KiwiSaver Regulations 2006

  • not the latest version

Reprint
as at 1 June 2009

Crest

KiwiSaver Regulations 2006

(SR 2006/358)

Anand Satyanand, Governor-General

Order in Council

At Wellington this 27th day of November 2006

Present:
His Excellency the Governor-General in Council

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

These regulations are administered by the Ministry of Economic Development.

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.

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 return regulations

7 When annual report must be provided to Government Actuary [Revoked]

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

Fee subsidy

20 Fee subsidy

Mortgage diversion facility

21 Mortgage diversion facility

22 Participation on terms consistent with principles in Act

23 Which types of mortgages qualify for participation in mortgage diversion facility

24 What member of KiwiSaver scheme must do first to participate in mortgage diversion facility

25 What mortgagee must do to participate in mortgage diversion facility

26 What member of KiwiSaver scheme must do next to participate in mortgage diversion facility

27 What scheme provider must do to participate in mortgage diversion facility

28 Termination of participation in mortgage diversion facility

29 How regulations affect trust deed

Qualifying person for withdrawal for purpose of purchase of first home

30 Qualifying person

31 Notice

Exemption from regulation 7A(4) of Securities Regulations 1983

[Revoked]

32 Exemption from regulation 7A(4) of Securities Regulations 1983 [Expired]

Schedule 1
Annual return

Schedule 2
Fees

Regulations

1 Title

  • These regulations are the KiwiSaver Regulations 2006.

2 Commencement

  • These regulations come into force on 1 December 2006.

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.

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.

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.

Requirements for annual report and annual return on KiwiSaver scheme

6 Purpose of annual return regulations

  • Regulations 8 and 9 provide for the annual return required under section 125 of the Act.

    Regulation 6: substituted, on 19 December 2007, by section 113 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

7 When annual report must be provided to Government Actuary

  • [Revoked]

    Regulation 7: revoked, on 19 December 2007, by section 114 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

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.

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)).

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.

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.

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.

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.

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.

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.

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.

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).

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:

    Steps for providerWhen step constitutes reasonable efforts

    Step 1: make a request to the member that—

    • (a) sets out what the member needs to do for the provider to verify his or her identity (eg, provide documentary evidence); and

    • (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.

    Until the member complies with the request, the provider has made reasonable efforts.

    If the member complies with the request at any time (whether before or after any time for compliance set out in the request), the provider must do step 2.

    Step 2: verify the identity of the member as soon as practicable after the member complies with the request.If the provider does step 2, the provider has made reasonable efforts.

    (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.

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.

Fee subsidy

  • Heading: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

20 Fee subsidy

  • (1) This regulation applies for a person if––

    • (a) the person is an employee who is a member of a KiwiSaver scheme, and is subject to the automatic enrolment rules before 1 April 2009:

    • (b) the person is an employee who is a member of a KiwiSaver scheme, and opts in under section 34(1)(b) of the Act before 1 April 2009:

    • (c) a KiwiSaver scheme provider receives a valid application for membership for the person before 1 April 2009.

    (2) The chief executive of the Department must pay a fee subsidy of $20 for the person on each of the dates for the person provided in subclause (3).

    (3) For the person,––

    • (a) if 1 or 3 fee subsidy instalments have been paid before 1 April 2009, the date for the purpose of subclause (2) is 6 months after the last fee subsidy instalment:

    • (b) if no fee subsidy instalment has been paid before 1 April 2009, the dates for the purpose of subclause (2) are––

      • (i) the date on which the Crown contribution made under section 226 of the Act is payable in respect of the person; and

      • (ii) 6 months after the date described in subparagraph (i).

    (4) Each payment of the fee subsidy must be paid to the provider of the person's KiwiSaver scheme.

    (5) The provider must use the contribution allocation for the person to credit each payment of the fee subsidy across the investment products of the KiwiSaver scheme to which the member has subscribed or been allocated.

    (6) However, if the person has subscribed or been allocated to more than 1 investment product of a KiwiSaver scheme and 1 or more of those investment products contain unvested employer contributions or any other contributions that are not fully vested in the member, the provider must, to the extent practicable, credit the fee subsidy on a pro rata basis across only the investment products that do not contain those sorts of contributions.

    Regulation 20: substituted, on 1 April 2009, by section 58 of the Taxation (Urgent Measures and Annual Rates) Act 2008 (2008 No 105).

