Commerce minister Simon Power has announced regulatory changes to make it easier for earthquake-affected Cantabrians to access their KiwiSaver cash.
“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.”
Power said that under the approved changes to regulations, any resident of Canterbury at the time of the earthquake is entitled to refer to the destruction or damage of property as a result of the earthquake, loss of employment as a result of the earthquake and costs incurred as a result of the earthquake such as moving home when seeking an early withdrawal.
He said officials were working closely 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,” Power said.