| 1 | Title | |
| 2 | Commencement | |
| | |
| 3 | Purpose | |
| 4 | Interpretation | |
| 5 | Meaning of provider | |
| 6 | Application | |
| 7 | Act binds the Crown | |
| 8 | Outline | |
| | |
| | |
| 9 | Outline of how people become members of overall KiwiSaver scheme | |
| | |
| 10 | Who automatic enrolment rules apply to | |
| 11 | Meaning of new employment and secondee | |
| 12 | Temporary employment | |
| 13 | Employment in schools [Repealed] | |
| 14 | Other situations when automatic enrolment rules do not apply | |
| 15 | Effect of automatic enrolment | |
| 16 | Time limit for opting out | |
| 17 | How to opt out | |
| 18 | Extension of opt-out period | |
| 19 | Commissioner must give notice to employer of opting out | |
| 20 | Effect of opting out | |
| 21 | Opt-out only applies to employment that triggered automatic enrolment rules | |
| | |
| 22 | Employees giving information to employers | |
| 23 | Employers must give information to Commissioner | |
| 23A | PAYE intermediaries | |
| [Repealed] | |
| 24 | Purpose of being exempt employer [Repealed] | |
| 25 | Eligibility to be exempt employer [Repealed] | |
| 26 | How 4% minimum amount may be calculated for exempt employer defined contribution schemes [Repealed] | |
| 27 | Eligibility of employers who provide access to more than 1 scheme [Repealed] | |
| 28 | Eligibility of employers who have schemes established under master trusts [Repealed] | |
| 29 | How to apply to be exempt employer [Repealed] | |
| 30 | How applications to be exempt employer must be dealt with [Repealed] | |
| 31 | Revocation of exempt employer approval [Repealed] | |
| 32 | FMA must give notice to Commissioner of exempt employers [Repealed] | |
| | |
| 33 | Certain persons may opt in | |
| 34 | Opting in by person 18 years or more | |
| 35 | Opting in by persons under 18 | |
| 36 | Effect of opting in by employees | |
| 37 | Effect of opting in by persons other than employees | |
| | |
| 38 | Providers must give notice to Commissioner if they contract directly with members | |
| 39 | Commissioner must give notice to employer if provider gives notice that employee has opted in under section 38 | |
| | |
| 40 | Commissioner must supply information pack | |
| 41 | What information pack must contain | |
| 42 | Employer must supply information pack to certain employees | |
| 43 | Employer must also supply product disclosure statement for employer’s chosen KiwiSaver scheme (if any) | |
| | |
| 44 | Outline of how people are allocated to KiwiSaver schemes under subpart | |
| | |
| 45 | People may choose their own KiwiSaver scheme | |
| | |
| 46 | Employer may choose scheme for employees | |
| 47 | When employer choice of KiwiSaver scheme is effective | |
| 48 | Effect of employer choice of KiwiSaver scheme | |
| 49 | Effect on existing members of change, etc, in employer’s chosen KiwiSaver scheme | |
| | |
| 50 | Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends product disclosure statement | |
| 51 | Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme | |
| 52 | Effect of completion of allocation | |
| | |
| 53 | Person may be member of only 1 KiwiSaver scheme at any one time | |
| | |
| 54 | Application | |
| | |
| 55 | People may transfer between KiwiSaver schemes and between complying superannuation fund and KiwiSaver scheme | |
| 56 | Notification of transfers and requirement to transfer funds and information | |
| | |
| 57 | Involuntary transfers | |
| 58 | Information if employee ceases to be eligible to be member of employer’s chosen KiwiSaver scheme | |
| 59 | Commissioner must send information to involuntary transferees | |
| | |
| 59A | When this subpart applies | |
| 59B | Initial back-dated validation | |
| 59C | Confirmed back-dated validation | |
| 59CB | Confirmed back-dated validation for those under 18 years at time of enrolment or opt-in | |
| 59D | No confirmed backdated validation | |
| | |
| | |
| | |
| 60 | Application of subpart | |
| 61 | Commissioner may give notice | |
| 62 | When subpart does not apply | |
| 63 | Part also applies to PAYE intermediaries | |
| 63A | How subpart applies to private domestic workers | |
| | |
| 64 | Contribution rate | |
| 65 | Contribution rates may be changed by Order in Council | |
| 65A | Orders are confirmable instruments | |
| 66 | Obligation to make deductions: general rule | |
