I am writing on behalf of my granddaughter. On graduating from university, she worked part-time and contributed to a default KiwiSaver fund. She is now married, living in Australia and contributing to an Australian super fund. She and her English husband have decided they would like to settle permanently in the UK, possibly in two years' time. She would like to close her KiwiSaver account as she has no intention of living back here. The balance is only $2129 (this includes the government kickstart). Is there any way she can exit the fund? By making no contributions and with her provider deducting their fees this will be eating into her balance.
You can find out how to access KiwiSaver early on the Government KiwiSaver website, under "Moving Overseas Permanently".
As your granddaughter is currently living in Australia, she should first read up on those rules.
From July 1, 2013, members are no longer able to withdraw their KiwiSaver funds early if they have moved to live permanently in Australia, but they can consolidate their savings by applying to transfer all their KiwiSaver savings to an Australian complying superannuation scheme.
You do not have to wait one year to make this transfer and all funds including the $1000 kick-start and member tax credits may be transferred.
Members will be able to access their KiwiSaver funds at the age of entitlement to New Zealand superannuation. Currently this is at 65 years of age.