This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on the day after the date of their notification in the Gazette and expire 9 months later, prescribe matters that may be regarded as matters from which significant financial difficulties have arisen for the purposes of clause 11 of the KiwiSaver scheme rules (the rules) in Schedule 1 of the KiwiSaver Act 2006 (the Act).
Section 113 of the Act and clause 10 of the rules enable a member of a KiwiSaver scheme to withdraw funds from the scheme before reaching the superannuation qualification age if the member is suffering or likely to suffer significant financial hardship. Clause 11 of the rules defines significant financial hardship to include significant financial difficulties that arise because of the matters listed in clause 11. These regulations add to those matters, in respect of specified members of KiwiSaver schemes, property damage or destruction, loss of employment, and costs incurred as a result of the Canterbury earthquake aftershock, centred in Lyttelton, on 22 February 2011. A specified member is a member who was residing in particular districts of Canterbury at the time of that aftershock.