| 66A | Obligation to make deductions: transitional rule [Repealed] | |
| 67 | PAYE rules apply to deductions | |
| 68 | Money paid for things other than retirement benefits does not count as contribution under this Act | |
| 69 | Unremitted deductions made by employers | |
| 70 | Unexplained remittances of deductions received from employers | |
| 71 | Time at which unexplained remittances deemed to be received | |
| | |
| | |
| 72 | Inland Revenue KiwiSaver Holding Account | |
| 73 | Deductions entered in and paid out of holding account | |
| 74 | Other contributions entered in and paid out of holding account | |
| 75 | Initial contributions stay in holding account for 3 months | |
| 76 | Employer contributions may stay in holding account until deducted contributions paid | |
| 77 | Small amounts of contributions may be held until big enough to be on-paid | |
| 78 | Treatment of unremitted deductions in holding account | |
| 79 | Information that Commissioner must supply to providers when paying contributions | |
| 80 | Refund by Commissioner of amounts paid in excess of required amount of deduction or if employee opts out | |
| 81 | Refund by provider of amounts paid in excess of required amount of contribution | |
| 81B | Residual refunds | |
| 82 | Trustee investment rules do not apply to contributions in holding account | |
| 83 | Unclaimed money held by Commissioner | |
| | |
| 84 | Interest on money in holding account | |
| 85 | Time when contributions treated as received for interest purposes | |
| 86 | Interest rate | |
| 87 | Amount of interest payable | |
| 88 | How and when interest is paid on on-payments | |
| 89 | How and when interest is paid on refunds | |
| 90 | Position if Commissioner’s paying rate changes | |
| 91 | Overpaid interest | |
| | |
| 92 | Application of this subpart | |
| 92A | How subpart applies to private domestic workers | |
| 93 | Employer contributions paid via Commissioner | |
| 94 | Employer must give notice that employer contributions to be paid via Commissioner [Repealed] | |
| 95 | Contributions from persons other than employers may be paid via Commissioner | |
| 96 | What Commissioner must do with contributions received under this subpart | |
| 97 | Commissioner must give notice if employer contributions not remitted | |
| 98 | Short payments by employers if not enough money remitted to Commissioner to cover all of employees’ deductions and employer contributions | |
| 98A | Quantifying short payments for the purposes of Income Tax Act 2007 and Tax Administration Act 1994 | |
| 99 | Short payments if not enough employer contribution remitted to cover all employees | |
| 100 | Refunds of employer contribution by Commissioner if employee opts out | |
| 101 | Refunds of employer contribution by provider | |
| | |
| 101A | General | |
| 101B | Compulsory contributions must be paid on top of gross salary or wages except to extent that parties otherwise agree after 13 December 2007 | |
| 101C | Employee’s requirements | |
| 101D | Compulsory employer contribution amount: general rule | |
| 101E | Payment: allocation between schemes and funds | |
| 101F | Payment rules: employers | |
| 101FB | Grace periods: employers | |
| 101FC | De minimis: other contributions and hybrid schemes amount | |
| 101G | Rules: providers | |
| [Repealed] | |
| 101H | Failure to pay: provider notice [Repealed] | |
| 101I | Failure to pay: FMA’s duties [Repealed] | |
| 101J | Failure to pay: Commissioner [Repealed] | |
| 101K | Recovered amounts [Repealed] | |
| | |
| | |
| 102 | Who may apply for contributions holiday | |
| 103 | How to apply for contributions holiday | |
| 104 | Granting of contributions holiday | |
| 105 | Commissioner must give notice of grant of contributions holiday | |
| 106 | When deductions stop at start of contributions holiday | |
| 107 | Employers to whom contributions holiday applies | |
| 108 | Contributions holidays have 3-month minimum life | |
| | |
| 109 | Commissioner must give notice before contributions holiday ends | |
| 110 | Commissioner must give notice to employer of end of contributions holiday | |
| 111 | When deductions start at end of contributions holiday | |
| | |
| 112 | Revocation and reinstatement of contributions holiday | |
| 112B | Non-deduction notices | |
| 113 | Refund of initial contributions | |
