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Tuesday, April 19, 2011

KiwiSaver relief for earthquake-affected Cantabrians

The Government announced today provisions for people in Canterbury at the time of the earthquakes to make a financial hardship claim and withdraw funds from Kiwisaver. It is unlikely that claims can be made immediately as it will take time for the detail to filter through to Kiwisaver providers.

The key part of the announcement is:
Mr Power said that under the changes, any resident of Canterbury at the time of the earthquake is entitled to refer to the following circumstances when applying for a financial hardship claim:
  • The destruction or damage of property as a result of the earthquake.
  • The loss of employment as a result of the earthquake.
  • Costs incurred as a result of the earthquake, including costs associated with moving home or dealing with trauma.
Mr Power said officials are 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.”
The full announcement is here.
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