Mortgage diversion facility

  • Heading: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

21 Mortgage diversion facility

  • (1) The purpose of regulations 22 to 29 is to provide for a mortgage diversion facility that allows contributions to be withdrawn from KiwiSaver schemes and complying superannuation funds, and applied towards the payment of amounts that are secured by a mortgage over a member’s principal residence, if the provider and the mortgagee choose to participate in the mortgage diversion facility and the member requests participation before it is closed to new participants.

    (2) For the purposes of regulations 22 to 29, a reference to a KiwiSaver scheme is treated as including a reference to a complying superannuation fund and a reference to KiwiSaver contributions is treated as including a reference to complying superannuation fund contributions.

    Regulation 21: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

    Regulation 21(1): amended, on 1 June 2009, by section 7 of the Taxation (Budget Tax Measures) Act 2009 (2009 No 14).

    Regulation 21(1): amended, on 19 December 2007, by section 116(1) of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

    Regulation 21(2): added, on 19 December 2007, by section 116(2) of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

22 Participation on terms consistent with principles in Act

  • Providers of KiwiSaver schemes and mortgagees may participate, in accordance with the Act and these regulations, in a mortgage diversion facility that is in accordance with the principles in section 229(2) of the Act.

    Regulation 22: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

23 Which types of mortgages qualify for participation in mortgage diversion facility

  • (1) A mortgage qualifies for participation in the mortgage diversion facility if—

    • (a) it is a mortgage over the mortgagor's principal residence; and

    • (b) it secures obligations that arise under a home loan facility, whether or not the mortgage also secures other obligations; and

    • (c) subclauses (2) and (3) are complied with at all times.

    (2) Contributions diverted from the member's KiwiSaver scheme or complying superannuation fund may only be applied to the payment of amounts (including principal, interest, or any other amounts payable) that are owing under the home loan facility secured by the qualifying mortgage.

    (3) If contributions are diverted in accordance with subclause (2), the member must not be able, without making a specific application to the mortgagee, to access, withdraw, or redraw (as applicable) the amount of any diverted contributions (in whole or in part).

    (4) To avoid doubt, the restrictions in subclause (3) apply even if the home loan facility—

    • (a) is a reducing revolving credit contract; or

    • (b) permits amounts that have been paid by that person over and above any repayment amount or minimum payment amount specified, or amounts that have been paid in advance of any specified schedule of repayments, to be accessed, withdrawn, or redrawn or otherwise advanced to that member (as applicable).

    (5) In this regulation, unless the context otherwise requires,—

    credit limit has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003

    home loan facility—

    • (a) means a credit contract (within the meaning of section 7 of the Credit Contracts and Consumer Finance Act 2003) where the advances under the credit contract are primarily used or acquired for purposes in connection with the member's principal residence (even if the advances may also be used or acquired for other purposes); but

    • (b) excludes a non-reducing revolving credit contract

    non-reducing revolving credit contract means a revolving credit contract that does not expressly provide for a credit limit that reduces over the term of the contract according to a specified schedule of repayments

    reducing revolving credit contract means a revolving credit contract that expressly provides for a credit limit that reduces over the term of the contract according to a specified schedule of repayments

    revolving credit contract has the same meaning as in section 5 of the Credit Contracts and Consumer Finance Act 2003.

    Regulation 23: substituted, on 16 October 2008, by regulation 4 of the KiwiSaver Amendment Regulations (No 2) 2008 (SR 2008/307).

24 What member of KiwiSaver scheme must do first to participate in mortgage diversion facility

  • A member of a KiwiSaver scheme who wishes to participate in the mortgage diversion facility in respect of a mortgage must—

    • (a) request, before 1 June 2009, his or her mortgagee to participate in the mortgage diversion facility in respect of the mortgage and to have KiwiSaver contributions diverted for that mortgage; and

    • (b) give to the mortgagee a statutory declaration that the property that is mortgaged is his or her principal residence; and

    • (c) give notice to the mortgagee of the name and address of the provider of the KiwiSaver scheme.

    Regulation 24: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

    Regulation 24(a): amended, on 1 June 2009, by section 8 of the Taxation (Budget Tax Measures) Act 2009 (2009 No 14).

