KiwiSaver Regulations 2006

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Reprint as at 6 October 2009

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

Gazette information

Reprint notes

Regulations