Home' DEMO : BNZ KiwiSaver Scheme Investment Statement Contents > the cost of modifying a residence to meet special needs arising from your own or a
> the cost of medical treatment for your own or a dependant's illness or injury;
> the cost of palliative care for you or a dependant; or
> the cost of a funeral for a dependant.
If your application is accepted, you can withdraw your entitlement, excluding the Government
kick-start and Member Tax Credit. The amount withdrawn may be limited to the amount that,
in the Trustee's opinion, is required to alleviate hardship.
You'll need to complete a withdrawal request and a statutory declaration of your assets and liabilities
if you wish to apply for a significant financial hardship withdrawal. To support your withdrawal request,
you'll have to provide evidence that you are suffering or likely to suffer significant financial hardship
as defined under the KiwiSaver Act and that all reasonable alternative sources of funding have been
explored and exhausted.
If your application is accepted and you make a significant financial hardship withdrawal, you will
remain a Member of the BNZ KiwiSaver Scheme and you may continue making contributions or must
continue making contributions if you are an employee unless you are on a contributions holiday.
For more information on how to apply for a contributions holiday -- see the heading "Contributions
holiday" on page 51 for more information.
> Serious illness
You may apply to the Trustee to make a serious illness withdrawal. If your application is accepted, you can
withdraw some or all of your entitlement including your Government kick-start and Member Tax Credit.
Serious illness means an injury, illness or disability:
> that results in you being totally and permanently unable to engage in work for which you are suited
by reason of experience, education or training, or any combination of those things; or
> that poses a serious and imminent risk of death.
You'll need to complete a withdrawal request if you wish to apply for a serious illness withdrawal. The
Trustee will require evidence (such as medical evidence) that you are suffering from a serious illness as
defined under the KiwiSaver Act to support your withdrawal request.
If you die while still a Member of the BNZ KiwiSaver Scheme, your full entitlement will be payable,
on request, to the executors or administrators of your estate.
Alternatively, if your full entitlement is less than the prescribed amount (currently $15,000) and
certain other conditions are met, we may pay, or direct the Trustee to pay, your entitlement direct to
(for example) a surviving partner or caregiver. Contact us for further information. Our contact details
are set out on page 52 under the heading "Who do I contact with inquiries about my investment?".
> Permanent emigration
You can apply to make a withdrawal on the grounds of permanent emigration one year after your
permanent emigration from New Zealand. If your application is accepted, you can withdraw a cash
lump sum up to the value of your entitlement, excluding your Member Tax Credit.
Alternatively, if you permanently emigrate from New Zealand, you may immediately apply for the
transfer of your entitlement (excluding your Member Tax Credit) to any overseas superannuation
scheme authorised by regulations made under the KiwiSaver Act. As at the date of this Investment
Statement, no such regulations have been made.
If you make a permanent emigration withdrawal or transfer, your Member Tax Credit will be repaid to
the Inland Revenue and you will cease to be a KiwiSaver scheme member.
You'll need to complete a withdrawal request if you wish to apply for a permanent emigration
withdrawal and you'll need to provide evidence that confirms that you have permanently emigrated.
> Trans--Tasman portability
While legislation in relation to the Trans-Tasman Portability regime has not come into force as at the
date of this Investment Statement, once this legislation does come into force, if you permanently
emigrate to Australia then you would not be able to withdraw a cash lump sum as described above.
Instead, you would be able to transfer your entire entitlement (including your Member Tax Credit) to
an Australian complying superannuation scheme. For more information, including whether this law
change has taken effect, call us on 0800 BNZ KIWI (0800 269 5494). The law change is expected to
take effect during July 2013.
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