We are experiencing hardship. My partner has a super plan from 1993, it matures 2022 when he is 55. Can we access his

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Customer: Hi, we are experiencing hardship. My partner has a super plan from 1993, it matures 2022 when he is 55. Can we access his funds? He also has kiwi saver through his job.
JA: What state are you in? It matters because laws vary by location.
Customer: Auckland New Zealand
JA: What steps have you taken so far?
Customer: Rang the company to see if we were able to apply, a few months ago but was told we couldn't. So we left but now the property we have rented for 10yrs has been sold, and we are struggling. The agent offices are unavailable until the 18th. I rang the company holders: astern life and to ring back with my partner. He will have to take time off work tomorrow, and we just need to know whether he will be able to take the full amount or part of because his kiwi saver is the one he contribute from his wage. He has not contributed to the super plan for over ten years.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No it's our last option as I'm not sure if work and income nz, will see this plan as assets?
Answered by Chris The Lawyer in 27 mins 1 year ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi
I am a New Zealand lawyer based in Wellington and will help you with your question today. Please give me a minute to read the question
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Chris The Lawyer, Expert

If you cash in the superannuation WINZ will see that as a cash asset which may affect any benefits you are claiming. But usually they don’t let you cash in those policies until you are 60 or even 65. If they do allow hardship withdrawal you may need to check with WINZ for the effect on benefits
Customer
We are having a housing problem. We do no qualify for any benefits, as my partners wage is just above the criteria. We were looking for housing assistance, as we are financially strained. The super plan in question is released in 2022 and is confirmed by the company. Age 55. As it was taken out before the government's kiwi saver. My partner has a separate kiwi saver through his existing job of 10years.
Astern has confirmed his 1993 policy finishes next year at age 55, as was agreed when it was taken out.
Customer
We cannot afford it, we are living pay to pay. Unless you can truly help us, from being homeless in two weeks.
Then I will have to ask my partner and we can't pay till his pay goes through, which is tonight? And he would need to be able to talk to you.
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Chris The Lawyer, Expert

It would turn on whether they are prepared to release the funds earlier. You can also ask your KiwiSaver provider as sometimes they will release funds on hardship grounds. Don’t worry about the phone call however as that is an extra cost
Customer
Thank you, we don't want to touch kiwi saver while hes still got a job. Will ring the company tomorrow and see want can be done to help our situation. Thank you again
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Chris The Lawyer, Expert

The only other option would be to see if your bank would lend you money based on the security of the superannuation

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