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KiwiSaver Act 2006 040
ANALYSIS

1: Preliminary provisions 3 Purpose
4 Interpretation
5 Meaning of provider
6 Application
7 Act binds the Crown
8 Outline

2: Membership of overall KiwiSaver scheme

1: Becoming members of overall KiwiSaver scheme 9 Outline of how people become members of overall KiwiSaver scheme
10 Who automatic enrolment rules apply to
11 Meaning of new employment
12 Temporary employment
13 Employment in schools
14 Other situations when automatic enrolment rules do not apply
15 Effect of automatic enrolment
16 Time limit for opting out
17 How to opt out
18 Extension of opt-out period
19 Commissioner must give notice to employer of opting out
20 Effect of opting out
21 Opt-out only applies to employment that triggered automatic enrolment rules
22 Employees must give information to employers
23 Employers must give information to Commissioner
24 Purpose of being exempt employer
25 Eligibility to be exempt employer
26 How 4% minimum amount may be calculated for exempt employer defined contribution schemes
27 Eligibility of employers who provide access to more than one scheme
28 Eligibility of employers who have schemes established under master trusts
29 How to apply to be exempt employer
30 How applications to be exempt employer must be dealt with
31 Revocation of exempt employer approval
32 Government Actuary must give notice to Commissioner of exempt employers
33 Certain persons may opt in
34 How to opt in
35 Opting in by persons under 18
36 Effect of opting in by employees
37 Effect of opting in by persons other than employees
38 Providers must give notice to Commissioner if they contract directly with members
39 Commissioner must give notice to employer if provider gives notice that employee has opted in under section 38
40 Commissioner must supply information pack
41 What information pack must contain
42 Employer must supply information pack to certain employees
43 Employer must also supply investment statement for employer's chosen KiwiSaver scheme (if any)

2: Allocation of people to KiwiSaver schemes 44 Outline of how people are allocated to KiwiSaver schemes under subpart
45 People may choose their own KiwiSaver scheme
46 Employer may choose scheme for employees
47 When employer choice of KiwiSaver scheme is effective
48 Effect of employer choice of KiwiSaver scheme
49 Effect on existing members of change, etc, in employer chosen scheme
50 Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends investment statement
51 Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme
52 Effect of completion of allocation
53 Person may be member of only 1 KiwiSaver scheme at any one time

3: Transfers between KiwiSaver schemes 54 Application
55 People may transfer between KiwiSaver schemes
56 Notification of transfers and requirement to transfer funds and information
57 Involuntary transfers
58 Information if employee ceases to be eligible to be member of employer's chosen KiwiSaver scheme
59 Commissioner must send information to involuntary transferees

3: KiwiSaver contributions

1: Deductions of contributions from salary or wages 60 Application of subpart
61 Commissioner may give notice
62 When subpart does not apply
63 Part also applies to PAYE intermediaries
64 Contribution rate
65 Contribution rates may be changed by Order in Council
66 Obligation to make deductions
67 PAYE rules apply to deductions
68 Money paid for things other than retirement benefits does not count as contribution under this Act
69 Unremitted deductions made by employers
70 Unexplained remittances of deductions received from employers
71 Time at which unexplained remittances deemed to be received

2: Miscellaneous provisions relating to contributions 72 Inland Revenue KiwiSaver Holding Account
73 Deductions entered in and paid out of holding account
74 Other contributions entered in and paid out of holding account
75 Initial contributions stay in holding account for 3 months
76 Employer contributions may stay in holding account until deducted contributions paid
77 Small amounts of contributions may be held until big enough to be on-paid
78 Treatment of unremitted deductions in holding account
79 Information that Commissioner must supply to providers when paying contributions
80 Refund by Commissioner of amounts paid in excess of required amount of deduction or if employee opts out
81 Refund by provider of amounts paid in excess of required amount of contribution
82 Trustee investment rules do not apply to contributions in holding account
83 Unclaimed money held by Commissioner
84 Interest on money in holding account
85 Deductions treated as received on 15th of month for interest purposes
86 Interest rate
87 Amount of interest payable
88 How and when interest is paid on on-payments
89 How and when interest is paid on refunds
90 Position if Commissioner's paying rate changes
91 Overpaid interest

