You may apply for a significant financial hardship withdrawal
If you cannot pay:
For food, accommodation, transport, power, water or gas
The mortgage on your main family residence and the bank is enforcing mortgage repayments
The cost of modifying your home to meet special needs if you, or a dependant, become disabled
The cost of palliative care for a dependant, should you become terminally ill
The costs of a funeral for a dependant.
You cannot claim for:
Credit card purchases
Mortgage payments for investment properties
Court fines
Outstanding payments to Inland Revenue or WINZ etc.
Holidays or travel.
How much can I apply to withdraw?
You can apply to withdraw funds from your KiwiSaver account, except Government contributions and the Kickstart. Withdrawals are not guaranteed and are subject to the approval of the Supervisor.
Who makes the final decision?
The Scheme Supervisor makes the final decision and they are independent of Fisher Funds. The Supervisor is responsible for ensuring we comply with the KiwiSaver rules and regulations. The Supervisor will decide whether or not to approve your application. They will work out how much money you have left each week after deducting “minimum living expenses” from your weekly income (your budget deficit). It is important to understand that “minimum living expenses” are based on normal community standards across New Zealand and are not based on your own current living expenses. For example, you might spend $400 a month on clothing but the Supervisor might only take into consideration $50 a month because this is the minimum standard amount for a New Zealander.
If your application is approved, the maximum payment you can expect will be 13 times your budget deficit, or the total of any overdue minimum living expenses invoices that you have provided. If you are currently in arrears with hire purchase, credit card or loan repayments these will be considered. If your application is approved, any money you receive must be used for payment of those invoices. If you request another Significant Financial Hardship withdrawal in the future, you may be asked to supply evidence that you have used any previous payment(s) for the purpose you have claimed.
The Supervisor may ask for further financial information from you. If this information is not provided within four weeks, your application will be cancelled.
How can I apply?
If you’re in the Fisher Funds KiwiSaver Scheme or the Fisher Funds TWO KiwiSaver Scheme you can:
Complete the online form; or
Download and complete the Significant Financial Hardship Withdrawal Form
If you’re in the Fisher Funds KiwiSaver Plan you can:
Complete the online form; or
Download and complete the Significant Financial Hardship Withdrawal Form
Once we’ve received your completed form, it typically takes up to 10 business days for our Claims team to review your application and come back to you if they require more information. We understand the urgency of your situation, but we are unable to prioritise individual applications.
If you need help completing the forms, you can visit your nearest Citizens Advice Bureau.
If you need any further assistance, please contact us and we’ll help you out.