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KiwiSaver balances off limits in a bankruptcy

21 APRIL 2015


KiwiSaver balances off limits in a bankruptcy - Court of Appeal

A bankrupt's KiwiSaver account balance is off limits to the Official Assignee. Even if it were not, the Official Assignee could not use the bankruptcy to invoke the hardship-based early withdrawal provisions in the KiwiSaver Act 2006.

This is the effect of a Court of Appeal judgment, delivered on Friday. Although justifiable in policy terms, the decision raises issues about the appropriate balance between promoting retirement savings and protecting creditor rights.

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