KiwiSaver quake moves spark warning

Commerce Minister Paul Goldsmith announced this week that he had asked KiwiSaver scheme supervisors to expedite requests for early withdrawals for earthquake-affected people.

“I also emphasised to KiwiSaver supervisors that when assessing financial hardship applications, they should take into account the effects of the earthquake on their member’s assets, ability to work, income and expenses,” he said.

“Supervisors have agreed to this approach. They will work with KiwiSaver providers to ensure affected members can go through the withdrawal process as quickly and flexibly as possible.”

Financial adviser Hannah McQueen said the idea was dangerous.