25 What mortgagee must do to participate in mortgage diversion facility

  • A mortgagee must, if the mortgagee agrees to participate in the mortgage diversion facility in respect of a mortgagor,—

    • (b) give to the mortgagor—

      • (i) notice of the mortgagee’s agreement to participate in the mortgage diversion facility in respect of the mortgagor; and

      • (ii) confirmation that the mortgage qualifies for participation in the mortgage diversion facility under regulation 23.

    Regulation 25: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

26 What member of KiwiSaver scheme must do next to participate in mortgage diversion facility

  • A member of a KiwiSaver scheme whose mortgagee has agreed to participate in the mortgage diversion facility must give to the provider of his or her KiwiSaver scheme—

    • (a) a request to have KiwiSaver contributions diverted in respect of his or her mortgage; and

    Regulation 26: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

27 What scheme provider must do to participate in mortgage diversion facility

  • A provider of a KiwiSaver scheme who receives the information referred to in regulation 26 must, if the provider agrees to participate in the mortgage diversion facility in respect of the member of the KiwiSaver scheme,—

    • (a) ensure that the member meets the criterion in section 229(2)(c) of the Act (which requires a 12-month minimum period before KiwiSaver contributions can be diverted); and

    • (b) ensure that each amount forwarded to the member’s mortgagee complies with section 229(2)(i) of the Act; and

    • (c) ensure that employer contributions are not diverted; and

    • (d) forward the diverted amount to the mortgagee as soon as practicable after receiving the amount.

    Regulation 27: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

    Regulation 27(b): amended, on 19 December 2007, by section 117 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

28 Termination of participation in mortgage diversion facility

  • (1) This regulation applies if—

    • (a) a provider of a KiwiSaver scheme or a mortgagee decides to terminate participation in the mortgage diversion facility in respect of all or any members (whether the termination is in respect of members who are already having contributions diverted under the facility or other members); or

    • (b) the member of a KiwiSaver scheme who participates in the mortgage diversion facility in respect of a mortgage—

      • (i) pays the total amount secured by the mortgage; or

      • (ii) chooses to cease participation in the mortgage diversion facility; or

      • (iii) ceases to be a member of the relevant KiwiSaver scheme; or

    • (c) the mortgage is discharged.

    (2) The provider must stop forwarding contributions to the mortgagee in respect of the member and must retain the KiwiSaver contributions in the member’s accounts.

    (3) The person whose act caused this regulation to apply must give notice to the other 2 participants in the mortgage diversion facility.

    Regulation 28: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

29 How regulations affect trust deed

  • The terms and conditions of the mortgage diversion facility referred to in these regulations—

    • (a) are implied terms of the trust deed of any KiwiSaver scheme that participates in the facility; and

    • (b) override any express terms of the trust deed to the contrary.

    Regulation 29: added, on 1 July 2007, by regulation 4 of the KiwiSaver Amendment Regulations 2007 (SR 2007/152).

Qualifying person for withdrawal for purpose of purchase of first home

  • Heading: added, on 19 December 2007, by section 118 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

30 Qualifying person

  • For the purposes of clause 8(3)(c)(ii) of Schedule 1 of the KiwiSaver Act 2006, a person is a qualifying person if they hold a notice that complies with regulation 31 and they have given their KiwiSaver scheme provider a copy of that notice.

    Regulation 30: added, on 19 December 2007, by section 118 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

31 Notice

  • For the purposes of regulation 30, a notice complies with this regulation if the notice—

    • (a) is in the name of the person:

    • (b) is signed by the Minister of Housing or a delegate:

    • (c) states that the Minister of Housing or delegate is satisfied that the income, assets, and liabilities of the person represent a financial position that would be expected of a person that has never held an estate in land (whether alone or as a joint tenant or tenant in common).

    Regulation 31: added, on 19 December 2007, by section 118 of the Taxation (KiwiSaver) Act 2007 (2007 No 110).

Exemption from regulation 7A(4) of Securities Regulations 1983

[Revoked]

  • Heading: revoked, on 1 August 2008, pursuant to regulation 32(4).

32 Exemption from regulation 7A(4) of Securities Regulations 1983

  • [Expired]

    Regulation 32: expired, on 1 August 2008, by regulation 32(4).

