KiwiSaver Amendment Act 2011

Reprint as at 1 January 2014

KiwiSaver Amendment Act 2011

Public Act2011 No 8
Date of assent18 April 2011
Commencementsee section 2

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

1 Title

2 Commencement

3 Principal Act amended

4 Interpretation

5 Meaning of provider

6 Application

7 Effect on existing members of change, etc, in employer chosen scheme

8 Notification of transfers and requirement to transfer funds and information

9 Involuntary transfers

10 Compulsory employer contribution amount: general rule

11 Schemes eligible to be KiwiSaver scheme

12 New sections 116A to 116K inserted

13 Additional duty of independent trustees

14 Heading above section 118 repealed

15 KiwiSaver scheme must be treated as registered superannuation scheme for most purposes

16 New headings and sections 119 to 119L substituted

17 New heading inserted

18 New section 123 substituted

19 Requirement for annual return

20 New section 125A substituted

21 KiwiSaver scheme rules are implied in trust deeds establishing KiwiSaver scheme

22 Section 128 repealed

23 Terms relating to members' tax credits implied into trust deed

24 Terms relating to back-dated validation implied into trust deed

25 Terms relating to lump sum payments by complying superannuation funds

26 Terms relating to compulsory employer contributions implied into trust deed

27 New section 128E inserted

28 Amendment of trust deed or participation agreement governing KiwiSaver scheme

29 New sections 129A and 129B and heading inserted

30 Consent to reversion of assets to employer

31 Applications for registration of scheme governed by trust deed

32 Section 132 repealed

33 Matters required to be specified in application

34 Registration of scheme

35 Heading above section 135, heading above section 148, and sections 135 to 155 repealed

36 Purpose of register

37 Contents of register in relation to KiwiSaver schemes

38 Duty to notify changes to Government Actuary

39 Cancellation of registration and order to wind up KiwiSaver scheme

40 New section 168A inserted

41 Powers of Government Actuary in event of scheme operating in contravention of this Act, etc

42 New section 171 substituted

43 Receiver or liquidator to designate or appoint independent trustee if required

44 Initial steps in winding up of KiwiSaver scheme

45 Winding up report

46 New section 174A inserted

47 Appointment of default providers

48 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

49 Unclaimed money held by trustees of KiwiSaver scheme

50 Offence to fail to provide information under this Part

51 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

52 Certain sections of Securities Act 1978 modified in relation to KiwiSaver scheme

53 Regulations

54 Schedule 1 amended

55 Schedule 2 amended

Consequential amendments

56 Consequential amendments

Transitional provisions

57 Interpretation

58 Transition period for existing schemes

59 Certain provisions have effect during transition period

60 FMA must amend register

61 Certain employer schemes to be restricted schemes

62 Certain restricted-entry schemes to be restricted schemes

63 Parties to trust deed may execute amendment to trust deed [Repealed]

64 Conversion of umbrella trusts to separate trusts [Repealed]

65 Providers must notify existing members of changes

66 Application of Securities Act 1978: promoter

67 Application of Securities Act 1978: offer of securities to public

68 Certain participation agreements executed before registration continue to have effect

69 Certain scheme provider agreements continue in force

70 References to department in instruments of appointment

71 Transitional regulations [Repealed]

Schedule
Amendments consequential on amendments to KiwiSaver Act 2006

Reprint notes


The Parliament of New Zealand enacts as follows: