KiwiSaver Act 2006

1: Title
This Act is the KiwiSaver Act 2006.
2: Commencement
1: This Act comes into force on a date to be appointed by the Governor-General by Order in Council.
2: One or more Orders in Council may be made bringing different provisions into force on different dates.
3: An order under this section is secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2 brought into force 1 December 2006 clause 2(2) KiwiSaver Act Commencement Order 2006 Section 2 brought into force 1 July 2007 clause 2(1) KiwiSaver Act Commencement Order 2006 Section 2(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
1: Preliminary provisions
3: Purpose
1: The purpose of this Act is to encourage a long-term savings habit and asset accumulation by individuals who are not in a position to enjoy standards of living in retirement similar to those in pre-retirement. The Act aims to increase individuals’ well-being and financial independence, particularly in retirement, and to provide retirement benefits.
2: To that end, this Act provides for schemes KiwiSaver schemes Section 3(2) amended 1 December 2014 section 74 Financial Markets (Repeals and Amendments) Act 2013
4: Interpretation
1: In this Act, unless the context otherwise requires,— address
a: the person’s last known street address or post office box number:
b: the person’s last known electronic address, if the person consents to notices under this Act being given to the person’s electronic address administration manager section 6(1) assessment section 3(1) Australian complying superannuation scheme
a: an entity that is a complying superannuation fund for the purposes of Part 5, Division 2 of the Superannuation Industry (Supervision) Act 1993 (Aust) and that is regulated by the Australian Prudential Regulation Authority:
b: the Australian Commissioner of Tax ( ACT automatic enrolment rules sections 10 to 21 benefit Commissioner section 3(1) complying superannuation fund section 6(1) contribution contribution rate section 64 court Crown Crown contribution
a: the contribution made by the Crown under section 226
b: the amount of tax credit under section MK 1 section MK 5 deduction rate section 66 66A default investment product section 132 default KiwiSaver provider manager section 132 default KiwiSaver scheme section 132 defined benefit scheme member defined benefit contributions
a: the defined benefit contributions are employer’s superannuation contributions made to, or amounts credited from within, a superannuation scheme contributions scheme
i: the contributions scheme was registered before 17 May 2007, or the contributions scheme is one (a succeeding scheme section 9BAA , section 119G section 179(2)﻿(b) prior scheme
ii: the employer provided access to eligible employees to the contributions scheme or a prior scheme for the contributions scheme before 17 May 2007; and
iii: the employee—
A: is employed by the employer before 1 April 2008, and the employer makes or has agreed with the employee before 1 April 2008 to make defined benefit contributions to the contributions scheme or a prior scheme for the contributions scheme; or
B: is covered by a collective agreement that is in force before 17 May 2007 and expires after 1 April 2008 under which the employer is required to make defined benefit contributions to the contributions scheme or a prior scheme for the contributions scheme; or
C: has had defined benefit contributions paid or credited to the contributions scheme or a prior scheme for the contributions scheme by a previous employer, and those contributions met the requirements of this definition; and
b: the defined benefit contributions are made in respect of a retirement benefit for the employee that is calculated by reference to their salary or wages; and
c: the employer is required to make the defined benefit contribution by statute, trust deed, or under an employment contract (including a collective agreement) department Part 4 Schedule 1 employee employer
a: in relation to a person ( person A person B
b: for the purposes of subparts 1 3 section RA 8 RA 10 or RD 4(4)
c: for the purposes of subpart 3A section RA 8 RA 10 or RD 4(4) subpart 3A employer contribution
a: means an employer’s superannuation contribution made by an employer for an employee’s KiwiSaver scheme or complying superannuation fund; and
b: includes a compulsory employer contribution under subpart 3A
bb: if the employer knows that the employee has opted out, does not include an amount that would otherwise be an employer contribution; and
c: does not include an amount that does not count as a contribution under section 68(2) employer contributor
a: contributes in respect of some or all of the employees of the employer who are members of the scheme; or
b: pays any of the administration costs or costs in relation to benefits to be provided under the scheme in respect of the employees of the employer who are members of the scheme employer’s chosen KiwiSaver scheme section 47 employer’s superannuation contribution section YA 1 employment section YA 1 employment income information section 23C ESCT rules section YA 1 exempt employer
a: who was approved as an exempt employer under section 30 section 152
b: whose approval has not been revoked fee
a: means a fee charged directly or indirectly in respect of a member’s membership of a KiwiSaver scheme; and
b: includes a fee charged to a member’s account for—
