KiwiSaver Amendment Regulations 2016

2016/109

Coat of Arms of New Zealand

KiwiSaver Amendment Regulations 2016

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 30th day of May 2016

Present:
His Excellency the Governor-General in Council

These regulations are made under section 228(1)(l) of the KiwiSaver Act 2006 on the advice and with the consent of the Executive Council.

Regulations

1 Title

These regulations are the KiwiSaver Amendment Regulations 2016.

2 Commencement

These regulations come into force on 1 July 2016.

3 Principal regulations

These regulations amend the KiwiSaver Regulations 2006 (the principal regulations).

4 New regulation 3A inserted (Transitional, savings, and related provisions)

After regulation 3, insert:

3A Transitional, savings, and related provisions

The transitional, savings, and related provisions set out in Schedule 1AA have effect according to their terms.

5 Regulation 30 amended (Qualifying person)

In regulation 30, after “clause 8(3)(c)(ii)”, insert “and (3B)(c)(ii)”.

6 Regulation 31 amended (Notice)

In regulation 31(c), replace “income, assets, and liabilities” with “assets and liabilities”.

7 New Schedule 1AA inserted

Insert the Schedule 1AA set out in the Schedule of these regulations as the first schedule to appear after the last regulation of the principal regulations.

Schedule New Schedule 1AA inserted

r 7

Schedule 1AA Transitional, savings, and related provisions

r 3A

Part 1 Provisions relating to KiwiSaver Amendment Regulations 2016

1 Transitional provision concerning applications to withdraw funds under clause 8(3)(c) and (3B)(c) of scheme rules

(1)

This clause applies to an application to make a withdrawal under clause 8(3)(c) or (3B)(c) of the KiwiSaver scheme rules (set out in Schedule 1 of the Act) if that application is made before 1 July 2016.

(2)

Regulation 31(c), as in force immediately before 1 July 2016, continues to apply for the purposes of the application.

Michael Webster,
Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 1 July 2016, amend the KiwiSaver Regulations 2006.

The provisions amended set out the criteria that a person must meet in order to qualify for making a one-time withdrawal of funds from the person’s KiwiSaver scheme for purchasing a home under clause 8(3)(c) or (3B)(c) of the KiwiSaver scheme rules (set out in Schedule 1 of the KiwiSaver Act 2006).

The amendments apply to applications to withdraw funds for this purpose made after 1 July 2016. They have the effect that income is no longer to be taken into consideration when deciding whether a person’s financial position represents that which would be expected of a person who has never held an estate in land. Only a person’s assets and liabilities must be considered.

The law as currently in force continues to apply to applications made before 1 July 2016.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 2 June 2016.

These regulations are administered by the Ministry of Business, Innovation, and Employment.