Migrants who’ve permanently left New Zealand are telling us that it is virtually impossible to get their KiwiSaver funds returned.
People are saying the KiwiSaver scheme is starting to look a rort, we’ve heard it called a ‘money making scheme for the providers.’
According to the KiwiSaver website if you’ve moved overseas permanently (and not to Australia) you should be entitled to your money back after 1 year.
Moving overseas permanently
“After you’ve been overseas for one year you can withdraw your funds from KiwiSaver, if you have moved overseas permanently to a country other than Australia…
When moving to Australia you will only be able to either leave your funds in a New Zealand KiwiSaver scheme or transfer your funds to an Australian complying superannuation scheme. You do not have to wait one year to make a transfer.”
Even if you do manage to withdraw your cash the NZ government gets to keep the tax credits, but you get the $1,000 kick start AND your employer’s contributions. source.
You’ll also have to provide proof you’ve left New Zealand, so keep those passport records, boarding passes and other documentation relating to your relocation.
Is it that easy?
We’d like to hear from more people about problems they’ve experience with the scheme, and if they found a way of getting to their cash.