Withdrawal options

Access to your funds is generally restricted until you reach 60 years of age.

When you turn 60, you have several options available to you 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 decide whether or not to continue contributing),
withdraw some of your investment (either as a lump sum or through 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 ensure your savings will support you throughout your retirement. Before making any major financial decisions, we recommend speaking with an appropriately qualified financial adviser to help you optimise your savings according to your needs.

At any time It’s also important to keep your money safe. Unfortunately, there is an increase in scammers targeting retirees’ hard-earned money. The best way to protect your savings is to stay informed—learn more about keeping your money safe.

If you die while you’re a Scheme member, your investment will be paid to those responsible for administering your will or managing your assets if you haven’t made a will.

Accessing your money at retirement

If you’re eligible and would like to make a withdrawal, complete a Retirement Withdrawal form and send it to Mercer, along with certified identification.

Once we receive your application, we aim to process your withdrawal within 10 business days. It may take longer if we need to request additional information. You will receive a confirmation letter once your withdrawal request has been completed.

Early withdrawal options

If you’re under the age of 60, you may be able to make a withdrawal for the following reasons:

Early withdrawal due to permanent incapacity

Permanent incapacity means an injury, illness, or disability that significantly impacts your future earning capacity.

You’ll need to provide evidence of your permanent incapacity to the trustee, who will consider your previous employment and advice from a registered medical practitioner.

Once the Trustee is satisfied that you’re eligible, your investment will be paid either as a lump sum or in several payments, as decided by the Trustee.

Early withdrawal due to permanent emigration

You can withdraw your investment early if you have permanently emigrated or are about to emigrate from New Zealand. You’ll need to provide evidence to the Trustee and complete a statutory declaration confirming your permanent departure.

Early withdrawal due to significant financial hardship

You may apply for an early withdrawal if you are suffering significant financial hardship, such as being unable to meet essential living or medical costs.

If you’re not sure if you are eligible for a significant financial hardship withdrawal, use our online quiz to check. It only takes around two minutes and if you appear to be eligible for a withdrawal, the application form will be available to download. Please note this quiz is not a guarantee of approval. The Scheme Trustee is required to assess and approve financial hardship withdrawal applications and ensure that the applicant is suffering or is likely to be suffering financial hardship based on the supporting evidence provided. The application will require you to provide at a minimum:

A correctly completed statutory declaration
Suitable identification and proof of address
Three months’ worth of all bank statements for your household (this may include other family members)
Evidence of all outstanding bills/costs that you wish to have considered as part of the application
You may be asked to provide further evidence or details as part of the Scheme Supervisor’s assessment.

For more information about early withdrawals or to request a form, call the Helpline on 0800 405 845.

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Withdrawal options