The Government has announced that changes to the KiwiSaver rules will allow people with congenital life-shortening conditions to withdraw their savings when they are ready to retire.
MBIE says that under current requirements, people need to be 65 years old to access their KiwiSaver fund. However, this means that people with shortened life expectancies due to a congenital condition – such as those with Down syndrome – will be unlikely to access their KiwiSaver.
The new category - which MBIE says will be created following amendments to the KiwiSaver Act 2006 - allows people with congenital life-shortening conditions to withdraw their savings at the point that it makes sense for them to retire.
Information released by Commerce and Consumer Affairs Minister Kris Faafoi says new withdrawal category establishes a set list of conditions named in regulations that would automatically qualify people for withdrawal. People will need to provide a medical certificate and other evidence to qualify for withdrawal.