Access to your funds is generally restricted until you reach 60 years of age. You have a range of options when you turn 60, as not everyone wants or needs to access all their savings at once.
Once you’re eligible to withdraw, you can choose to:
- leave your investment in the scheme until you need it (and choose whether or not to continue contributing)
- withdraw some of your investment (either as a lump sum or regular withdrawals), or
- withdraw your investment in full and close your account (if you choose this option, you won’t be able to open another account in the future).
New Zealanders are typically living longer so it’s important to make sure your savings will support you throughout your retirement. Before you make any big financial decisions, we recommend you speak to your financial adviser to help you get the best from your savings.
It’s also important to keep your money safe. Unfortunately, we’re seeing a rise in scammers trying to get their hands on retirees’ hard-earned money. They can be very clever and persuasive, but remember if something sounds too good to be true, it usually is. The best way to protect your savings is to be aware – more about keeping your money safe.
If you die while you’re a member, your investment will be paid to those persons responsible for administering your will, or dealing with your assets if you haven’t made a will.
How to make a withdrawal
If you’re eligible and would like to make a withdrawal, complete a retirement withdrawal form (PDF) and send it to ANZ Investments with certified identification and proof of residential address (PDF).
It usually takes up to 5 working days to process your withdrawal request. You’ll receive a confirmation letter once your withdrawal request has been completed.
Early withdrawal options
If you’re under 60, you may be able to make a withdrawal if you suffer permanent incapacity, are permanently emigrating from New Zealand or experiencing significant financial hardship.
Early withdrawal due to permanent incapacity
‘Permanent incapacity’ means an injury, illness or disability that will have a significant impact on your earning capacity in the future.
You’ll need to show evidence of your permanent incapacity to the trustee, who has to take into account your previous employment and consider the advice of a registered medical practitioner.
Once the trustee is satisfied you’re eligible for an early withdrawal, your investment will be paid in a single lump sum, or by several payments, as decided by the trustee.
Early withdrawal due to permanent emigration
You can withdraw your investment early if you have emigrated, or are about to emigrate, permanently from New Zealand. You’ll need to show evidence to the trustee that you have permanently left New Zealand (or are about to), and complete a statutory declaration.
Early withdrawal due to significant financial hardship
You can apply for an early withdrawal if you're suffering significant financial hardship - for example if you can't meet essential living and/or medical costs.
For more information about early withdrawals, or to request a form, contact your financial adviser or call ANZ Investments on 0800 736 034.