Schedule 1
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—

  • all section references are to the KiwiSaver Act 2006:

  • 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 of membersAmount ($)Total ($)
Opening balance of scheme assets at start of annual return year  [A: amount]
Categories of income for annual return year   
Member contributions at section 64 contribution rate[number][amount] 
Employer contributions[number][amount] 
Crown contributions (section 226) and fee subsidies[number][amount] 
Transfers of members’ accumulations into scheme from other KiwiSaver schemes[number][amount] 
Transfers of members’ accummulations into scheme from registered superannuation schemes[number][amount] 
Lump sum contributions[number][amount] 
Other voluntary contributions over section 64 contribution rate[number][amount] 
Income from investment of scheme assets [amount] 
Other income [amount] 
Total income for annual return year  [B: total income amount]
Categories of expenditure for annual return year   
First home purchase withdrawals[number][amount] 
Mortgage instalment withdrawals[number][amount] 
KiwiSaver end payment date withdrawals[number][amount] 
Withdrawals on death[number][amount] 
Serious illness withdrawals[number][amount] 
Withdrawals or transfers on permanent emigration[number][amount] 
Significant financial hardship withdrawals[number][amount] 
Transfers of members’ accumulations out of scheme into other KiwiSaver schemes[number][amount] 
Amounts required to be paid under other enactments[number][amount] 
Administration fees [amount] 
Investment management fees [amount] 
Trustee fees [amount] 
Insurance premiums [amount] 
Other scheme expenses [amount] 
Total expenditure for annual return year  [C: total expenditure amount]
    
Closing balance of scheme assets at end of annual return year  [A + B − C]

Notes: In this table—

  • income should be gross of deductions for direct fees, etc:

  • income and expenditure should be entered on a cash basis.

Table 2—Membership summary
 Number of membersTotal
Number of contributing members at start of annual return year [A: number]
Categories of entries of members for annual return year  
New members (other than transfers from other schemes)[number] 
Members restarting contributions at end of section 104 contribution holidays[number] 
Members restarting contributions after stopping contributions for any other reason[number] 
Members transferring into scheme from other KiwiSaver schemes[number] 
Members transferring into scheme from registered superannuation schemes[number] 
Total entries for annual return year [B: total entries]
Categories of membership exits for annual return year  
KiwiSaver end payment date exits[number] 
Deaths[number] 
Permanent emigration exits[number] 
Transfers out of scheme into other KiwiSaver schemes[number] 
Other permanent exits[number] 
Members starting section 104 contribution holidays[number] 
Members stopping contributions for other reasons[number] 
Total temporary and permanent exits for annual return year [C: total exits]
Number of contributing members at end of annual return year [A + B − C = D]
   
Non-contributing members on section 104 contribution holidays  
Number of members on section 104 contribution holidays at start of annual return year[E: number] 
Members starting section 104 contribution holidays[F: number] 
Members ending section 104 contribution holidays and restarting contributions[G: number] 
Members ending section 104 contribution holidays but not restarting contributions for any reason[H: number] 
Number of members on section 104 contribution holidays at end of annual return year [E + F − (G + H) = I]
Other non-contributing members (not on section 104 contribution holidays)  
Number of other non-contributing members (not on section 104 contribution holidays) at start of annual return year[J: number] 
Members stopping contributions without section 104 contribution holidays[K: number] 
Members restarting contributions after having stopped contributions without section 104 contribution holidays[L: number] 
Number of other non-contributing members (not on section 104 contribution holidays) at end of annual return year [J + K − L = M]
Total number of members at end of annual return year [D + I + M]
   
Table 3—Age and gender profile of members
Age at end of annual return yearFemaleMaleUnknown genderTotal
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 female][total male][total unknown gender][total members]
     
Table 4—Summary of non-contributing members (not on section 104 contribution holidays)
 Number of membersScheme assets held for those members ($)
Number of non-contributing members (not on section 104 contribution holidays) at start of annual return year[number][amount]
Number of non-contributing members (not on section 104 contribution holidays) at end of annual return year[number][amount]
Table 5—Profile of non-contributing members (not on section 104 contribution holidays)
How long ago last contribution made (calculated from end of annual return year)Number of membersScheme assets held for those members ($)
1 year or less[number][amount]
2 years or less, but more than 1 year[number][amount]
3 years or less, but more than 2 years[number][amount]
5 years or less, but more than 3 years[number][amount]
More than 5 years[number][amount]
Table 6—Investment fund summary
Investment fundsNumber of members in each investment fundAmount in each investment fund ($)
Conservative[number][amount]
Balanced[number][amount]
Growth[number][amount]
Single sector funds ([insert relevant sector])[number][amount]
[List any other investment funds available][number][amount]
Totals[total number][total amount]

