KiwiSaver Regulations 2006

12 Relevant matters for fees assessment by FMA or court

The following matters are relevant to a fees assessment by the FMA or a court:

(a)

whether the relevant fee or fees in relation to the scheme are significantly higher than the fees charged in relation to other schemes or classes of schemes (whether or not KiwiSaver schemes) that the FMA or the court considers comparable; and

(b)

if the relevant fee or fees are significantly higher, whether or not differences in the following matters mean that it is reasonable for the fee or fees to be higher:

(i)

the cost of the services to which the relevant fee or fees relate; and

(ii)

the structure of the scheme; and

(iii)

the number of members and the number of members actively contributing to the scheme; and

(iv)

the value of the scheme assets at the commencement of the fees assessment and how those scheme assets are invested; and

(v)

the employer contributions in respect of members and employer subsidisation of fees charged in relation to the scheme (if any); and

(vi)

how the relevant fee or fees are charged and the basis on which the relevant fee or fees are calculated; and

(vii)

other costs of the scheme; and

(viii)

any other matter that the FMA or the court considers relevant.

Regulation 12 heading: amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 12: amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 12(a): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).

Regulation 12(b)(viii): amended, on 1 May 2011, by section 85(2) of the Financial Markets Authority Act 2011 (2011 No 5).