"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.
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:
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.
Take a look at your future
Don’t need all your money at once? Check out our award-winning KiwiSaver calculator and digital advice tool to see how you could make your KiwiSaver savings last longer into retirement.
You can keep investing with KiwiSaver
Did you know you don't have to withdraw all - or any - of your KiwiSaver savings simply because you become eligible to do so? Continuing to invest may have real advantages, because the ASB KiwiSaver Scheme will continue to offer you:
- Low-cost access to a range of professionally managed diversified funds.
- The potential to earn a greater return than the interest traditionally received on a savings account or term deposit.
- Once you’ve turned 65, your money is no longer locked in and you can access your KiwiSaver account whenever you need it.
If you don't withdraw all your investment, you'll need to keep a minimum of $2,000 in your ASB KiwiSaver Scheme account.
Using your KiwiSaver account as a retirement income
Everyone has different goals for their retirement, but here are some general rules of thumb that you can apply when you reach the age of 65 and become eligible to make KiwiSaver withdrawals.
The 6% Rule
When you begin withdrawing from your KiwiSaver account, take 6% of the initial value and withdraw this amount each year (e.g. if the initial balance is $100,000, withdraw $6,000 every year). This is suitable for those who are not concerned with inheritance and want more income at the start of their retirement.
The inflated 4% Rule
Take 4% of the starting value of your KiwiSaver account, then increase that amount each year with inflation. This is suitable for those who are concerned about running out of money in retirement or may want to leave some inheritance.
The Fixed Date Rule
Drawdown your KiwiSaver account to $0 over the period to a set date (e.g. in 15-years’ time). The annual withdrawal amount would be your current balance divided by the number of years left until your selected set date. This is suitable for those who want to maximise income earlier on in retirement, but are comfortable with other income after that set date and are not concerned with inheritance.
The Life Expectancy Rule
Each year, withdraw the current value of your KiwiSaver account divided by the average remaining life expectancy at that time. This is suitable for those wanting to maximise income throughout their lifetime and are not concerned with inheritance.
The general rules of thumb do not have regard to the financial situation or need of any reader. These rules aim to provide general guidance on your retirement drawdown strategy and should not be considered as financial advice. As individual circumstances differ, you should seek appropriate professional advice.
Check out our award-winning KiwiSaver calculator and digital advice tool to see how you could make your KiwiSaver savings last longer into retirement.
You can access relevant, independent information on Sorted or by reviewing the latest rule of thumb updates published by the New Zealand Society of Actuaries (search 'Rules of Thumb' or 'RoT').
Whether you want to withdraw your full balance as soon as you become eligible, or if you intend to use your KiwiSaver account as a retirement income, please visit the ‘How do I make a withdrawal?’ section below.
How do I make a withdrawal?
- Fill in the appropriate application form
- Email a scanned copy to retire@asb.co.nz, return it to an ASB branch, or return to us via post
- We aim to process partial withdrawal requests within 5 to 7 business days, and full account closure requests within 8 to 10 business days
First time making a retirement withdrawal?
To set up a regular withdrawal, or withdraw some or all of your savings, all you need to do is complete the initial withdrawal application form and sign the statutory declaration in front of a suitable witness.
Please note, if you were already 65 when you joined KiwiSaver, you do not need to complete a statutory declaration, so please use the subsequent withdrawal application form below.
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.
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 8 to 10 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.
We're here to help
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).