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:

  • 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 investment funds in annual return year Switches out of investment funds in annual return year 
Investment fundsNumber of switchesAmount ($) Number of switchesAmount ($)Net change in amounts ($)
Conservative[number][A: amount] [number][B: amount][A – B]
Balanced[number][A: amount] [number][B: amount][A – B]
Growth[number][A: amount] [number][B: amount][A – B]
Single sector funds ([insert relevant sector])[number][A: amount] [number][B: amount][A – B]
[List any other investment funds available][number][A: amount] [number][B: amount][A – B]
Totals of switches between investment funds[total number][A: total amount] [total number][B: total amount][A – B]
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 between investment funds made in annual return yearNumber of members who made those switches
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—

  • all section references are to the KiwiSaver Act 2006:

  • default members means members allocated to the KiwiSaver scheme by the Commissioner under section 51 (other than persons to whom section 50(4) applies):

  • 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 members Other members of scheme
 Number of membersAmount ($)Total ($) Number of membersAmount ($)Total ($)
Opening balance of scheme assets at start of annual return year  [A: amount]   [A2: amount]
Categories of income for annual return year       
Member contributions at section 64 contribution rate[number][amount]  [number][amount] 
Employer contributions[number][amount]  [number][amount] 
Crown contributions (section 226) and fee subsidies[number][amount]  [number][amount] 
Transfers of members’ accumulations into scheme from other KiwiSaver schemes    [number][amount] 
Transfers of members’ accumulations into scheme from registered superannuation schemes[number][amount]  [number][amount] 
Lump sum contributions[number][amount]  [number][amount] 
Other voluntary contributions over section 64 contribution rate[number][amount]  [number][amount] 
Income from investment of scheme assets [amount]   [amount] 
Other income [amount]   [amount] 
        
Total income for annual return year  [B: total income amount]   [B2: total income amount]
Categories of expenditure for annual return year       
First home purchase withdrawals[number][amount]  [number][amount] 
Mortgage instalment withdrawals[number][amount]  [number][amount] 
KiwiSaver end payment date withdrawals[number][amount]  [number][amount] 
Withdrawals on death[number][amount]  [number][amount] 
Serious illness withdrawals[number][amount]  [number][amount] 
Withdrawals or transfers on permanent emigration[number][amount]  [number][amount] 
Significant financial hardship withdrawals[number][amount]  [number][amount] 
Transfers of members’ accumulations out of scheme into other KiwiSaver schemes[number][amount]  [number][amount] 
Amounts required to be paid under other enactments[number][amount]  [number][amount] 
Administration fees [amount]   [amount] 
Investment management fees [amount]   [amount] 
Trustee fees [amount]   [amount] 
Insurance premiums [amount]   [amount] 
Other scheme expenses [amount]   [amount] 
Total expenditure for annual return year  [C: total expenditure amount]   [C2: total expenditure amount]
Closing balance of scheme assets at end of annual return year  [A + B − C]   [A2 + B2 − C2]

Notes: In this table—

  • income should be gross of deductions for direct fees, etc:

  • income and expenditure should be entered on a cash basis.

Table 2—Membership summary
 Default members Other members of scheme
 Number of membersTotal Number of membersTotal
Number of contributing members at start of annual return year [A: number]  [A2: number]
Categories of entries of members for annual return year     
New members (other than transfers from other schemes)[number]  [number] 
Members restarting contributions at end of section 104 contribution holidays[number]  [number] 
Members restarting contributions after stopping contributions for any other reason[number]  [number] 
Members transferring into scheme from other KiwiSaver schemes   [number] 
Members transferring into scheme from registered superannuation schemes   [number] 
Total entries for annual return year [B: total entries]  [B2: total entries]
Categories of membership exits for annual return year     
KiwiSaver end payment date exits[number]  [number] 
Deaths[number]  [number] 
Permanent emigration exits[number]  [number] 
Transfers out of scheme into other KiwiSaver schemes[number]  [number] 
Other permanent exits[number]  [number] 
Members starting section 104 contribution holidays[number]  [number] 
Members stopping contributions for other reasons[number]  [number] 
Total temporary and permanent exits for annual return year [C: total exits]  [C2: total exits]
Number of contributing members at end of annual return year [A + B − C = D]  [A2 + B2 − C2 = D2]
      
