Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order brings into force, on 1 July 2007, the key provisions of the KiwiSaver Act 2006. These are the provisions that relate to—

• •the automatic enrolment of people in KiwiSaver schemes on starting new employment and related notice requirements:

• •the opting in of people to KiwiSaver schemes and related information requirements:

• •the requirements for the Commissioner of Inland Revenue and employers to supply information packs about the overall KiwiSaver scheme:

• •the ability for people to choose their own KiwiSaver scheme by contracting directly with the provider:

• •the obligation for employers to make deductions:

• •the capped exemption from specified superannuation withholding tax for employer contributions to KiwiSaver schemes.

The rest of the Act comes into force on 1 December 2006, so that things can be set up ready for when the key provisions commence.