Processing KiwiSaver early withdrawal applications with professionalism and empathy
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When Head of Operations Rob Kingston first started in the Public Trust Corporate Trustee Services team around seven years ago, processing KiwiSaver hardship applications was pretty different.
“We used to print out bank statements, going through line by line with a highlighter and ruler – sometimes it was 100 pages,” Rob says.
When Rob started, there were around 8,000 annual applications processed by Public Trust, and these days it’s more than 30,000. More people are enrolled in KiwiSaver, and Public Trust has more clients. Those clients have also experienced significant growth, and it’s Public Trust’s role to help them stay ahead by placing investor and member interests at the centre of their approach.
Building capability for hardship applications
Over the years, and as KiwiSaver has matured, the capability and experience of those processing hardship applications across the industry has grown. Guidance and criteria for withdrawals are now more developed and more clearly communicated to members and provider
Public Trust's new KiwiSaver online early withdrawal system has made applications faster to process so far. Now with multiple providers on board, things are going well. Bank statements can now be scanned and processed by Akahu too.
“At the moment, the KiwiSaver system is a large part of my focus. We want to ensure those who are using it are getting a great experience,” he says.
The team is now working with KiwiSaver provider clients to identify the areas where enhancements could be made.
Helping vulnerable members
With each hardship application comes great responsibility to balance a member’s immediate need against the long-term impact of withdrawing their retirement savings, alongside robust withdrawal criteria.
For many members, applying for a hardship withdrawal comes during one of the most challenging periods of their lives. Rob says it's important that every interaction is handled with professionalism, empathy and respect.
“There seems to be some perception that it is ‘too easy’ to get your money out. For KiwiSaver members withdrawing in hardship, there is nothing easy about the process. I try to listen to the person and their circumstances. Asking questions and being curious are important, and I try to avoid making personal judgements.”
Rob explains, “We are just about to head into the end of year peak period, which can be a challenging time for many people. I expect this to be one of the busiest quarters on record for our providers and Public Trust.”
Supporting Public Trust clients
With Amy Cavanaugh moving to Head of Public Trust’s Transformation Management Office, Rob will now be more involved with the onboarding of KiwiSaver providers to the new withdrawal system, supporting them from end to end.
“Building strong relationships with our clients is incredibly important to me," he says.
“I enjoy the variety of my job and I like working with different people to solve problems together. I feel like I’m working at a place where I’m meant to be.”