REG : KiwiSaver Regulations 2006 TYPE : Introduction YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : KiwiSaver Regulations 2006 Anand Satyanand, Governor-General Order in Council At Wellington this 27th day of November 2006 Present: His Excellency the Governor-General in Council Pursuant to section 228 of the KiwiSaver Act 2006, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations. <<<>>> REG : KiwiSaver Regulations 2006 TYPE : Analysis YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Contents 1 Title 2 Commencement 3 Interpretation Applications for approval as exempt employers 4 Purpose of regulation on exempt employer applications 5 Documents must provide supporting evidence with cross-references Requirements for annual report and annual return on KiwiSaver scheme 6 Purpose of annual report and annual return regulations 7 When annual report must be provided to Government Actuary 8 When annual return must be provided to Government Actuary and to what period it must relate 9 What is required in annual return Requirement that KiwiSaver fees not be unreasonable 10 Purpose of regulations on KiwiSaver fees 11 Process for fees assessment by Government Actuary 12 Relevant matters for fees assessment by Government Actuary or Court Scheme provider agreements 13 Purpose of regulations on scheme provider agreements 14 Provider must enter into scheme provider agreement with Commissioner before registration 15 Scheme provider agreement may be reviewed every 7 years 16 Matters that must be covered by scheme provider agreements Application of Financial Transactions Reporting Act 1996 to default KiwiSaver schemes 17 Purpose of regulation on application of Financial Transactions Reporting Act 1996 18 What must be treated as reasonable efforts under section 204 of Act Fees 19 Fees Schedule 1 Annual return Schedule 2 Fees <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Title SECTNO : 1 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Regulations 1 Title These regulations are the KiwiSaver Regulations 2006. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Commencement SECTNO : 2 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 2 Commencement These regulations come into force on 1 December 2006. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Interpretation SECTNO : 3 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 3 Interpretation In these regulations, unless the context otherwise requires,--- Act means the KiwiSaver Act 2006 administration manager, for a KiwiSaver scheme, means the person to whom the trustees have contracted some or all of the administration of the scheme fees assessment has the meaning set out in regulation 10 net assets, in relation to a KiwiSaver scheme, means the market value of the scheme assets, net of borrowings, at the close of the financial year to which the annual report relates scheme assets means, in relation to a KiwiSaver scheme, the assets of the scheme held on behalf of members. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Purpose of regulation on exempt employer applications SECTNO : 4 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Applications for approval as exempt employers 4 Purpose of regulation on exempt employer applications The purpose of regulation 5 is to prescribe requirements for documents provided in each application for approval of an employer as an exempt employer under section 29 of the Act. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Documents must provide supporting evidence with cross-references SECTNO : 5 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 5 Documents must provide supporting evidence with cross-references The documents provided in the application must--- (a) include all supporting evidence that demonstrates the scheme complies with the rules in section 25 of the Act; and (b) contain, or have attached, a statement that provides cross-references, for each rule in section 25, to the relevant page or provisions of the supporting evidence that demonstrates compliance with that rule. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Purpose of annual report and annual return regulations SECTNO : 6 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Requirements for annual report and annual return on KiwiSaver scheme 6 Purpose of annual report and annual return regulations Regulations 7 to 9 provide for the annual report required under section 123 of the Act and the annual return required under section 125 of the Act. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : When annual report must be provided to Government Actuary SECTNO : 7 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 7 When annual report must be provided to Government Actuary The trustees of a KiwiSaver scheme must provide to the Government Actuary the annual report for the scheme within 28 days after its completion under section 123 of the Act and, if only abridged accounts are contained in the report, a copy of the annual accounts. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : When annual return must be provided to Government Actuary and to what period it must relate SECTNO : 8 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 8 When annual return must be provided to Government Actuary and to what period it must relate (1) The trustees of a KiwiSaver scheme must provide the annual return for the scheme to the Government Actuary on or before 31 May 2008, and 31 May in each subsequent year. (2) The annual return must relate to the 12-month period ending on the immediately preceding 31 March. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : What is required in annual return SECTNO : 9 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 9 What is required in annual return (1) The annual return must be--- (a) for a KiwiSaver scheme that is not a default KiwiSaver scheme, in form 1 of Schedule 1; and (b) for a default KiwiSaver scheme, in form 2 of Schedule 1. (2) The information contained in the annual return--- (a) may be unaudited; and (b) if the scheme was registered as a KiwiSaver scheme for only part of the 12-month period to which the annual return relates, needs to be included only for that part; and (c) need not include information--- (i) about an identifiable individual; or (ii) that is not in the possession or control of the trustees or the administration manager of the scheme; or (iii) that is not readily ascertainable from information that is in the possession or control of the trustees or the administration manager. (3) The annual return must have attached a certificate by the administration manager of the KiwiSaver scheme that the information contained in the annual return is correct to the best of the administration manager's knowledge and belief (subject to subclause (2)). <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Purpose of regulations on KiwiSaver fees SECTNO : 10 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Requirement that KiwiSaver fees not be unreasonable 10 Purpose of regulations on KiwiSaver fees (1) Regulations 11 and 12 deal with the Government Actuary's function under the Act and a Court's function under the KiwiSaver scheme rules of considering whether a KiwiSaver scheme complies with clause 2 of the KiwiSaver scheme rules (which requires fees not to be unreasonable) (the fees assessment). (2) The purpose of these regulations is to prescribe a process for the Government Actuary's fees assessment and the matters to which the Government Actuary or a Court must have regard in carrying out a fees assessment (see section 127 of the Act and clause 2 of the KiwiSaver scheme rules). (3) Neither regulation 11 nor regulation 12 prevents the Government Actuary or the Court from considering any other matter that the Government Actuary or the Court considers relevant. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Process for fees assessment by Government Actuary SECTNO : 11 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 11 Process for fees assessment by Government Actuary The Government Actuary may follow the following process in making a fees assessment: (a) compare the relevant fee or fees in relation to a scheme (A fees) to fees charged in relation to other schemes or classes of schemes (whether or not KiwiSaver schemes) that the Government Actuary considers comparable, having regard to the relevant matter in regulation 12(a); and (b) determine on that basis that--- (i) the A fees are not unreasonable; or (ii) the A fees may be unreasonable; and (c) if the Government Actuary determines that the A fees may be unreasonable, further assess the A fees having regard to all the relevant matters in regulation 12; and (d) determine on that basis whether or not the A fees are unreasonable. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Relevant matters for fees assessment by Government Actuary or Court SECTNO : 12 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 12 Relevant matters for fees assessment by Government Actuary or Court The following matters are relevant to a fees assessment by the Government Actuary or a Court: (a) whether the relevant fee or fees in relation to the scheme are significantly higher than the fees charged in relation to other schemes or classes of schemes (whether or not KiwiSaver schemes) that the Government Actuary or the Court considers comparable; and (b) if the relevant fee or fees are significantly higher, whether or not differences in the following matters mean that it is reasonable for the fee or fees to be higher: (i) the cost of the services to which the relevant fee or fees relate; and (ii) the structure of the scheme; and (iii) the number of members and the number of members actively contributing to the scheme; and (iv) the value of the scheme assets at the commencement of the fees assessment and how those scheme assets are invested; and (v) the employer contributions in respect of members and employer subsidisation of fees charged in relation to the scheme (if any); and (vi) how the relevant fee or fees are charged and the basis on which the relevant fee or fees are calculated; and (vii) other costs of the scheme; and (viii) any other matter that the Government Actuary or the Court considers relevant. