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. Currently you need to contribute $1,042.86 a year to your member locked account to qualify for the maximum government contribution of $521.43. For the purposes of the government contribution, the year runs from 1 July to 31 June (whereas the scheme financial year is the same as the calendar year). Government contributions are only made up to age 65. Read more.

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.

Making withdrawals

As a retained member, you can make partial withdrawals once each quarter or set up a regular monthly payment. 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). If you joined the locked section before 1 July 2019, you also need to have completed five or more years' membership of the locked section (or another complying superannuation fund or KiwiSaver scheme). From 1 April 2020 you will be able to opt out of the five-year rule. Call the helpline for more information.

Read more about making withdrawals.


The current fees are listed here.

Administration fee

A monthly administration fee will be deducted from your account. 

Partial withdrawals

The first partial withdrawal you make in any 12-month period is free. A fee will be charged for the second and any subsequent withdrawal in that same period. 

Regular withdrawals

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. 

How to become a retained member

Complete a Leaving service form and choose the 'retained member' option. 

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