Non-contributing members on section 104 contribution holidays     
Number of members on section 104 contribution holidays at start of annual return year[E: number]  [E2: number] 
Members starting section 104 contribution holidays[F: number]  [F2: number] 
Members ending section 104 contribution holidays and restarting contributions[G: number]  [G2: number] 
Members ending section 104 contribution holidays but not restarting contributions for any reason[H: number]  [H2: number] 
      
Number of members on section 104 contribution holidays at end of annual return year [E + F − (G + H) = I]  [E2 + F2 − (G2 + H2) = I2]
Other non-contributing members (not on section 104 contribution holidays)     
Number of other non-contributing members (not on section 104 contribution holidays) at start of annual return year[J: number]  [J2: number] 
Members stopping contributions without section 104 contribution holidays[K: number]  [K2: number] 
Members restarting contributions after having stopped contributions without section 104 contribution holidays[L: number]  [L2: number] 
Number of other non-contributing members (not on section 104 contribution holidays) at end of annual return year [J + K − L = M]  [J2 + K2 − L2 = M2]
Total number of members at end of annual return year [D + I + M]  [D2 + I2 + M2]
      
Table 3—Profile of new default and other members
 Number of membersScheme assets held for those members ($)
Default members allocated to scheme by Commissioner under section 51 in annual return year[number][amount]
Other new members entering scheme in annual return year (including transfers from other schemes)[number][amount]
Table 4—Age and gender profile of members
 Default members Other members of scheme  
Age at end of annual return yearFemaleMaleUnknown genderTotal default members FemaleMaleUnknown genderTotal other members Total members
17 and under[number][number][number][A: total 17 and under] [number][number][number][B: total 17 and under] [A + B]
18–25[number][number][number][A: total 18–25] [number][number][number][B: total 18–25] [A + B]
26–30[number][number][number][A: total 26–30] [number][number][number][B: total 26–30] [A + B]
31–35[number][number][number][A: total 31–35] [number][number][number][B: total 31–35] [A + B]
36–40[number][number][number][A: total 36–40] [number][number][number][B: total 36–40] [A + B]
41–45[number][number][number][A: total 41–45] [number][number][number][B: total 41–45] [A + B]
46–50[number][number][number][A: total 46–50] [number][number][number][B: total 46–50] [A + B]
51–55[number][number][number][A: total 51–55] [number][number][number][B: total 51–55] [A + B]
56–60[number][number][number][A: total 56–60] [number][number][number][B: total 56–60] [A + B]
61–65[number][number][number][A: total 61–65] [number][number][number][B: total 61–65] [A + B]
66–70[number][number][number][A: total 66–70] [number][number][number][B: total 66–70] [A + B]
71–75[number][number][number][A: total 71–75] [number][number][number][B: total 71–75] [A + B]
76–80[number][number][number][A: total 76–80] [number][number][number][B: total 76–80] [A + B]
81–85[number][number][number][A: total 81–85] [number][number][number][B: total 81–85] [A + B]
86 and over[number][number][number][A: total 86 and over] [number][number][number][B: total 86 and over] [A + B]
Unknown age[number][number][number][A: total unknown age] [number][number][number][B: total unknown age] [A + B]
Totals[total female][total male][total unknown gender][A: total default members] [total female][total male][total unknown gender][B: total other members] [A + B]
            
Table 5—Summary of non-contributing members (not on section 104 contribution holidays)
 Number of membersScheme assets held for those members ($) Number of membersScheme assets held for those members ($)
 Default members Other members of scheme
Number of non-contributing members (not on section 104 contribution holidays) at start of annual return year[number][amount] [number][amount]
Number of non-contributing members (not on section 104 contribution holidays) at end of annual return year[number][amount] [number][amount]
Table 6—Profile of non-contributing members (not on section 104 contribution holidays)
 Default members Other members of scheme
How long ago last contribution made (calculated from end of annual return year)Number of membersScheme assets held for those members ($) Number of membersScheme assets held for those members ($)
1 year or less[number][amount] [number][amount]
2 years or less, but more than 1 year[number][amount] [number][amount]
3 years or less, but more than 2 years[number][amount] [number][amount]
5 years or less, but more than 3 years[number][amount] [number][amount]
More than 5 years[number][amount] [number][amount]
Table 7—Investment fund summary
Investment fundsNumber of members in each investment fundAmount in each investment fund ($)
Default investment product under instrument of appointment  
 in respect of default members[number][amount]
 in respect of other members of scheme[number][amount]
Conservative[number][amount]
Balanced[number][amount]
Growth[number][amount]
Single sector funds ([insert relevant sector])[number][amount]
[List any other investment funds available][number][amount]
    