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Purpose of regulations on scheme provider agreements SECTNO : 13 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Scheme provider agreements 13 Purpose of regulations on scheme provider agreements The purpose of regulations 14 to 16 is to provide for operational matters and electronic compatibility between the Commissioner and providers by way of scheme provider agreements. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Provider must enter into scheme provider agreement with Commissioner before registration SECTNO : 14 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 14 Provider must enter into scheme provider agreement with Commissioner before registration (1) Each provider must enter into a scheme provider agreement with the Commissioner that covers the matters set out in regulation 16 to the Commissioner's satisfaction for the relevant scheme before registration of the scheme as a KiwiSaver scheme. (2) This regulation does not mean that the scheme provider agreement is not freely and voluntarily entered into by the parties to the agreement. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Scheme provider agreement may be reviewed every 7 years SECTNO : 15 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 15 Scheme provider agreement may be reviewed every 7 years (1) The Commissioner must, at least 6 months before a review date, give notice to a provider who is a party to a scheme provider agreement stating whether or not the Commissioner intends to review the agreement. (2) If the Commissioner does not give a notice under subclause (1), no review is required under this regulation for that review date. (3) If the Commissioner gives a notice under subclause (1) stating that a review is intended, the Commissioner must complete the review and give notice to the provider of his or her decisions under the review on or before the review date. (4) In this regulation, review date is (unless made earlier or later under subclause (5)) the date that is--- (a) 7 years after the registration of a scheme as a KiwiSaver scheme; and then (b) 7 years after the last review date. (5) The review date may be--- (a) made later if, at least 1 month before the review date that would otherwise apply under subclause (4), the Commissioner gives notice to the provider of the later review date; or (b) made earlier or later by agreement between the parties (but an earlier review date does not invalidate any notice already given under subclause (1)). (6) Nothing in this regulation prevents either party reviewing the agreement either separately or together at any time. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Matters that must be covered by scheme provider agreements SECTNO : 16 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 16 Matters that must be covered by scheme provider agreements Each scheme provider agreement must cover the following matters (without limiting other matters it may cover): (a) the electronic exchange of information and contributions between the Commissioner and the provider, including the technical interface requirements: (b) the refund of contribution overpayments: (c) the use and promotion of the KiwiSaver brand and KiwiSaver trademarks: (d) the use of information that is received by the provider from the Commissioner (for example, the tax file number) in the administration of the scheme. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Purpose of regulation on application of Financial Transactions Reporting Act 1996 SECTNO : 17 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Application of Financial Transactions Reporting Act 1996 to default KiwiSaver schemes 17 Purpose of regulation on application of Financial Transactions Reporting Act 1996 (1) Section 204 of the Act exempts certain cases from section 6 of the Financial Transactions Reporting Act 1996, but requires the provider to make reasonable efforts to verify a person's identity at the time the person becomes a member of a KiwiSaver scheme. (2) The purpose of regulation 18 is to determine what must be treated as those reasonable efforts (without limiting what else might constitute those reasonable efforts). <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : What must be treated as reasonable efforts under section 204 of Act SECTNO : 18 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : 18 What must be treated as reasonable efforts under section 204 of Act (1) A provider makes reasonable efforts for the purposes of section 204(3)(a) of the Act as set out in the following table: When step constitutes reasonable Steps for provider efforts Step 1: make a request to the member Until the member complies with the that--- request, the provider has made reasonable efforts. (a) sets out what the member needs to do for the provider to verify his If the member complies with the request or her identity (eg, provide at any time (whether before or after documentary evidence); and any time for compliance set out in the request), the provider must do step 2. (b) is in writing; and (c) is sent by post to the address provided by the Commissioner under section 51(3) of the Act (or if only an electronic address is provided, by