New Zealand Legislation: Regulations
Regulations are laws made under Acts
(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).