3: Contributions other than deductions from salary or wages 92 Application of this subpart
93 Contributions from employer may be paid via Commissioner
94 Employer must give notice that employer contributions to be paid via Commissioner
95 Contributions from persons other than employers may be paid via Commissioner
96 What Commissioner must do with contributions received under this subpart
97 Commissioner must give notice if employer contributions not remitted
98 Short payments by employers if not enough money remitted to Commissioner to cover all of employees' deductions and employer contributions
99 Short payments if not enough employer contribution remitted to cover all employees
100 Refunds of employer contribution by Commissioner if employee opts out
101 Refunds of employer contribution by provider

4: KiwiSaver schemes

1: Preliminary provisions 115 Interpretation

2: Main features of KiwiSaver schemes 116 Schemes eligible to be KiwiSaver scheme
117 Additional duty of independent trustees
118 KiwiSaver scheme must be treated as registered superannuation scheme for most purposes
119 Application of section 7 of Superannuation Schemes Act 1989
120 Application of sections 8 to 11 of Superannuation Schemes Act 1989
121 Further modifications to application of sections 8 to 11 of Superannuation Schemes Act 1989
122 Application of other provisions of Superannuation Schemes Act 1989
123 Requirement for annual report
124 Annual report in case of KiwiSaver scheme established under umbrella trust
125 Requirement for annual return
126 KiwiSaver scheme rules are implied in trust deeds establishing KiwiSaver scheme
127 Exercise of functions by Government Actuary relating to clause 2 of KiwiSaver scheme rules
128 Participation agreements executed before registration
129 Amendment of trust deed governing KiwiSaver scheme
130 Consent to reversion of assets to employer

3: Registration of KiwiSaver schemes 131 Applications for registration of scheme governed by trust deed
132 Application for registration of scheme constituted under Act of Parliament
133 Matters required to be specified in application
134 Registration of scheme
135 Trustees may submit proposal to convert superannuation scheme
136 Form of proposal
137 Government Actuary must provisionally register scheme as KiwiSaver scheme if satisfied of certain matters
138 Trustees must provide evidence of consents, and information, to Commissioner
139 Exceptions to requirements under section 138
140 Process for obtaining consents and evidence to be provided to Government Actuary
141 Government Actuary must register scheme as KiwiSaver scheme if certain conditions met
142 Date of registration and conversion
143 Trust deed must be treated as having been amended in accordance with registration proposal
144 Effect of conversion of registered superannuation scheme to KiwiSaver scheme
145 Status of contracts and other instruments
146 References to scheme in existing instruments
147 Continuation of legal and other proceedings
148 Trustees may submit proposal to establish KiwiSaver scheme under umbrella trust that also governs registered superannuation scheme
149 Form of proposal
150 Government Actuary must register KiwiSaver scheme if satisfied of certain matters
151 Date of registration
152 Trust deed must be treated as having been amended in accordance with registration proposal
153 Effect of registration of KiwiSaver scheme under section 150
154 Advice of right of election must be included in annual report provided under Superannuation Schemes Act 1989
155 Right of election of members of registered superannuation scheme

4: KiwiSaver schemes register 156 Register of KiwiSaver schemes
157 Operation of register
158 Purpose of register
159 Government Actuary is Registrar of register
160 Contents of register in relation to KiwiSaver schemes
161 Additional contents of register
162 Government Actuary may refuse access to or suspend operation of register, or omit or remove, or restrict public access to, information and documents in register
163 Amendments to register
164 Duty to notify changes to Government Actuary
165 Form of notice under section 164

