Superannuation FAQs

Can I join a superannuation scheme such as Kiwisaver once I have been made bankrupt?

Yes, you are able to join a superannuation scheme such as Kiwisaver once you have been made bankrupt.

What happens to my superannuation scheme account balance when I am made bankrupt?

The balance held in your superannuation account may be able to be recovered by the Official Assignee for the benefit of your creditors but this will depend on your particular circumstances and the wording of the rules of your particular superannuation scheme.

Can I continue to make contributions into my superannuation account after adjudication?

This will depend on the length of time that your superannuation scheme has been open. If you have been a member of your superannuation scheme for more than 12 months, the Official Assignee may ask that you take a contribution holiday for the period of your bankruptcy. Your usual superannuation scheme contributions will then be paid into your bankruptcy estate for the benefit of your creditors.

Can I enter the No Asset Procedure if I am a member of a superannuation scheme (eg Kiwisaver)?

If you are a member of a superanuation scheme (such as KiwiSaver) and your superannuation has a surrender value it is likely to be considered a realisable asset and therefore could exclude you from entry into the No Asset Procedure.

If you are unsure if your superannuation has a surrender value, contact your scheme provider for clarification.