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They explain how supervisors should evaluate whether a member is suffering or likely to suffer SFH and whether reasonable alternative funding sources have been explored and exhausted. The document is for industry use, supports consistent application of the SFH test, and clarifies that it is non-binding information, not legal advice, and does not replace applicable legislation.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/fsc-significant-financial-hardship-processing-guidelines/500895/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/fsc-significant-financial-hardship-processing-guidelines/500895.png","ImageObject",300,407,{"name":92,"@type":93},"Taylor Morgan","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-17","2026-10-03",true,{"@type":102,"interactionType":103,"userInteractionCount":81},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are these Guidelines intended to do for FSC members and industry supervisors?","Question",{"text":112,"@type":113},"They provide non-binding information to promote compliance with the regulatory framework for SFH processing and give a common basis for assessing applications. This aims to reduce inconsistent approaches.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"Which body assesses most SFH withdrawal applications under KiwiSaver?",{"text":117,"@type":113},"In most cases, the supervisor of the KiwiSaver scheme assesses the application. For restricted KiwiSaver schemes, decisions are addressed to and made by the scheme manager.",{"name":119,"@type":110,"acceptedAnswer":120},"What conditions must be met for a KiwiSaver member to make an SFH withdrawal?",{"text":121,"@type":113},"The supervisor must be reasonably satisfied that the member is suffering or is likely to suffer SFH and that reasonable alternative sources of funding have been explored and exhausted.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},500895,1791353816,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":81,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":145},1099523885336,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","GUIDELINES  \nVersion 2 approved  \n2 August 2022  \nSIGNIFICANT FINANCIAL HARDSHIP PROCESSING  \nFSC.ORG. NZ  \nABOUT THE FSC.  \nAs the voice of the sector, the Financial Services Council is a non-profit member organisation with a vision to grow the financial confidence and wellbeing of New Zealanders. FSC members commit to delivering strong consumer outcomes from a professional and sustainable financial services sector. Our 110+ members manage funds of more than $100bn and pay out claims of $3 . 2bn per year (life and health insurance) . Members include the major insurers in life, health, disability and income insurance, fund managers, KiwiSaver and workplace savings schemes (including restricted schemes), professional service providers, and technology providers to the financial services sector.  \nThe FSC’s guiding vision is to grow the financial confidence and wellbeing of New Zealanders and we strongly support initiatives that align with our strategic intent and deliver:  \n• strong and sustainable customer outcomes  \n• sustainability of the financial services sector  \n• increasing professionalism and trust of the industry.  \nThese Guidelines were approved by the Investment and KiwiSaver Committee of the Financial Services Council of New Zealand Incorporated (FSC) on 2 August 2022. They are intended as general information anda resource for FSC members only, and do not constitute legal advice. They are not intended to replace existing legislation, regulations, or regulatory guidelines . Whilst their legal accuracy (where referring to the legislation) has been confirmed, some aspects are open to individual interpretation . Any conflict should be construed in favour of the applicable legislative requirement, with further legal advice sought. The third party websites and other materials referred to are additional resources that you access at your own risk and the FSC takes no responsibility for any third party content.  \nThe FSC and its employees make no express or implied representations or give any warranties regarding these Guidelines, and we accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in this information .  \nThe Financial Service Council of New Zealand’s reports and publications are available on our website or by contacting [fsc@fsc.org. nz](fsc@fsc.org. nz)  \nSIGNIFICANT FINANCIAL HARDSHIP PROCESSING  \nFSC.ORG. NZ  \n1. INTRODUCTION  \nKiwiSaver is a long term retirement savings vehicle for New Zealanders. It was established under the KiwiSaver Act 2006 (the Act) to help address the serious problem that New Zealand as a country was facing at the time in respect of the adequacy of retirement savings. The purpose of the Act is to:  \n“encourage a long-term savings habit and asset accumulation by individuals who are not in a position to enjoy standards of living in retirement similar to those in pre-retirement. The Act aims to increase individuals’ well-being and financial independence, particularly in retirement, and to provide retirement benefits.”  \nSince its establishment in 2007, KiwiSaver has become progressively more important as a way for New Zealanders to save for retirement. Therefore, it is important that the integrity of the KiwiSaver regime, as a means of achieving the above purpose, is not compromised.  \nThese Guidelines relate to the assessment of applications for early withdrawal from a KiwiSaver scheme made on the basis of significant financial hardship (SFH) under clauses 10 and 11 of the KiwiSaver scheme rules in Schedule 1 to the Act (KiwiSaver Scheme Rules) .  \nThe Guidelines are designed for use by an industry audience (primarily KiwiSaver, superannuation and workplace savings scheme supervisors and managers1) and assume a basic technical knowledge of the KiwiSaver and Financial Markets Conduct legislation. These guidelines are non-binding information to encourage industry best practice. The ai","cbCaior1mDQjjT3O","https://ap.wps.com/l/cbCaior1mDQjjT3O","pdf",460846,37,"English","# 1. Introduction\n# 2. Overview of the SFH Withdrawal Facility\n## KiwiSaver and the purpose of the Act\n## Scope and who decides on SFH applications\n## SFH withdrawal criteria and maximum amount","[{\"question\":\"What are these Guidelines intended to do for FSC members and industry supervisors?\",\"answer\":\"They provide non-binding information to promote compliance with the regulatory framework for SFH processing and give a common basis for assessing applications. This aims to reduce inconsistent approaches.\"},{\"question\":\"Which body assesses most SFH withdrawal applications under KiwiSaver?\",\"answer\":\"In most cases, the supervisor of the KiwiSaver scheme assesses the application. For restricted KiwiSaver schemes, decisions are addressed to and made by the scheme manager.\"},{\"question\":\"What conditions must be met for a KiwiSaver member to make an SFH withdrawal?\",\"answer\":\"The supervisor must be reasonably satisfied that the member is suffering or is likely to suffer SFH and that reasonable alternative sources of funding have been explored and exhausted.\"}]","FSC Significant Financial Hardship Processing - Guidelines | PDF",1791015800,93]