i: administration of the member’s account:
ii: management of the member’s funds in the KiwiSaver scheme:
ii: the transfer of the member’s account or the member’s funds in the KiwiSaver scheme to different sections of the KiwiSaver scheme or to a different KiwiSaver scheme; and
c: includes any other fee or charge prescribed to be a fee for the purposes of this Act; but
d: does not include a fee referred to in section 67 section 228(1)﻿(a) FMA Part 2 Financial Markets Authority Act 2011 gross salary or wages section 3(1) guardian Care of Children Act 2004 , but excludes a Oranga Tamariki guardian holding account section 72 inactive account information pack section 40 section 41 investment manager section 6(1) KiwiSaver scheme section 6(1) KiwiSaver scheme rules section 116 Schedule 1 KiwiSaver status
a: whether or not they are a member of an existing KiwiSaver scheme or are choosing to opt in to a scheme:
b: if they are an existing member,—
i: their deduction rate:
ii: whether they are on a savings suspension
iii: whether they wish to cease deductions under section 112B(1)
iv: whether they have chosen to opt out of a scheme:
c: if they are a new member, the information as required by the Commissioner, including the nomination of a contribution rate managed investment scheme section 6(1) manager section 6(1) member member’s account member's accumulation
a: the member’s contributions; and
b: any vested employer contributions in respect of the member; and
c: any fee subsidies paid in respect of the member under regulations made under section 228(1)﻿(n) or (o)
d: the Crown contribution paid in respect of the member member's interest
a: the member’s accumulation; and
b: any unvested employer contributions Minister Part 4 sections 228 230 Schedule 1
a: means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of Part 4 Schedule 1
b: includes, for the purposes of subpart 2 section 228 230 section 132 net value
a: in relation to contributions, the values of the contributions once appropriate debits and credits have been made for positive and negative returns; and
b: in relation to a member’s accumulation, or a member’s interest, means the value of the member’s accumulation or member’s interest (as applicable) once any other appropriate debits and credits have been made to account for things like fees, permitted withdrawals, and positive and negative returns new employment sections 11 to 14 New Zealand resident section YD 1 YD 2 New Zealand superannuation qualification age section 7(1) non-deduction notice section 112B opt in sections 33 to 39 opt out sections 16 to 21 opt-out notice section 17 Oranga Tamariki guardian B
a: appointed by an order under section 110
b: appointed by an order under section 113A
c: whose sole guardianship of B arises under section 119 section 110(1)﻿(e) participation agreement pay period section YA 1 payday section 3(1) PAYE period Income Tax Act 2007 PAYE rules section YA 1 permitted withdrawal KiwiSaver scheme rules personal information Privacy Act 2020 personal representative private domestic worker section YA 1 product disclosure statement section 6(1) provider section 5 provisionally allocated section 50 register of managed investment schemes Schedule 2 restricted scheme section 6(1) retirement scheme section 6(1) salary or wages section RD 5(1)﻿(a) to (c)
a: it excludes—
i: salary or wages described in section RD 5(4), (6)﻿(b) to (bc), (6)﻿(bh), and (8) RD 68
iaa: salary or wages described in section RD 5(10) section RD 68
ia: a payment under a Voluntary Bonding Scheme that is funded by the Ministry for Primary Industries, the Ministry of Health, or the Ministry of Education; and
ib:
ii: payments that are income under section CF1 (1)﻿(b) to (e), (g), or (h)
iii: expenditure on account of an employee and allowances calculated by reference to reasonable actual costs, if the expenditure or allowances are for accommodation overseas or other costs of living overseas; and
iv: for the purposes of contributions to complying superannuation funds, bonuses, commissions, and other amounts not included in an employee’s gross base salary or wages by the relevant complying superannuation fund; and
v: for the purposes of subpart 3A
A: salary or wages described in section RD 5(1)﻿(b)﻿(iii), (6)﻿(bd) to (bg)
B: payments of weekly compensation, as defined in the Accident Compensation Act 2001
vi: the amount of a benefit that an employee receives under section CE 2
b: it includes extra pay (as defined in section YA 1
i: otherwise excluded under paragraph (a) of this definition; or
ii: the amount is a redundancy payment for the purposes of the Income Tax Act 2007 savings suspension subpart 4 scheme superannuation scheme section 6(1) 2013 supervisor section 6(1) tax file number section YA 1 trust deed section 6(1) workplace savings scheme section 6(1)
2: References in a provision to a period after the Commissioner receives the first contribution
3:
4: An outline provision in this Act is only a guide to the general scheme and effect of the part of the Act that it describes. Section 4(1) administration manager replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) assessment inserted 30 March 2022 section 246(2) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 4(1) Australian complying superannuation scheme replaced 8 December 2021 section 192(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 4(1) benefit inserted 1 May 2011 section 4(7) KiwiSaver Amendment Act 2011 Section 4(1) complying superannuation fund replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) contributions holiday repealed 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 4(1) Crown contribution substituted 1 July 2007 section 58 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 4(1) Crown contribution amended 6 October 2009 section 715(2)﻿(a) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 4(1) Crown contribution amended 6 October 2009 section 715(2)﻿(b) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 4(1) CYPFA guardian repealed 27 August 2019 section 4(1) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 4(1) deduction rate substituted 1 April 2008 section 27(2) Taxation (KiwiSaver) Act 2007 Section 4(1) default investment product amended 1 December 2014 section 75(3) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) default KiwiSaver provider amended 1 December 2014 section 75(4) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) default KiwiSaver provider amended 1 May 2011 section 4(1) KiwiSaver Amendment Act 2011 Section 4(1) default KiwiSaver scheme amended 1 December 2014 section 75(5) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) defined benefit scheme member inserted 1 April 2008 section 27(3) Taxation (KiwiSaver) Act 2007 Section 4(1) defined benefit scheme member amended 1 December 2014 section 75(6) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) defined benefit scheme member amended 1 December 2014 section 75(7) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) defined contribution scheme repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) department replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) employer substituted 19 December 2007 section 27(4) Taxation (KiwiSaver) Act 2007 Section 4(1) employer amended 1 April 2019 section 374(1)﻿(a) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) employer amended 1 April 2008 section 27(5)﻿(a) Taxation (KiwiSaver) Act 2007 Section 4(1) employer amended 1 April 2019 section 374(1)﻿(a) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) employer amended 1 April 2008 section 27(5)﻿(b) Taxation (KiwiSaver) Act 2007 Section 4(1) employer contribution inserted 1 April 2008 section 27(6) Taxation (KiwiSaver) Act 2007 Section 4(1) employer contribution inserted 30 March 2022 section 246(3) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 4(1) employer contribution replaced 1 April 2020 section 4(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 4(1) employer monthly schedule repealed 1 April 2019 section 374(1)﻿(b) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) employer’s superannuation contribution inserted 1 April 2008 section 27(7) Taxation (KiwiSaver) Act 2007 Section 4(1) employment substituted 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) employment income information inserted 1 April 2019 section 374(1)﻿(c) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) ESCT rules inserted 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) exempt employer replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) fee amended 1 December 2014 section 75(8) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) fee subsidy repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) FMA inserted 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 4(1) Government Actuary repealed 1 May 2011 section 82 Financial Markets Authority Act 2011 Section 4(1) guardian inserted 7 September 2010 section 176(2) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 4(1) guardian amended 27 August 2019 section 4(2) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 4(1) guardian amended 1 July 2014 section 4(1) KiwiSaver (Vulnerable Children) Amendment Act 2014 Section 4(1) independent trustee repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) investment manager replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) investment statement repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) KiwiSaver deduction notice repealed 1 April 2019 section 374(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) KiwiSaver scheme replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) KiwiSaver scheme rules amended 1 December 2014 section 75(9) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) KiwiSaver schemes register repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) KiwiSaver status inserted 1 April 2019 section 374(1)﻿(d) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) KiwiSaver status amended 30 March 2021 section 192(3) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 4(1) managed investment scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) manager replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) member's accumulation replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) member's interest replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) Minister replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) New Zealand resident inserted 1 May 2011 section 4(7) KiwiSaver Amendment Act 2011 Section 4(1) nominated person repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) nominee repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) non-deduction notice inserted 2 November 2012 section 228 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 4(1) Oranga Tamariki guardian inserted 27 August 