email to that address); and (d) is sent as soon as practicable after the address is provided. Step 2: verify the identity of the If the provider does step 2, the member as soon as practicable after provider has made reasonable efforts. the member complies with the request. (2) A reference in the steps in subclause (1) to verifying identity means verifying that identity in the way that would be required under section 6 of the Financial Transactions Reporting Act 1996 if it were not for the exemption in section 204(2) of the Act. <<<>>> REG : KiwiSaver Regulations 2006 PART : Regulations SECTI : Fees SECTNO : 19 TYPE : Clause YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Fees 19 Fees (1) The fees set out in Schedule 2 must be paid to the Government Actuary for the matters to which they relate. (2) The fees are inclusive of goods and services tax. <<<>>> REG : KiwiSaver Regulations 2006 PART : FIRST: Annual return TYPE : Schedule YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Schedule 1 r 9 Annual return Form 1 Annual return for KiwiSaver schemes (other than default KiwiSaver schemes) Name of scheme: Registration number: Contact person for annual return purposes: Postal address and other contact details of that contact person: Annual return for year ended 31 March [year] Notes: In this form--- o all section references are to the KiwiSaver Act 2006: o any term or expression that is used in the KiwiSaver Act 2006 or the KiwiSaver Regulations 2006 and used (but not defined) in this form has the same meaning as in that Act or those regulations. Table 1 Income and expenditure summary Number Amount ($) Total ($) of members Opening [A: amount] balance of scheme assets at start of annual return year Categories of income for annual return year Member [number] [amount] contributions at section 64 contribution rate Employer [number] [amount] contributions Crown [number] [amount] contributions (section 226) and fee subsidies Transfers of [number] [amount] members' accumulations into scheme from other KiwiSaver schemes Transfers of [number] [amount] members' accummulations into scheme from registered superannuation schemes Lump sum [number] [amount] contributions Other [number] [amount] voluntary contributions over section 64 contribution rate Income from [amount] investment of scheme assets Other income [amount] Total income [B: total for annual income amount] return year Categories of expenditure for annual return year First home [number] [amount] purchase withdrawals Mortgage [number] [amount] instalment withdrawals KiwiSaver end [number] [amount] payment date withdrawals Withdrawals on [number] [amount] death Serious [number] [amount] illness withdrawals Withdrawals or [number] [amount] transfers on permanent emigration Significant [number] [amount] financial hardship withdrawals Transfers of [number] [amount] members' accumulations out of scheme into other KiwiSaver schemes Amounts [number] [amount] required to be paid under other enactments Administration [amount] fees Investment [amount] management fees Trustee fees [amount] Insurance [amount] premiums Other scheme [amount] expenses Total [C: total expenditure expenditure for annual amount] return year Closing [A + B - C] balance of scheme assets at end of annual return year Notes: In this table--- o income should be gross of deductions for direct fees, etc: o income and expenditure should be entered on a cash basis. Table 2 Membership summary Number Total of members Number of [A: number] contributing members at start of annual return year Categories of entries of members for annual return year New members (other [number] than transfers from other schemes) Members restarting [number] contributions at end of section 104 contribution holidays Members restarting [number] contributions after stopping contributions for any other reason Members [number] transferring into scheme from other KiwiSaver schemes Members [number] transferring into scheme from registered superannuation schemes Total entries for [B: total entries] annual return year Categories of membership exits for annual return year KiwiSaver end [number] payment date exits Deaths [number] Permanent [number] emigration exits Transfers out of [number] scheme into other KiwiSaver schemes Other permanent [number] exits Members starting [number] section 104 contribution holidays Members stopping [number] contributions for other reasons Total temporary and [C: total exits] permanent exits for annual return year Number of [A + B - C = D] contributing members at end of annual return year Non-contributing members on section 104 contribution holidays Number of members [E: number] on section 104 contribution holidays at start of annual return year Members starting [F: number] section 104 contribution holidays Members ending [G: number] section 104 contribution holidays and restarting contributions Members ending [H: number] section 104 contribution holidays but not restarting contributions for any reason Number of members [E + F - (G + H) = I] on section 104 contribution holidays at end of annual return year Other non-contributing members (not on section 104 contribution holidays) Number