Gazan doctor's 9 children killed in Israel airstrike, 13 dead in Kyiv
The Prime Minister is in studio the day after Budget 2025 taking listeners' question with Newstalk ZB's Kerre Woodham. Video / NewstalkZB
The incident was caught on dashcam.
Erica Stanford makes teacher workforce announcement at Mt Albert Grammar. Video / Alyse Wright
Nicola Willis has delivered her 2025 Budget, which includes changes to KiwiSaver contributions and a new investment boost scheme. Video / NZ Herald
Tourism Holdings had to rush thousands of camper vans across the Canadian border to circumvent reciprocal tariffs. Now, it's warning of major US tourism setbacks.
Nicola Willis' post-Budget event in Wellington.
Angela Beer, owner of Pets and Pats, was sentenced today for repeated breaches of RMA at doggy daycare which was operating at Dairy Flat. Video / Sylvie Whinray, supplied
World's most famous rugby player, Ilona Maher, touches down in Tāmaki Makaurau to play the Black Ferns. Video / Sylvie Whinray
Debt Deal of the Year was one of 15 awards presented at the annual finance industry awards held in Auckland on May 13.
'He was always very polite,' says Mum of intrepid cinematographer Jacob Bryant. 'Which, I guess, is what saved his life.'
Tom Cruise's Mission: Impossible - The Final Reckoning is in cinemas now
Young New Zealanders give their thoughts on the Government's Budget 2025 and how it will impact them. Video \ Jason Dorday
Chris Hipkins wants to reverse the changes, but won't commit to a dollar figure.
Charlie Davies-Carr is now 19 years old and studies law at university. Video / ZM
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Scoop
an hour ago
- Scoop
Concerns KiwiSaver Is Being Used As ‘Piggy Bank' To Solve Financial Woes
Article – RNZ A growing number of New Zealanders are making hardship withdrawals from their retirement savings. , Money Correspondent KiwiSaver is in danger of being considered a 'piggy bank' to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their money to buy farms. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. 'It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space,' he said. He said he saw people making repeated hardship withdrawals, depleting their balance. 'People come back multiple times with the same claims… it's hard to figure out what's real and what's not.' He said it would now not be possible to close the 'hardship loophole' because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. 'The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim… It's hard on staff because they often have to say no when they want to say yes.' A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. 'Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. 'If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future.'
Scoop
3 hours ago
- Scoop
Concerns KiwiSaver Is Being Used As 'Piggy Bank' To Solve Financial Woes
KiwiSaver is in danger of being considered a "piggy bank" to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their money to buy farms. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. "It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space," he said. He said he saw people making repeated hardship withdrawals, depleting their balance. "People come back multiple times with the same claims… it's hard to figure out what's real and what's not." He said it would now not be possible to close the "hardship loophole" because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. "The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim... It's hard on staff because they often have to say no when they want to say yes." A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. "Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. "If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future."
RNZ News
3 hours ago
- RNZ News
Concerns KiwiSaver is being used as 'piggy bank' to solve financial woes
In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. Photo: 123rf KiwiSaver is in danger of being considered a "piggy bank" to solve all of New Zealanders' financial woes, one provider says, and too many people are tapping into their savings on hardship grounds. Founder of Kōura KiwiSaver scheme Rupert Carlyon was wary of calls for settings to be changed to allow people to use their [ money to buy farms]. He said KiwiSaver was already being called on to solve the country's housing and infrastructure crises. Carlyon said changing the rules to allow more withdrawals sent the wrong message to people, who should be using KiwiSaver for their retirement. Instead, they were tapping into KiwiSaver in growing numbers. In April, 4220 people withdrew savings for financial hardship reasons, up from 3700 in April 2024. They withdrew a combined $37.6 million. "It encourages more and more people to think about it like a piggybank. It's scary what's happening in that space," he said. He said he saw people making repeated hardship withdrawals, depleting their balance. "People come back multiple times with the same claims… it's hard to figure out what's real and what's not." He said it would now not be possible to close the "hardship loophole" because people expected it to be available and any change could dent confidence in the scheme. But he said it should be tightened up so there was a limit on the number of withdrawals that could be made within a certain timeframe. "The other part is it's very resource intensive. We spend on average up to six hours per financial hardship claim... It's hard on staff because they often have to say no when they want to say yes." A spokesperson for Public Trust, one of the KiwiSaver supervisors, said people were not required to repay hardship withdrawals if it was found they were not necessary. "Their future self might not thank them for dipping into their retirement savings. We see situations of real and urgent need… there are strict rules and checks in place to help ensure withdrawals are only approved for genuine financial hardship, and applicants need to sign a legal declaration confirming their situation. "If someone doesn't use funds as intended, it could affect their ability to make another hardship withdrawal in the future." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
