What are your options when you leave work?

Your options are slightly different for savings in the standard and locked sections.

You need to let us know which of these options you would like choose by completing form 12 leaving form [PDF, 123 KB].

Leaving your money in UniSaver

When you leave, you may elect to leave all or part of your benefit in UniSaver and become a retained member. This option is included on form 12 leaving form [PDF, 123 KB]. Read more about retained membership.

Transfers between universities

No benefit is payable if you leave in order to start service with another participating employer in UniSaver (for example, if you left the University of Canterbury for a position at Victoria University of Wellington). Your membership of UniSaver continues unbroken.

Complete form 6 change of employer [PDF, 73 KB] and send it to Mercer in order to make sure that you receive employer contributions from your new employer.

The Auckland University of Technology is not a participant in UniSaver.

Transfers to other super schemes

Under the following circumstances, you can transfer all or part of your remaining account balances to another superannuation scheme.

New Zealand

You can transfer your benefit to another registered superannuation scheme or KiwiSaver scheme when you leave. This needs to be approved by us and the trustee of the scheme you wish to transfer to. Your locked account balances can only be transferred to another complying superannuation fund or KiwiSaver scheme. 

If you transfer savings in the standard section to another scheme, those savings will be subject to the rules of that scheme. That means, if you transfer savings in the standard section to another complying superannuation fund or KiwiSaver scheme, you generally won’t be able to withdraw that money until you reach the age of eligibility for New Zealand Superannuation (currently age 65).

Overseas

If you leave your employer to work for an overseas university or to work for a research facility (in each case, as defined in the trust deed), you can request that the full balances in your member standard and employer standard accounts (excluding any amounts in your locked accounts), adjusted for interest, be transferred to a superannuation scheme to which the overseas university or research facility contributes instead of being paid your leaving service benefit.

Additional information for locked members

Withdrawals

You can withdraw funds from your locked accounts if you have reached age 65. There is an additional requirement if you joined the locked section before 1 July 2019. In this instance, when you fill in a leaving form, you will be asked to confirm that you are opting out of the requirement to have completed 5 or more years' membership of the locked section (or another complying superannuation fund or KiwiSaver scheme) before becoming eligible to make a withdrawal. As a result, from the date of the withdrawal, you will no longer be eligible for government contributions.

You need to complete a statutory declaration the first time you make a withdrawal from your locked accounts. You don't need to complete a statutory declaration if you are:

• leaving your savings in UniSaver and becoming a retained member 
• transferring funds to another complying superannuation fund or KiwiSaver scheme.

The statutory declaration is included as part of the leaving form (see part D).

Permanent emigration

If you emigrate permanently from New Zealand, not less than 12 months after you emigrate, you may apply to us to withdraw the balances in your locked accounts (excluding any government contributions, which revert to Inland Revenue, but including any investment earnings on them), using form 13 locked member - permanent emigration [PDF, 89 KB]. However, you need to have completed form 12 leaving form [PDF, 123 KB] first. Complete the leaving form when you leave work and elect to become a retained member. At that point, you can withdraw funds from your standard accounts if you have them. Read more about retained membership.

You cannot transfer your locked balances direct to an Australian complying superannuation fund. If you wish to do this, you must transfer them from UniSaver to a KiwiSaver scheme before emigrating. You need to think this through carefully. Remember that, if you are not living or don’t normally live in New Zealand, you cannot join KiwiSaver.

You will be required to provide evidence of your permanent emigration.

Call the helpline for further details of the information required. If you are considering this option, you should obtain professional advice.

Serious illness

An early withdrawal from your locked accounts may be available if we are reasonably satisfied that you are suffering from a serious illness as defined in the KiwiSaver Act 2006. Serious illness is defined in the Act as an injury, illness or disability that:

• results in you being totally and permanently unable to engage in work for which you are suited by reason of experience, education or training or any combination of those things, or
• poses a serious and imminent risk of death.

You can use form 11 medical withdrawal [PDF, 209 KB].