| 114 | Refunds if employee loses, etc, contributions holiday notice | |
| | |
| 115 | Overview of Part | |
| | |
| | |
| 116 | KiwiSaver scheme rules are implied in trust deeds establishing KiwiSaver scheme | |
| 116A | Requirements for restricted KiwiSaver schemes [Repealed] | |
| 116B | Requirements for managers of KiwiSaver schemes [Repealed] | |
| 116C | Duty of manager with respect to money received [Repealed] | |
| 116D | Requirements for trustees of KiwiSaver schemes other than restricted schemes [Repealed] | |
| 116E | Removal of trustees of KiwiSaver schemes other than restricted schemes [Repealed] | |
| 116F | Manager and trustee must be independent [Repealed] | |
| 116G | Investments and property of KiwiSaver schemes [Repealed] | |
| 116H | Nomination of person [Repealed] | |
| 116I | Appointment of nominee by nominated person [Repealed] | |
| 116J | Trust deed or other instrument must not exempt trustees, managers, or investment managers from liability [Repealed] | |
| 116K | Trustees of KiwiSaver schemes other than restricted schemes may apply to High Court for order relating to scheme [Repealed] | |
| | |
| 117 | Duty to give notice to FMA about fee increases | |
| 117A | Restrictions on transactions [Repealed] | |
| 118 | Exercise of functions by FMA about unreasonable fees | |
| 119 | Powers of High Court in relation to unreasonable fees | |
| 119A | Implied provision as to amendments reducing accrued benefits, etc [Repealed] | |
| 119B | Application of sections 119C to 119I [Repealed] | |
| 119C | Implied provision as to transfer of members, etc [Repealed] | |
| 119D | Procedural requirements in case of certain transfers [Repealed] | |
| 119E | When requirements of section 119D not met [Repealed] | |
| 119F | Information required in case of transfer under section 119D [Repealed] | |
| 119G | When FMA may approve section 119D transfers without consent of members [Repealed] | |
| 119H | How approval under section 119G may be granted [Repealed] | |
| 119I | FMA may exempt trustees and managers from requirement to obtain written consent of members [Repealed] | |
| 119J | Application and enforcement of implied provisions [Repealed] | |
| 119K | Prospective members’ rights to information [Repealed] | |
| 119L | Members’ rights to information [Repealed] | |
| | |
| 120 | Terms relating to backdated validation implied into trust deeds of KiwiSaver schemes | |
| 121 | Terms relating to members’ tax credits implied into trust deeds of KiwiSaver schemes and complying superannuation funds | |
| 122 | Terms relating to compulsory employer contributions implied into trust deeds of KiwiSaver schemes and complying superannuation funds | |
| 123 | Terms relating to lump sum payments by complying superannuation funds | |
| | |
| 124 | Requirement for annual return | |
| 125 | Unclaimed money held in KiwiSaver scheme | |
| 125A | Requirement for annual personalised statement of contributions and accumulations for members [Repealed] | |
| 126 | Restrictions on transactions for scheme with fewer than 20 members | |
| 127 | Member’s interest in KiwiSaver scheme not assignable | |
| 128 | Application of Financial Transactions Reporting Act 1996 to default allocation of members to KiwiSaver schemes | |
| 128A | Terms relating to members’ tax credits implied into trust deed [Repealed] | |
| 128B | Terms relating to back-dated validation implied into trust deed [Repealed] | |
| 128C | Terms relating to lump sum payments by complying superannuation funds [Repealed] | |
| 128D | Terms relating to compulsory employer contributions implied into trust deed [Repealed] | |
| 128E | Provisions implied in trust deeds by regulations [Repealed] | |
| 129 | Product disclosure statements must contain responsible investment statement | |
| 129A | Implied provision as to alterations to scheme [Repealed] | |
| 129B | Implied provision as to reversion of scheme assets to employer [Repealed] | |
| | |
| 130 | Application of Financial Markets Conduct Act 2013 | |
| 131 | Certain sections of Financial Markets Conduct Act 2013 modified in relation to KiwiSaver scheme | |
| | |
| 132 | Appointment of default providers | |
| 133 | Provisions of instrument of appointment to prevail over provisions of trust deed | |
| 134 | Effect of appointment under section 132 | |
| 135 | Appointment must be notified | |
