New Zealand Post
INFORMATION FOR MEMBERS OF THE
NEW ZEALAND POST SUPERANNUATION PLAN
You may be able to use some of your savings if you are suffering, or likely to suffer, significant financial hardship. Specifically, this means you are unable to meet health-related or funeral expenses or because you are unable to meet your basic living expenses or other necessary expenses. You can only withdraw money from your member account (or your voluntary account and/or salary sacrifice account if you have one).
This is not an automatic benefit. The purpose of the Plan is to help provide financial security for you in retirement. It is not a lending institution. We must follow strict guidelines when deciding whether or not to grant your application. You will need to provide evidence that you have sought budgeting advice. We’ll also need proof you’ve trimmed your spending as much as possible. That includes extras like Sky TV and hire purchase or credit card debt for luxury items like large TVs. For example, we will look to see if you have unnecessarily high telephone and mobile costs or your household is running multiple vehicles.
Expect the application process to take five to eight weeks from when we receive all the information we need.
The chart below outlines the circumstances in which you may qualify for a benefit and the information you will need to provide. Your employer may also be asked to comment on your situation.
Call us to talk through your options if you believe you are suffering or are likely to suffer significant financial hardship for a reason other than those covered here. We may be able to help depending on the circumstances. Call 0800 697 728 (choose option 2).
You must get budgeting advice before we will consider your application. (The only exception is if you are applying for a benefit because you are unable to meet the cost of a dependant’s funeral.) You can access free budgeting advice through the National Building Financial Literacy Trust. Call 0508 283 438 or visit www.nbfcct.com to find an advisor in your area. A budget advisor will help you prepare a worksheet detailing what you earn, what you spend, what you own and what you owe. This will help you and us understand your financial position more clearly. The budget advisor will also provide written recommendations on the steps you can take to improve your situation.