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Superannuation Scheme funds are generally not accessible until you reach a certain ‘retirement’ age. Withdrawal from UK derived contributions: will be based on the current UK QROPS rules. These are as follows:
| Withdrawal type | Criteria | Amount |
| Retirement (age 55) | You have reached the UK minimum pension age (currently age 55). | All of your UK derived contributions and any investment returns on those UK derived contributions may be withdrawn, but may be subject to UK tax. Please speak to your Investment Adviser or our Client Services team for clarification. |
| Ill health resulting in early retirement | If you retire before age 55 because of ill health and we receive evidence from a registered medical practitioner that you are, and will continue to be, incapable of carrying on your occupation because of physical or medical impairment. | You will be able to elect to receive your UK derived contributions in the same way as if you had reached age 55. |
| Serious illness | If you retire before age 55 because of serious ill health and we receive evidence from a registered medical practitioner that you are expected to live for less than one year. | The full value of your UK derived contributions and any investment returns on those UK derived contributions will be paid to you as a lump sum. |
| Death benefit | The full value of your UK derived contributions and any investment returns on them, paid to your estate. |
The UK QROPS rules may change from time to time.
We recommend you obtain tax advice before making a withdrawal if you have any UK derived contributions.
| Withdrawal type | Criteria | Amount |
| Retirement | The earlier of: • New Zealand superannuation qualification age (currently age 65): and • age 60, provided the Supervisor is reasonably satisfied you have permanently retired. | The full value of your non-UK derived contributions and any investment returns on them. |
| Transition to retirement (between 55 years and 65 years) | You have reached age 55 and are withdrawing regular payments over a period of time. | The full value of your non-UK derived contributions and any investment returns on them can be withdrawn through regular payments in accordance with the formula set out in the Superannuation Scheme Rules. |
| Significant financial hardship | You are suffering or likely to suffer from significant financial hardship as defined in the Superannuation Scheme Rules. | Up to the full value of your non-UK derived contributions and any investment returns on them, provided that the Supervisor may limit the withdrawal amount to an amount which is required to alleviate the particular hardship. Significant financial hardship withdrawals cannot be made before age 55 if you have UK derived contributions in the Scheme. |
| Serious illness | You are suffering from serious illness as defined in the Superannuation Scheme Rules, | The full value of your non-UK derived contributions and any investment returns on them. |
| Death benefit | The full value of your non-UK derived contributions and any investment returns on them, paid to your estate. |