| 136 | Power of High Court to act in respect of terms and conditions of appointment as default KiwiSaver scheme and regulations relating to default KiwiSaver schemes | |
| 137 | Revocations, etc, of instruments of appointment | |
| 138 | Duration of obligations as default provider after terminating event | |
| | |
| 139 | Outline of subpart | |
| 140 | Failure to pay: provider notice | |
| 141 | Failure to pay: FMA’s duties | |
| 142 | Failure to pay: Commissioner | |
| 143 | Recovered amounts | |
| 144 | Reduction of scheme insurance upon transfer out of complying superannuation fund | |
| 145 | Revocation of approval of complying superannuation funds | |
| | |
| 146 | Effect of being exempt employer and outline of subpart | |
| 147 | Eligibility to continue to be exempt employer | |
| 148 | How 4% minimum amount may be calculated for exempt employer defined contribution schemes | |
| 149 | Exempt employers who provide access to more than 1 scheme | |
| 150 | Exempt employers who have schemes established under master trusts | |
| 151 | Employers may apply to succeed to former employer’s exempt employer status | |
| 152 | How applications to succeed to former employer’s exempt employer status must be dealt with | |
| 153 | Revocation of exempt employer approval | |
| 154 | FMA must give notice to Commissioner of exempt employers | |
| 155 | Register of exempt employers | |
| | |
| 156 | Right of appeal against certain decisions of FMA | |
| 157 | Sharing of information and documents with Commissioner for purpose of administering KiwiSaver schemes | |
| 158 | Conditions that may be imposed on providing information, documents, or evidence to Commissioner | |
| 159 | Annual report by FMA | |
| 160 | Offence to supply false or misleading information, etc | |
| 161 | No Crown guarantee of KiwiSaver schemes or products | |
| 162 | Factual description of, or transmission of information about, KiwiSaver scheme not financial adviser service | |
| 163 | Amendments to register [Repealed] | |
| 164 | Duty to notify changes to FMA [Repealed] | |
| 165 | Form of notice under section 164 [Repealed] | |
| 166 | This subpart overrides provisions to contrary in trust deed [Repealed] | |
| 167 | Meaning of winding up in relation to KiwiSaver scheme established under umbrella trust [Repealed] | |
| 168 | Cancellation of registration and order to wind up KiwiSaver scheme [Repealed] | |
| 168A | Scheme may cease to be restricted scheme [Repealed] | |
| 169 | Powers of FMA in event of scheme operating in contravention of this Act, etc [Repealed] | |
| 170 | FMA must remove scheme from register on cancellation of registration [Repealed] | |
| 171 | Implied terms continue to be implied on cancellation of registration [Repealed] | |
| 172 | Receiver or liquidator to designate or appoint independent trustee if required [Repealed] | |
| 173 | Initial steps in winding up of KiwiSaver scheme [Repealed] | |
| 174 | Winding up report [Repealed] | |
| 174A | Registration deemed to be cancelled when assets distributed [Repealed] | |
| 175 | Time for doing certain things may be extended [Repealed] | |
| 176 | Member’s right to information [Repealed] | |
| [Repealed] | |
| 177 | Appointment of default providers [Repealed] | |
| 178 | Provisions of instrument of appointment to prevail over provisions of trust deed [Repealed] | |
| 179 | Effect of appointment under section 177 [Repealed] | |
| 180 | Appointment must be notified to FMA and Commissioner [Repealed] | |
| 181 | Availability of instrument of appointment [Repealed] | |
| 182 | Minister not required to appoint maximum number of persons [Repealed] | |
| 183 | Power of High Court to act in respect of terms and conditions of appointment as default KiwiSaver scheme and regulations relating to default KiwiSaver schemes [Repealed] | |
| 184 | Revocations, etc, of instruments of appointment [Repealed] | |
| 185 | Duration of obligations as default provider after terminating event [Repealed] | |
| [Repealed] | |
| 186 | Right of appeal against certain decisions of FMA [Repealed] | |
| 187 | Power of Government Actuary to delegate [Repealed] | |
| 188 | Sharing of information and documents with Commissioner for purpose of administering KiwiSaver schemes [Repealed] | |
| 189 | Conditions that may be imposed on providing information, documents, or evidence to Commissioner [Repealed] | |