of other [J: number] non-contributing members (not on section 104 contribution holidays) at start of annual return year Members stopping [K: number] contributions without section 104 contribution holidays Members restarting [L: number] contributions after having stopped contributions without section 104 contribution holidays Number of other [J + K - L = M] non-contributing members (not on section 104 contribution holidays) at end of annual return year Total number of [D + I + M] members at end of annual return year Table 3 Age and gender profile of members Age at end Female Male Unknown Total of annual gender return year 17 and under [number] [number] [number] [total 17 and under] 18-25 [number] [number] [number] [total 18-25] 26-30 [number] [number] [number] [total 26-30] 31-35 [number] [number] [number] [total 31-35] 36-40 [number] [number] [number] [total 36-40] 41-45 [number] [number] [number] [total 41-45] 46-50 [number] [number] [number] [total 46-50] 51-55 [number] [number] [number] [total 51-55] 56-60 [number] [number] [number] [total 56-60] 61-65 [number] [number] [number] [total 61-65] 66-70 [number] [number] [number] [total 66-70] 71-75 [number] [number] [number] [total 71-75] 76-80 [number] [number] [number] [total 76-80] 81-85 [number] [number] [number] [total 81-85] 86 and over [number] [number] [number] [total 86 and over] Unknown age [number] [number] [number] [total unknown age] Totals [total [total male] [total [total female] unknown members] gender] Table 4 Summary of non-contributing members (not on section 104 contribution holidays) Number of Scheme assets members held for those members ($) Number of [number] [amount] non-contributing members (not on section 104 contribution holidays) at start of annual return year Number of [number] [amount] non-contributing members (not on section 104 contribution holidays) at end of annual return year Table 5 Profile of non-contributing members (not on section 104 contribution holidays) How long ago Number of Scheme assets last members held for those contribution members ($) made (calculated from end of annual return year) 1 year or less [number] [amount] 2 years or [number] [amount] less, but more than 1 year 3 years or [number] [amount] less, but more than 2 years 5 years or [number] [amount] less, but more than 3 years More than 5 [number] [amount] years Table 6 Investment fund summary Investment Number of Amount in each funds members in investment each fund ($) investment fund Conservative [number] [amount] Balanced [number] [amount] Growth [number] [amount] Single sector [number] [amount] funds ([insert relevant sector]) [List any [number] [amount] other investment funds available] Totals [total number] [total amount] Note: In this table--- o the investment funds listed are examples only. Complete the table by inserting a row for each investment fund in the scheme: o members who split their contributions across investment funds should be included in the "number of members"; column for each relevant investment fund. Table 7 Switches between investment funds Switches into Switches out of investment funds in investment funds in annual return annual return year year Number of Amount ($) Number of Amount ($) Net Investment switches switches change in funds amounts ($) Conservative [number] [A: [number] [B: [A - B] amount] amount] Balanced [number] [A: [number] [B: [A - B] amount] amount] Growth [number] [A: [number] [B: [A - B] amount] amount] Single [number] [A: [number] [B: [A - B] sector amount] amount] funds ([insert relevant sector]) [List [number] [A: [number] [B: [A - B] any amount] amount] other investment funds available] Totals [total [A: total [total [B: total [A - B] of number] amount] number] amount] switches between investment funds Note: In this table the investment funds listed are examples only. Complete the table by inserting a row for each investment fund in the scheme. Table 8 Profile of switches between investment funds How many switches Number of members between investment who made those funds made in switches annual return year 1 switch [number] 2 switches [number] 3 switches [number] 4 switches [number] 5 switches or more [number] Form 2 Annual return for default KiwiSaver schemes Name of scheme: Registration number: Contact person for annual return purposes: Postal address and other contact details of that contact person: Annual return for year ended 31 March [year] Notes: In this form--- o all section references are to the KiwiSaver Act 2006: o default members means members allocated to the KiwiSaver scheme by the Commissioner under section 51 (other than persons to whom section 50(4) applies): o any term or expression that is used in the KiwiSaver Act 2006 or the KiwiSaver Regulations 2006 and used (but not defined) in this form has the same meaning as in that Act or those regulations. Table 1 Income and expenditure summary Default Other members members of Number Amount Total ($) Number Amount Total ($) of ($) of ($) members members Opening [A: [A2: balance amount] amount] of scheme assets at start of annual return year Categories of income for annual return year Member [number] [amount] [number] [amount] contributions