Victory in fight to access funds
A man with Down syndrome who wants to access his KiwiSaver funds early looks set to get his wish.
Tim Fairhall, 39, spoke to MPs in Parliament in September. He wanted access to his KiwiSaver funds before he turned 65 so that he could travel overseas while he was still in good health. The life expectancy for people with Down syndrome is 57.
Fairhall has worked since he was 18 and had been in KiwiSaver for 10 years.
Now, two independent advisers have been appointed to help Commerce and Consumer Affairs Minister Kris Faafoi find the best way for people with life-shortening conditions to withdraw their KiwiSaver funds when it was time to retire.
At the moment it is only possible to withdraw KiwiSaver money for a first home, in cases of severe hardship, or at 65.
People with life-shortening conditions are typically only able to withdraw their savings when they are permanently unable to work or at imminent risk of death.
‘‘I think we have to acknowledge that the one-size-fits-all retirement age does not work for this group,’’ Faafoi said.
It was possible the change could happen within the next few years, he said.
Claire Matthews of Massey University and Donna Mitchell of the IHC are the two appointees. Their advice is expected back to the minister by the end of February.