| 189B | Duty to give notice to FMA about fee increases [Repealed] | |
| 189C | Powers of High Court in relation to unreasonable fees [Repealed] | |
| 190 | Secrecy [Repealed] | |
| 191 | Duty of certain persons to disclose information to FMA [Repealed] | |
| 192 | Protection of administration managers, investment managers, and auditors [Repealed] | |
| 193 | Personal liability [Repealed] | |
| 194 | Annual report by FMA [Repealed] | |
| 195 | Unclaimed money held by trustees of KiwiSaver scheme [Repealed] | |
| 196 | Member’s interest in KiwiSaver scheme not assignable [Repealed] | |
| 197 | Offence to fail to provide information under this Part [Repealed] | |
| 198 | Other offences under this Part [Repealed] | |
| 199 | Criminal penalties for offences under this Part [Repealed] | |
| 200 | FMA may decline to take action if fees not paid [Repealed] | |
| 201 | Trustees not in breach of obligations, etc [Repealed] | |
| 202 | Application of section 13G of Trustee Act 1956 if power of investment exercised in relation to member allocated to scheme under sections 50 to 52 [Repealed] | |
| 203 | General application of Financial Transactions Reporting Act 1996 [Repealed] | |
| 204 | Application of Financial Transactions Reporting Act 1996 to default allocation of members to KiwiSaver schemes [Repealed] | |
| | |
| 205 | No Crown guarantee of KiwiSaver schemes or products [Repealed] | |
| 205A | Investment statements must contain responsible investment statement [Repealed] | |
| 206 | Factual description of, or transmission of information about, KiwiSaver scheme not financial adviser service [Repealed] | |
| 207 | Unique identifiers | |
| 208 | Information held by Commissioner in respect of person who has opted out or who should not have been allocated to overall KiwiSaver scheme | |
| [Repealed] | |
| 209 | Application of Securities Act 1978 [Repealed] | |
| 210 | Certain sections of Securities Act 1978 modified in relation to KiwiSaver scheme [Repealed] | |
| 211 | Duty of Commissioner under section 50 modified in certain cases in which section 131 applies | |
| | |
| 212 | Persons may request reconsideration of certain decisions of Commissioner | |
| 213 | Reconsideration of other decisions | |
| | |
| 214 | Application of section 215 | |
| 215 | Penalty for employer to fail to provide information | |
| 216 | Penalty for employer to fail or incorrectly make deductions, or to short pay compulsory employer contributions [Repealed] | |
| | |
| 217 | Giving of notices by and to Commissioner | |
| 218 | Giving of notices to other persons | |
| 219 | Consent to electronic transactions | |
| 220 | Special rules about giving of product disclosure statements | |
| 220B | Information sharing | |
| | |
| 221 | Refunds made by direct credit to bank account | |
| 222 | Role of Commissioner under this Act | |
| 223 | Use of information by Commissioner obtained under this Act and other Inland Revenue Acts | |
| 224 | Administration of Act | |
| 225 | Fee subsidies [Repealed] | |
| 226 | Crown contribution: kick-start contributions | |
| 227 | Status of Crown contribution for tax purposes | |
| 228 | Regulations | |
| 229 | Regulations relating to mortgage diversion facility | |
| 230 | Regulations relating to default KiwiSaver providers | |
| 230A | Regulations relating to compulsory employer contributions | |
| 231 | Amendments to other Acts [Repealed] | |
| 232 | Transitional provision requiring all KiwiSaver contributions to be paid to Commissioner in first 3 months [Repealed] | |
| 233 | Transitional provision: pre-1 July 2007 securities law documentation [Repealed] | |
| 234 | Protection from non-compliance: Taxation (KiwiSaver) Act 2007 [Repealed] | |
| 235 | Protection from non-compliance: Taxation (Urgent Measures and Annual Rates) Act 2008 [Repealed] | |
| 236 | Protection from non-compliance: Taxation (Budget Tax Measures) Act 2009 [Repealed] | |
| 237 | Protection from non-compliance: Taxation (Annual Rates and Budget Measures) Act 2011 [Repealed] | |
| 238 | Protection from non-compliance: Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 | |
| 239 | Protection from non-compliance: Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015 | |
| 240 | Protection from non-compliance: KiwiSaver Budget Measures Act 2015 | |
| | |
| [Repealed] | |
| [Repealed] | |
| [Repealed] | |
| | |
| Reprint notes | |