at section 64 contribution rate Employer [number] [amount] [number] [amount] contributions Crown [number] [amount] [number] [amount] contributions (section 226) and fee subsidies Transfers [number] [amount] of members' accumulations into scheme from other KiwiSaver schemes Transfers [number] [amount] [number] [amount] of members' accumulations into scheme from registered superannuation schemes Lump [number] [amount] [number] [amount] sum contributions Other [number] [amount] [number] [amount] voluntary contributions over section 64 contribution rate Income [amount] [amount] from investment of scheme assets Other [amount] [amount] income Total [B: [B2: income total total for income income annual amount] amount] return year Categories of expenditure for annual return year First [number] [amount] [number] [amount] home purchase withdrawals Mortgage [number] [amount] [number] [amount] instalment withdrawals KiwiSaver [number] [amount] [number] [amount] end payment date withdrawals Withdrawals on death [number] [amount] [number] [amount] Serious [number] [amount] [number] [amount] illness withdrawals Withdrawals or [number] [amount] [number] [amount] transfers on permanent emigration Significant financial hardship [number] [amount] [number] [amount] withdrawals Transfers of [number] [amount] [number] [amount] members' accumulations out of scheme into other KiwiSaver schemes Amounts [number] [amount] [number] [amount] required to be paid under other enactments Administration fees [amount] [amount] Investment [amount] [amount] management fees Trustee [amount] [amount] fees Insurance [amount] [amount] premiums Other [amount] [amount] scheme expenses Total [C: [C2: expenditure total total expenditure expenditure for amount] annual amount] return year Closing [A + B - C] [A2 + B2 - C2] balance of scheme assets at end of annual return year Notes: In this table--- o income should be gross of deductions for direct fees, etc: o income and expenditure should be entered on a cash basis. Table 2 Membership summary Default members Other members of scheme Number Total Number Total of of members members Number [A: [A2: of number] number] contributing members at start of annual return year Categories of entries of members for annual return year New [number] [number] members (other than transfers from other schemes) Members [number] [number] restarting contributions at end of section 104 contribution holidays Members [number] [number] restarting contributions after stopping contributions for any other reason Members [number] transferring into scheme from other KiwiSaver schemes Members [number] transferring into scheme from registered superannuation schemes Total [B: [B2: entries total total for entries] entries] annual return year Categories of membership exits for annual return year KiwiSaver end [number] [number] payment date exits Deaths [number] [number] Permanent emigration exits [number] [number] Transfers out of scheme into [number] [number] other KiwiSaver schemes Other [number] [number] permanent exits Members [number] [number] starting section 104 contribution holidays Members [number] [number] stopping contributions for other reasons Total [C: [C2: temporary total total and exits] exits] permanent exits for annual return year Number [A + B [A2 + of - C = D] B2 - C2 contributing = D2] members at end of annual return year Non-contributing members on section 104 contribution holidays Number [E: [E2: of number] number] members on section 104 contribution holidays at start of annual return year Members [F: [F2: starting number] number] section 104 contribution holidays Members [G: [G2: ending number] number] section 104 contribution holidays and restarting contributions Members [H: [H2: ending number] number] section 104 contribution holidays but not restarting contributions for any reason Number [E + F [E2 + of - (G + F2 - members H) = I] (G2 + on H2) = section 104 I2] contribution holidays at end of annual return year Other non-contributing members (not on section 104 contribution holidays) Number [J: [J2: of number] number] other non-contributing members (not on section 104 contribution holidays) at start of annual return year Members [K: [K2: stopping number] number] contributions without section 104 contribution holidays Members [L: [L2: restarting number] number] contributions after having stopped contributions without section 104 contribution holidays Number [J + K [J2 + of - L = M] K2 - L2 other = M2] non-contributing members (not on section 104 contribution holidays) at end of annual return year Total [D + I [D2 + number + M] I2 + of M2] members at end of annual return year Table 3 Profile of new default and other members Number of members Scheme assets held for those members ($) Default members [number] [amount] allocated to scheme by Commissioner under section 51 in annual return year Other new members [number] [amount] entering scheme in annual return year (including transfers from other schemes) Table 4 Age and gender profile of members Default members Other members of scheme Age at end of annual Female Male Unknown gender Total default Female Male Unknown gender Total