1 Jul 2012

KiwiSaver withdrawal date arrives

8:03 am on 1 July 2012

Revenue Minister Peter Dunne says 17,500 people will be eligible to take their money out of the KiwiSaver scheme this month.

KiwiSaver is marking its fifth birthday with a total of nearly two million members.

Mr Dunne says $11.8 billion has been paid in by individuals and their employers since KiwiSaver was launched.

The figure does not include voluntary contributions.

Mr Dunne says people can apply to withdraw from KiwiSaver when they turn 65 or when they have been in the scheme for five years - whichever comes later.

He says that means 17,500 members will be able to access their money this month if they wish, and 75,000 will be able to do so over the next year.