Leaving ACC
Once you’re a member you have the choice to stay in mysuper even after leaving ACC, keeping your investment options open. You can keep it invested and keep it accessible with unlocked withdrawals. As long as you’re in, you're good to go.
Benefits of staying in mysuper
Keep your investment options open with the ability to change your strategy at any time.
Keep enjoying our exceptionally low, not-for-profit fees while you invest.
Keep benefiting from our consistently well-performing funds.
Keep your options open and access your unlocked retirement savings when needed.
Steps to take before leaving ACC
Let us know you’re leaving
If you’d like to stay in mysuper after leaving ACC simply let us know by completing a ‘Stay in mysuper’ form and we’ll update your account.
Adjust your insurance cover
The optional mysuper life and income protection insurance bundle stops once you leave ACC. To continue it personally (not through mysuper) contact our team to discuss before you leave.
What will change once you’ve left ACC
Unlocked withdrawals
If you’d like to make a withdrawal from your unlocked retirement savings once you’ve left ACC, you can. You can request a withdrawal up to four times a year at no cost, and just a few rules apply.
Investment selections
If you’d like to change your investment strategy at anytime you can by logging into your mysuper account dashboard.
Locked retirement savings
Locked retirement savings in your mysuper account follow the KiwiSaver Act 2006 and can be accessed when you have reached the NZ Superannuation age (currently 65 years). Some special withdrawals are also available relating to locked contributions, which allow for an early withdrawal.
Contributing
Voluntary contributions to your mysuper account (other than increasing your contributions through payroll) are limited due to application of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.
- Regular contribution requests to a member's mysuper account are not permitted except through payroll as increases in increments of 1% by deduction from your salary.
- Lump-sum voluntary contributions from your own bank account are only eligible during leave of absence, with conditions,* or for members to ‘top up’ their locked account to receive the maximum Government contribution (previously called a member tax credit), if eligible.
*During an unpaid period of leave of absence, such as parental leave or study leave, your contributions (and those of your employer) automatically stop. You can make voluntary contributions during this period if you wish, such as to make the minimum contribution to your locked account needed to receive the Government Contribution (member tax credit) if eligible or to replicate the level and frequency of contributions you were making from your salary.
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What kind of withdrawals can I make?
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Withdrawals are determined by the type of contributions you make to your mysuper investment:
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How can I find out what type of contributions I make to mysuper?
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To find out if your mysuper account has unlocked, locked or both types of contributions, simply login to your mysuper dashboard or contact the mysuper team to discuss on 0508 MYSUPER (0508 697 873). |
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How long does it take to process my unlocked withdrawal?
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A maximum of 20 working days is advised, if all required documents are provided as required. This timeframe allows for the end of employment to be confirmed by ACC Payroll, all final contributions to be received from final pay period processing, a review of all certified documentation provided, application of final investment returns, the investment to be sold back to mysuper, and the payment then being made to your bank account. A summary of the payment process is available to detail the process. |
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How many unlocked withdrawals can I make?
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Once you are eligible for an unlocked withdrawal up to four can be requested from your investment each financial year (1 July to 30 June). Simply complete the unlocked withdrawal form and we’ll do the rest. |
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Resign, Retire or Redundancy - What happens?
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Whether you retire, resign, or are made redundant, the same options above apply when it comes to ongoing mysuper membership and withdrawals for most members. However, if you are currently on a non-R3 employment agreement a vesting scale does apply to how much of ACC’s employer contribution you’d be entitled to when you resign or retire. In the case of redundancy, a member is entitled to 100% of ACC’s employer contribution regardless of their length of membership in mysuper. |
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Will I pay tax on my withdrawal?
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Since tax has already been calculated and paid on investment income, withdrawals from mysuper are not currently subject to further New Zealand income tax. If you are entitled to a payment under the optional life or income protection insurance offered through mysuper, the payment will be made by the insurer - not from mysuper. You should seek independent tax advice regarding the treatment of such insurance payments. We recommend you seek your own tax advice on your own personal circumstances. |
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Why do I need to supply certified documentation with my withdrawal?
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For your security and privacy, and to safeguard your investment against fraudulent activity, you are required to have specific documents certified. Please refer to our guide to provide you with any help you may need. |
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When can I make a locked withdrawal?
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Some withdrawals are available relating to locked contributions. Locked contributions are those that comply with the KiwiSaver Act 2006 and have differing access rules applied.
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