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Withdrawing your KiwiSaver savings at retirement

KiwiSaver provides flexibility to help you manage, grow and enjoy your savings in retirement.

Thinking about withdrawing?

If you've decided you would like to access your ASB KiwiSaver Scheme savings for living expenses, bills or even that long awaited holiday, there are three ways you can withdraw your money:

  • "Pay" yourself regularly from your ASB KiwiSaver Scheme savings

Just set up a regular retirement withdrawal to get fortnightly, monthly or quarterly payments. A $100 minimum applies for each withdrawal.

  • Make a partial one-off lump sum withdrawal

If you need some of your savings for unexpected bills, a holiday or you want cash on hand, complete the ASB KiwiSaver Scheme retirement withdrawal form.

  • Close your ASB KiwiSaver Scheme account by withdrawing all your savings

The ASB KiwiSaver Scheme is a simple, low cost way to invest and if you wanted to use it in the future you would need to open a new account.

What's the best way to use KiwiSaver in retirement

If you can, it's a good idea to think about using your KiwiSaver account as an investment even past retirement. If you don't need to withdraw your entire balance at 65, the ASB KiwiSaver Scheme is a low cost investment option that can potentially earn greater returns than a savings account or term deposit. You can still make regular or one-off withdrawals to provide yourself with an income once you’re eligible to withdraw.

Check out our guide on making the most of your KiwiSaver savings at retirement.

Am I eligible to withdraw?

You need to be at least 65 years old to be able to start withdrawing from your KiwiSaver account.

For members who joined KiwiSaver before 1 July 2019, there was previously a requirement for you to be a member for 5 years before being able to start making withdrawals. You are now able to start making withdrawals anytime from 65 however you may miss out on future Government and employer contributions.

How do I make a withdrawal?

  • Fill in the appropriate application form
  • Return it to us via post, email a scanned copy to retire@asb.co.nz, or return it to an ASB branch
  • We aim to process partial withdrawal requests within five to seven business days, and full account closure requests within 10 to 15 business days

First time making a retirement withdrawal?

If you want to withdraw the full balance of your account, you will also need to sign a statutory declaration that needs to be witnessed. Check out our Covid FAQ's to find the best way for you to complete this part of your application during Covid-19 related restrictions.

If you're completing a partial withdrawal application and are leaving at least $12,000 or the full amount of Government contributions you've received plus a buffer, you don't need to complete the Statutory declaration portion of the form. The minimum balance you must leave in your account is $2000. If you wish to make the maximum partial withdrawal available to you without completing the Statutory Declaration, please indicate this by writing “maximum” in the partial withdrawal amount section of the form.

Initial withdrawal application form

Looking to withdraw again?

If you've already withdrawn some of your KiwiSaver savings in the past , or if you joined KiwiSaver when you were already 65, you  don’t need to complete a statutory declaration. You'll have the option to specify a new regular withdrawal, request a one-off payment, or request the full closure of your account.

Subsequent withdrawal application form

Closing your ASB KiwiSaver Scheme Account

If you want to close your KiwiSaver account and be paid out the full balance of your account, this process takes 10 to 15 business days. We need to involve Inland Revenue in the closure and make sure that you receive all the contributions you're entitled to. Remember - once you've withdrawn all your savings, your ASB KiwiSaver Scheme account will be closed. The ASB KiwiSaver Scheme is a simple, low cost way to invest and if you wanted to use it in the future you would need to open a new account.

Contact us

Any questions?

We'll help with your ASB KiwiSaver Scheme query.

Ask us now

Call us

Speak to a KiwiSaver specialist. 

0800 ASB RETIRE (0800 272 738)

Visit a branch

Visit us at one of our many branches across New Zealand.

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Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).