Kiwisaver funds available to earthquake victims

Victims of the Christchurch earthquake will be given access to their Kiwisaver funds. Photo / Mark Mitchell

Canterbury quake victims will be allowed to withdraw money from their KiwiSaver schemes, Commerce Minister Simon Power says.

"The Government was concerned that some people may have been unable to make an early withdrawal of their KiwiSaver contributions under the significant financial hardship rules of the KiwiSaver regime," he said.

"So we have now approved changes to regulations, adding the earthquake to the list of circumstances that can be considered for an early withdrawal."

Under the changes people who were living in Canterbury could apply for their funds if:

* Their property was damaged or destroyed as a result of the earthquake;

* they lost their job because of it;

* or suffered costs such as moving home or dealing with trauma.

Officials were working with KiwiSaver trustees to provide guidance on how to deal with earthquake-related hardship claims.

"Trustees will be advised to take a sensible and pragmatic approach to complications such as lack of access to financial records and uncertainty pending insurance claims."

- NZPA