other Total return year members members members 17 and under [number] [number [number] [A: total 17 and [number] [number [number] [B: total 17 [A + B] under] and under] 18-25 [number] [number [number] [A: total 18-25] [number] [number [number] [B: total 18- [A + B] 25] 26-30 [number] [number [number] [A: total 26-30] [number] [number [number] [B: total 26- [A + B] 30] 31-35 [number] [number [number] [A: total 31-35] [number] [number [number] [B: total 31- [A + B] 35] 36-40 [number] [number [number] [A: total 36-40] [number] [number [number] [B: total 36- [A + B] 40] 41-45 [number] [number [number] [A: total 41-45] [number] [number [number] [B: total 41- [A + B] 45] 46-50 [number] [number [number] [A: total 46-50] [number] [number [number] [B: total 46- [A + B] 50] 51-55 [number] [number [number] [A: total 51-55] [number] [number [number] [B: total 51- [A + B] 55] 56-60 [number] [number [number] [A: total 56-60] [number] [number [number] [B: total 56- [A + B] 60] 61-65 [number] [number [number] [A: total 61-65] [number] [number [number] [B: total 61- [A + B] 65] 66-70 [number] [number [number] [A: total 66-70] [number] [number [number] [B: total 66- [A + B] 70] 71-75 [number] [number [number] [A: total 71-75] [number] [number [number] [B: total 71- [A + B] 75] 76-80 [number] [number [number] [A: total 76-80] [number] [number [number] [B: total 76- [A + B] 80] 81-85 [number] [number [number] [A: total 81-85] [number] [number [number] [B: total 81- [A + B] 85] 86 and over [number] [number [number] [A: total 86 and [number] [number [number] [B: total 86 [A + B] over] and over] Unknown age [number] [number [number] [A: total [number] [number [number] [B: total [A + B] unknown age] unknown age] Totals [total [total [total unknown [A: total [total [total [total unknown [B: total other [A + B] female] male] gender] default members] female] male] gender] members] Table 5 Summary of non-contributing members (not on section 104 contribution holidays) Default Other members members of Number of Scheme Number of Scheme members assets members assets held for held for those those members members ($) ($) Number [number] [amount] [number] [amount] of non-contributing members (not on section 104 contribution holidays) at start of annual return year Number [number] [amount] [number] [amount] of non-contributing members (not on section 104 contribution holidays) at end of annual return year Table 6 Profile of non-contributing members (not on section 104 contribution holidays) Default Other members of members scheme How long Number of Scheme Number of Scheme ago last members assets held members assets held contribution for those for those made members ($) members ($) (calculated from end of annual return year) 1 year or [number] [amount] [number] [amount] less 2 years or [number] [amount] [number] [amount] less, but more than 1 year 3 years or [number] [amount] [number] [amount] less, but more than 2 years 5 years or [number] [amount] [number] [amount] less, but more than 3 years More than 5 [number] [amount] [number] [amount] years Table 7 Investment fund summary Investment funds Number of members in Amount in each each investment fund investment fund ($) Default investment product under instrument of appointment in respect of [number] [amount] default members in respect of [number] [amount] other members of scheme Conservative [number] [amount] Balanced [number] [amount] Growth [number] [amount] Single sector funds [number] [amount] ([insert relevant sector]) [List any other [number] [amount] investment funds available] Total amounts [total number] [total amount] Notes: In this table--- o the investment funds listed (other than the default investment product) are examples only. Complete the table by inserting a row for each investment fund in the scheme and separate rows for default members and any other members with contributions in the default investment product: o members who split their contributions across investment funds should be included in the "number of members"; column for each relevant investment fund. Table 8 Switches out of default investment product into other investment funds Switches in Number of Number of Amount ($) Amount ($) annual members out members out of into others return year of default into others default investment investment product product Switches [number] [amount] out of default investment product under instrument of appointment Switches into other investment funds Conservative [number] [amount] Balanced [number] [amount] Growth [number] [amount] Single sector [number] [amount] funds ([insert relevant sector]) [List any [number] [amount] other investment funds available] Totals of [total [total switches number] amount] into other investment funds Note: In this table the investment funds listed (other than the default investment product) are examples only. Complete the table by inserting a row for each investment fund in the scheme. Table 9 Switches between investment funds other than default investment product Switches into other Switches out of investment funds in other investment annual return funds in annual year return year Number of Amount ($) Number of Amount ($) Net