5: Cancellation of registration and winding up 166 This subpart overrides provisions to contrary in trust deed
167 Meaning of winding up in relation to KiwiSaver scheme established under umbrella trust
168 Cancellation of registration and order to wind up KiwiSaver scheme
169 Powers of Government Actuary in event of scheme operating in contravention of this Act, etc
170 Government Actuary must remove scheme from register on cancellation of registration
171 Implied terms continue to be implied on cancellation of registration
172 Receiver or liquidator to designate or appoint independent trustee if required
173 Initial steps in winding up of KiwiSaver scheme
174 Winding up report
175 Time for doing certain things may be extended
176 Member's right to information

6: Default KiwiSaver schemes 177 Appointment of default providers
178 Provisions of instrument of appointment to prevail over provisions of trust deed
179 Effect of appointment under section 177
180 Availability of instrument of appointment
181 Appointment must be notified to Government Actuary and Commissioner
182 Minister not required to appoint maximum number of persons
183 Power of High Court to act in respect of terms and conditions of appointment as default KiwiSaver scheme and regulations relating to default KiwiSaver schemes
184 Revocations, etc, of instruments of appointment
185 Duration of obligations as default provider after terminating event

7: Miscellaneous 186 Objections and appeals against decisions of Government Actuary
187 Power of Government Actuary to delegate
188 Government Actuary may carry out investigation as to whether KiwiSaver scheme is operating in accordance with Act
189 Power of Government Actuary to require information
190 Secrecy
191 Duty of certain persons to disclose information to Government Actuary
192 Protection of administration managers, investment managers, and auditors
193 Personal liability
194 Annual report by Government Actuary
195 Unclaimed money held by trustees of KiwiSaver scheme
196 Member's interest in KiwiSaver scheme not assignable
197 Offence to fail to provide information under this Part
198 Other offences under this Part
199 Criminal penalties for offences under this Part
200 Government Actuary may decline to take action if fees not paid
201 Trustees not in breach of obligations, etc
202 Application of section 13G of Trustee Act 1956 if power of investment exercised in relation to member allocated to scheme under sections 50 to 52
203 General application of Financial Transactions Reporting Act 1996
204 Application of Financial Transactions Reporting Act 1996 to default allocation of members to KiwiSaver schemes

5: General provisions 205 No Crown guarantee of KiwiSaver schemes or products
206 Factual description of, or transmission of information about, KiwiSaver scheme not investment advice
207 Unique identifiers
208 Information held by Commissioner in respect of person who has opted out or who should not have been allocated to overall KiwiSaver scheme
209 Application of Securities Act 1978
210 Certain sections of Securities Act 1978 modified in relation to KiwiSaver scheme
211 Duty of Commissioner under section 50 modified in certain cases in which section 210 applies
212 Persons may request reconsideration of certain decisions of Commissioner
213 Reconsideration of other decisions
214 Application of sections 215 and 216
215 Penalty for employer to fail to provide information
216 Penalty for employer to fail to make deductions or to incorrectly make deductions
217 Giving of notices by and to Commissioner
218 Giving of notices to other persons
219 Consent to electronic transactions
220 Special rules about giving of investment statements
221 Refunds made by direct credit to bank account
222 Role of Commissioner under this Act
223 Use of information by Commissioner obtained under this Act and other Inland Revenue Acts
224 Administration of Act
225 Fee subsidies
226 Crown contribution
227 Status of Crown contribution and fee subsidy for tax purposes
228 Regulations
229 Regulations relating to mortgage diversion facility
230 Regulations relating to default KiwiSaver providers
231 Amendments to other Acts
232 Transitional provision requiring all KiwiSaver contributions to be paid to Commissioner in first 3 months

Schedule(s)

1 FIRST: KiwiSaver scheme rules
2 SECOND: Matters to be specified in application for registration or registration proposal
3 THIRD: Amendments to other Acts

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