KiwiSaver and Retirement

If you’re closing in on retirement, you’ll probably be thinking about how to manage your retirement savings. Once you’ve turned 65 and have been in KiwiSaver for five years, you’ll be free to access funds from your account. But you don't have to cash up your account. With the Gareth Morgan KiwiSaver Scheme, you can make regular withdrawals and deposits and use your KiwiSaver account as a tool for managing your retirement savings.

Why stay in KiwiSaver after 65?

With luck, you’ll be alive for a long time after you retire, so your retirement planning doesn’t stop at 65! It’s important to make sure your savings work for you in your retirement.

Here are some reasons to use your KiwiSaver account to manage your retirement savings:

  • KiwiSaver is recognised as one of the lowest cost fund management services available.
  • Currently, KiwiSaver is better regulated and more transparent than most other retail funds management products.
  • KiwiSaver offers a range of investment options and products to suit your changing needs.

Your Gareth Morgan KiwiSaver Scheme account gives you the flexibility to make withdrawals and deposits without additional charge, and at the same time maintain an investment that’s appropriate for your personal goals. If you keep your Gareth Morgan KiwiSaver Scheme account open, you can:

  • Use it as a source of regular income by setting up monthly, two-monthly, quarterly or annual regular payments to your bank account ($100 minimum).
  • Use your account as an emergency fund (no further contributions), and make occasional withdrawals when you need them.
  • Consolidate other investments such as UK Pensions and other superannuation scheme payouts into your account.
  • Keep on saving. You can make regular or one-off deposits.

You’ll continue to receive the same member services from the GMK team:

  • Regular reporting and the ability to keep a close eye on your investment – that will become even more important to you as your savings, rather than your job, become the primary source of your income.
  • The ability to change your investment mix to suit your needs.
  • Personal attention from the GMK member services team.

                    Ask us a question

How to make withdrawals and deposits

Email or call us on 0800 427 384 for a withdrawal form and instructions.

Here are the details for making deposits.

Resources for your retirement

Gareth Morgan KiwiSaver Limited does not offer retirement planning services – our business is investment management. However, if you have more than $50,000 of savings (KiwiSaver and/or other investments) you can take advantage of Gareth Morgan Investments' (GMI) free investment review service. A GMI Authorised Financial Adviser will review your current investments and your goals, and let you know if you’re on track or could use a different strategy. There is no charge for this service, and you can get started right away by sending us some details.

What is the right Investment Direction close to retirement?

Ask us a question

Here are some other resources you might find useful.

Online planning tools
Sorted.org.nz is an independent resource to help Kiwis get their finances sorted. These are our top picks from their retirement planning offering:

Rules and regulations

  • You are entitled to withdraw from your KiwiSaver scheme when you reach the age of entitlement to New Zealand Superannuation, which is currently 65, or five years after joining KiwiSaver, whichever is the later.
  • If you die before closing your KiwiSaver account, your savings will be paid out to your estate.
  • If your principal place of residence was outside of New Zealand while you were a member of KiwiSaver, there may be some member tax credits that are required to be paid back to the Government.
  • Your KiwiSaver provider is required by law to verify your identity before you can make any withdrawals.
  • Once you’ve closed your KiwiSaver account it cannot be reopened
  • If you’re already over 65, it’s too late to join KiwiSaver

 

Adviser disclosure statements and the Investment Statement for the Gareth Morgan KiwiSaver Scheme are available under the Documents heading below.