KiwiSaver advice sought

A MAN with Down syndrome is a step closer to achieving his dream of travelling overseas to see his brother and best friend after Commerce and Consumer Affairs Minister Kris Faafoi announced yesterday he was seeking advice on how people with lifeshortening conditions could withdraw their KiwiSaver funds before the age of 65.

The New Zealand Herald first reported on the case of Tim Fairhall in August. Mr Fairhall is 39, and because of his condition is unlikely to reach the age of 65.

He has $8000 in his KiwiSaver account from his supermarket job of 15 years and dreams of visiting his brother and best friends, who live overseas.

He and his mother Joan have been trying to get changed KiwiSaver laws that prevent him from accessing his money, including making a submission to a parliamentary committee, and meeting Mr Faafoi.

KiwiSaver has a number of optout clauses but Mr Fairhall does not meet any of them.

His KiwiSaver provider’s hands are also tied, bound by legislation which Mrs Fairhall says needs to be changed.

Mr Faafoi announced yesterday that he would seek independent advice on changing the withdrawal criteria.

‘‘It’s important KiwiSaver works for all New Zealanders. Tim has Down syndrome and is ageing prematurely. He hopes to retire in his mid40s and access his savings, but at the moment, he can’t.

‘‘I think it’s fair and just that New Zealanders who have been paying into KiwiSaver throughout their working life should expect to one day enjoy the benefits of their savings in their retirement, be that at 45 or 65.’’

Mr Faafoi acknowledged that a ‘‘onesizefitsall’’ retirement age did not work for people with lifeshortening conditions.

‘‘The two advisers will consult with people who are faced with this issue, with medical practitioners and KiwiSaver experts, before reporting back to me in early 2019,’’ he said.

‘‘It is a technically complex area so I can’t promise a quick fix for Tim personally, but I am going to move this forward.’’ — NZME