
 
“Inland Revenue will be advising employers to check that they have sent through all contributions, and if necessary, make additional payments to Inland Revenue as soon as possible,” he said.
 
Members are advised to contact their scheme provider regarding their eligibility to withdraw their funds, and information is also available on the KiwiSaver website at http://www.kiwisaver.govt.nz/
 
ENDS

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