When you reach Qualifying Age, you can take your money out of KiwiSaver and start enjoying your retirement. If you prefer, you can keep your money invested in KiwiSaver. Here’s how to go about it.

Option 1: Take your money out.

You might not know that you can keep saving with KiwiSaver once you’ve retired. Chances are you’ll live for more than 20 years after you retire, so you’ll still need some investment growth. Then, when the time is right, you can withdraw some or all of your savings in a variety of ways.

There are different withdrawal forms depending on what you decide to do. You need to complete a Statutory Declaration to make your first withdrawal on reaching Qualifying Age – this is a legal requirement set out in the KiwiSaver Act 2006.

Withdrawals can only be paid by direct credit into a nominated New Zealand bank account, held in your name or jointly held in your name. Lump sum payments will generally be made within 10 business days of the request being approved, provided all details on the withdrawal form are complete and correct. 

Regular withdrawals*

Regular withdrawals* can be an ideal way to supplement your pension or other retirement income sources. As long as you withdraw at least the minimum regular withdrawal amount (equal to $100 a month), you can choose to be paid weekly, fortnightly or monthly – whatever suits you.

*Members cannot make regular withdrawals from the CPP Funds or any Australian-sourced Funds.

Lump sum withdrawals

Lump sum withdrawals are handy if you want to keep investing in KiwiSaver but need to access some of your money for one-off expenses – like a new car or home improvements. The minimum lump sum withdrawal amount is $500 per withdrawal.

Your first withdrawal

If you’re requesting your first withdrawal after reaching Qualifying Age, download the Westpac KiwiSaver Initial Retirement Withdrawal form.

Subsequent withdrawals

Once you’ve made your first retirement withdrawal, or if you first joined KiwiSaver when you were over 65, you can make withdrawals using the Westpac KiwiSaver Scheme Withdrawal Form.

Note: If you make a full withdrawal, your Westpac KiwiSaver Scheme account will be closed and your membership will end.

Withdrawing your Australian-sourced Funds

If you’ve transferred your Australian-sourced Funds to the Westpac KiwiSaver Scheme and are eligible to withdraw these funds before you reach Qualifying Age, you’ll need to complete a separate form. This is the Westpac KiwiSaver Scheme Retirement Withdrawal for Australian-sourced Funds Form.

These funds are subject to some different rules to the rest of your KiwiSaver savings. Here are the key things you should be aware of:

To be eligible, you must:

  • be aged 60 years or over, no longer employed; and

  • have ended your employment after reaching age 60; or

  • have retired and do not intend to ever again be in paid employment for 10 or more hours per week.


  • have reached Qualifying Age.

 Other important information:

  • You can’t withdraw your Australian-sourced Funds early to assist with the purchase of a first home or use your Australian-sourced Funds to count towards eligibility for a first home buyer’s subsidy.

  • Government contributions won’t be payable on your Australian-sourced Funds.

  • Your Australian-sourced Funds cannot be transferred to a third country.

  • Any positive investment returns earned on your Australian-sourced Funds since transferring to the Westpac KiwiSaver Scheme will remain in your Westpac KiwiSaver Scheme account until you reach Qualifying Age, or otherwise qualify for an early withdrawal.

  • You’ll only be able to make a full withdrawal or lump-sum withdrawals of your Australian-sourced Funds. There are no restrictions on the number of lump-sum withdrawals you can make. 

Capital Protection Plan (CPP) Funds (closed to new investors)

If you make a lump sum or full withdrawal from any of the Westpac KiwiSaver Scheme CPP Funds before the maturity date for that particular CPP Fund, you’ll lose the benefit of any capital protection on the amount withdrawn.

Option 2: Keep your money in.

Even though you’re eligible to withdraw your savings, it doesn’t mean you have to. You’re welcome to keep your Westpac KiwiSaver Scheme account open and continue putting money in until you need to access your savings.

There are some very good reasons to keep your money invested with the Westpac KiwiSaver Scheme:

  • Your KiwiSaver savings are easily accessible, with flexible withdrawal options.

  • Your savings will continue to be professionally managed by BT Funds Management (NZ) Limited.

  • You can choose from a range of investment options to suit your changing lifestyle – whatever your age.

  • You can still make lump sum or regular contributions to help your savings grow.

  • KiwiSaver typically has lower fees than other investment products.

  • Our KiwiSaver specialists can help you develop and change your savings plan to suit your retirement needs.