Investment switches switches change in funds amounts (other ($) than default investment product under instrument of appointment) [number] [A: [number] [B: [A - B] Conservative amount] amount] Balanced [number] [A: [number] [B: [A - B] amount] amount] Growth [number] [A: [number] [B: [A - B] amount] amount] Single [number] [A: [number] [B: [A - B] sector amount] amount] funds ([insert relevant sector]) [List [number] [A: [number] [B: [A - B] any amount] amount] other investment funds available] Totals [total [A: total [total [B: total [A - B] of number] amount] number] amount] switches between other investment funds Note: In this table the investment funds listed are examples only. Complete the table by inserting a row for each investment fund in the scheme (other than the default investment product under the instrument of appointment). Table 10 Profile of switches between investment funds (including default investment product) How many switches between Number of default members Number of other members investment funds made in who made those switches who made those switches annual return year 1 switch [number] [number] 2 switches [number] [number] 3 switches [number] [number] 4 switches [number] [number] 5 switches or more [number] [number] <<<>>> REG : KiwiSaver Regulations 2006 PART : SECOND: Fees TYPE : Schedule YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Schedule 2 r 19 Fees Matter Fee On application to register a Kiwisaver scheme under section 131 of the Act $100 For an application for approval of a $100 for each half-hour spent by the transfer under section 9BAA of the Government Actuary considering the Superannuation Schemes Act 1989 (as application applied by section 120 of the Act) For lodging an amendment to a trust deed of a Kiwisaver scheme under section 129 of the Act $50 For providing an annual report under $100 if net assets of the scheme are regulation 7 less than $3,000,000 $350 if net assets of the scheme are $3,000,000 or greater For requesting consent to the reversion $100 for each half-hour spent by the of assets to an employer in accordance Government Actuary considering the with section 10 of the Superannuation request Schemes Act 1989 (as applied by sections 120 and 130 of the Act) On application under section 168(c) of the Act for cancellation of registration of a Kiwisaver scheme $250 For filing, under section 174 of the Act, the final accounts of a Kiwisaver scheme that is wound up $250 Diane Morcom, Clerk of the Executive Council. <<<>>> REG : KiwiSaver Regulations 2006 TYPE : Explanatory Note YEAR : 2006 COMDATE : 01-DEC-2006 TEXT : Explanatory Note This note is not part of the regulations, but is intended to indicate their general effect. These regulations--- o require documents provided in applications for exempt employer approvals under section 29 of the KiwiSaver Act 2006 (the Act) to include all supporting evidence with cross-references to the rules in section 25 of the Act; and o require the annual report for a KiwiSaver scheme under section 123 of the Act to be provided to the Government Actuary within 28 days of its completion; and o require the annual return for a KiwiSaver scheme under section 125 of the Act to be provided to the Government Actuary on or before 31 May in each year for the 12-month period ending on the preceding 31 March. Schedule 1 sets out the form of the annual return, which differs according to whether the relevant KiwiSaver scheme is a default KiwiSaver scheme or not. The purpose of the annual return is to provide unaudited statistical information that may be collated for the purposes of the Government Actuary's annual report to Parliament; and o support the requirement in clause 2 of the KiwiSaver scheme rules that fees for KiwiSaver schemes not be unreasonable. Under the Act the Government Actuary or a Court may assess whether a scheme complies with this requirement. Regulation 11 sets out the process for the Government Actuary in making this assessment. Regulation 12 sets out matters to which both the Government Actuary and a Court must have regard in making this assessment. The matters in regulation 12 are not intended to preclude the person charging the fee from making a profit; and o require providers of KiwiSaver schemes to enter into scheme provider agreements with the Commissioner. The scheme provider agreements may be reviewed every 7 years. The scheme provider agreements must cover the matters set out in regulation 16; and o state what must be treated as reasonable efforts by a provider to verify a person's identity for the purposes of section 204 of the Act. That section exempts providers from the Financial Transactions Reporting Act 1996 on the default allocation of members to KiwiSaver schemes, but requires them to make reasonable efforts to verify those persons' identities at the time they become members; and o set the fees for matters arising under the Act. These regulations come into force on 1 December 2006. Issued under the authority of the Acts and Regulations Publication Act 1989. Date of notification in Gazette: 30 November 2006. These regulations are administered by the Ministry of Economic Development.