Total amounts[total number][total amount]

Notes: 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 and separate rows for default members and any other members with contributions in the default investment product:

  • 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 annual return yearNumber of members out of default investment productNumber of members into othersAmount ($) out of default investment productAmount ($) into others
Switches out of default investment product under instrument of appointment[number] [amount] 
Switches into other investment funds    
 Conservative [number] [amount]
 Balanced [number] [amount]
 Growth [number] [amount]
 Single sector funds ([insert relevant sector]) [number] [amount]
 [List any other investment funds available] [number] [amount]
      
Totals of switches into other investment funds [total number] [total amount]

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 investment funds in annual return year Switches out of other investment funds in annual return year  
Investment funds (other than default investment product under instrument of appointment)Number of switchesAmount
($)		 Number of switchesAmount
($)		 Net change in amounts
($)
Conservative[number][A: amount] [number][B: amount] [A – B]
Balanced[number][A: amount] [number][B: amount] [A – B]
Growth[number][A: amount] [number][B: amount] [A – B]
Single sector funds ([insert relevant sector])[number][A: amount] [number][B: amount] [A – B]
[List any other investment funds available][number][A: amount] [number][B: amount] [A – B]
        
Totals of switches between other investment funds[total number][A: total amount] [total number][B: total amount] [A – B]

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 investment funds made in annual return yearNumber of default members who made those switchesNumber of other members who made those switches
1 switch[number][number]
2 switches[number][number]
3 switches[number][number]
4 switches[number][number]
5 switches or more[number][number]

Schedule 2
Fees

r 19

MatterFee
On application to register a Kiwisaver scheme under section 131 of the Act$100
For an application for approval of a transfer under section 9BAA of the Superannuation Schemes Act 1989 (as applied by section 120 of the Act)$100 for each half-hour spent by the Government Actuary considering the application
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 regulation 7$100 if net assets of the scheme are less than $3,000,000
 $350 if net assets of the scheme are $3,000,000 or greater
For requesting consent to the reversion of assets to an employer in accordance with section 10 of the Superannuation Schemes Act 1989 (as applied by sections 120 and 130 of the Act)$100 for each half-hour spent by the Government Actuary considering the request
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.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 30 November 2006.

Contents

  • 1General

  • 2Status of reprints

  • 3How reprints are prepared

  • 4Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • 5List of amendments incorporated in this reprint (most recent first)

Notes
1 General

  • This is a reprint of the KiwiSaver Regulations 2006. The reprint incorporates all the amendments to the regulations as at 1 June 2009, as specified in the list of amendments at the end of these notes.

    Relevant provisions of any amending enactments that have yet to come into force or that contain relevant transitional or savings provisions are also included, after the principal enactment, in chronological order.

2 Status of reprints

  • Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

    This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

  • A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/legislation/reprints.shtml or Part 8 of the Tables of Acts and Ordinances and Statutory Regulations, and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

  • Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

    A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

    In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:

    • •omission of unnecessary referential words (such as “of this section” and “of this Act”)

    • •typeface and type size (Times Roman, generally in 11.5 point)

    • •layout of provisions, including:

      • •indentation

      • •position of section headings (eg, the number and heading now appear above the section)

    • •format of definitions (eg, the defined term now appears in bold type, without quotation marks)

    • •format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)

    • •position of the date of assent (it now appears on the front page of each Act)

    • •punctuation (eg, colons are not used after definitions)

    • •Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly

    • •case and appearance of letters and words, including:

      • •format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)

      • •small capital letters in section and subsection references are now capital letters

    • •schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly

    • •running heads (the information that appears at the top of each page)

    • •format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

5 List of amendments incorporated in this reprint (most recent first)