About retained membership

You don't need to withdraw your money from UniSaver when you leave work. With our consent and the consent of your employer, you may elect to leave all or part of your benefit in UniSaver and become a retained member.

Your member contributions and employer contributions will cease. However, if you are a locked member, you will be able to make top-up contributions to your member locked account to qualify for the maximum government contribution - read more about voluntary contributions.

You will continue to earn interest on your savings in the usual way. You can also change your investment choice at any time.

You can remain a retained member indefinitely so long as you maintain a balance of at least $5,000 in your accounts.

Fees

A monthly administration fee will be deducted from your account. The current fees for retained members are listed here.

How to become a retained member

Complete a leaving form and choose Option 3 - Retained membership.

Making withdrawals

As a retained member, you can make ad hoc partial withdrawals or set up a regular monthly payment.

Regular withdrawals

As a retained member, you can set up a regular monthly payment from UniSaver to a nominated bank account. There is a one-off establishment fee for setting up a regular monthly payment. You won't be charged a fee for each monthly payment or for changing the amount of the payment. 

You must maintain a balance of at least $5,000 to remain a retained member. If a withdrawal reduces the balance in your accounts to less than $5,000, your remaining balance will be paid to you and your membership of UniSaver will cease.

Regular withdrawals are subject to the rules about locked accounts (see below).

To set up a regular withdrawal, complete a retained member regular withdrawal form [PDF, 241 KB] and send it to Mercer.

Partial withdrawals

As a retained member, you can also make ad hoc partial withdrawals. The first partial withdrawal in any 12-month period is free. A fee will be charged for the second and any subsequent withdrawal in that same period.

You must maintain a balance of at least $5,000 to remain a retained member. If a withdrawal reduces the balance in your accounts to less than $5,000 your remaining balance will be paid to you and your membership of UniSaver will cease.

Any withdrawal is subject to the rules about locked accounts (see below).

To make a partial withdrawal, complete a retained member partial or total withdrawal form [PDF, 337 KB] and send it to Mercer.

Total withdrawal

You can withdraw the total balance of your accounts by completing a retained member partial or total withdrawal form [PDF, 337 KB] and sending it to Mercer. Any withdrawal is subject to the rules about locked accounts (see below). You will also be charged a termination fee. The current fees for retained members are listed here.

Withdrawals from locked accounts

You are only eligible to make withdrawals from your locked accounts if you have reached the qualifying age for New Zealand Superannuation (currently 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 withdrawal 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.

If you are eligible, you can make a partial or total withdrawal from your locked accounts using the retained member partial or total withdrawal form [PDF, 337 KB]. You will need to complete the statutory declaration included on the form.

You can transfer the balance of your locked in accounts to another complying superannuation fund or KiwiSaver scheme at any time. Again, complete a retained member partial or total withdrawal form [PDF, 337 KB].