2019 section 4(3) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 4(1) pay period amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) payday inserted 1 April 2020 section 4(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 4(1) PAYE period substituted 6 October 2009 section 715(4) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 4(1) PAYE rules amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) personal information amended 1 December 2020 section 217 Privacy Act 2020 Section 4(1) private domestic worker substituted 1 April 2008 section 27(12) Taxation (KiwiSaver) Act 2007 Section 4(1) product disclosure statement inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) promoter repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) register of managed investment schemes inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) registered superannuation scheme repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) related company repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) remittance certificate repealed 1 April 2019 section 374(3) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 4(1) restricted KiwiSaver scheme restricted scheme repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) restricted scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) retirement scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) salary or wages amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) salary or wages substituted 1 April 2008 section 27(13)﻿(b) Taxation (KiwiSaver) Act 2007 Section 4(1) salary or wages amended 1 April 2019 section 308(1) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 4(1) salary or wages inserted 1 April 2019 section 308(2) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 4(1) salary or wages inserted 17 July 2013 section 147(2) Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 Section 4(1) salary or wages repealed 29 August 2011 section 210(b) Taxation (Tax Administration and Remedial Matters) Act 2011 Section 4(1) salary or wages amended 31 March 2015 section 4(c) Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015 Section 4(1) salary or wages amended 31 March 2015 section 4(b) Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015 Section 4(1) salary or wages amended 21 December 2010 section 189 Taxation (GST and Remedial Matters) Act 2010 Section 4(1) salary or wages inserted 1 April 2017 section 209(1) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 4(1) salary or wages amended 23 March 2020 section 4(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 4(1) salary or wages substituted 1 April 2008 section 27(13)﻿(b) Taxation (KiwiSaver) Act 2007 Section 4(1) salary or wages amended 17 July 2013 section 147(3) Taxation (Livestock Valuation, Assets Expenditure, and Remedial Matters) Act 2013 Section 4(1) savings suspension inserted 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 4(1) scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) SSCWT rules repealed 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) superannuation scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) supervisor inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) tax file number amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 4(1) trust deed replaced 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) trustee corporation repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) trustees repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) umbrella trust repealed 1 December 2014 section 75(1) Financial Markets (Repeals and Amendments) Act 2013 Section 4(1) workplace savings scheme inserted 1 December 2014 section 75(2) Financial Markets (Repeals and Amendments) Act 2013 Section 4(2) substituted 1 April 2008 section 27(14) Taxation (KiwiSaver) Act 2007 Section 4(3) repealed 1 April 2020 section 4(4) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
5: Meaning of provider
1: For the purpose of anything that must or may be done by or to or in relation to a scheme, provider
a: means the person who is the manager of the scheme; and
b: in the case of a restricted scheme, includes any person to whom the manager has made a lawful delegation to do any thing (for example, an administration manager).
1A:
2: Subsection (1)﻿(b) does not apply if a person who may or must do something to or in relation to a provider has not been given notice of, and could not reasonably be expected to know about, the delegation. Section 5(1) replaced 1 December 2014 section 76 Financial Markets (Repeals and Amendments) Act 2013 Section 5(1A) repealed 1 December 2014 section 76 Financial Markets (Repeals and Amendments) Act 2013
6: Application
1: This Act applies to an employee or other natural person only if, at the time when the person becomes subject to the automatic enrolment rules or opts in, the person—
a: is, or normally is, living Public Service Act 2020 who is—
i: serving outside New Zealand; and
ii: employed on New Zealand terms and conditions; and
iii: serving in a jurisdiction where offers of KiwiSaver scheme membership are lawful; and
b: is a New Zealand citizen or is entitled, in terms of the Immigration Act 2009
2: This Act applies to an employer only if—
a: the employer is a New Zealand resident
b: the employer carries on a business from a fixed establishment in New Zealand (within the meaning of section YA 1 2007); or
c: the employer does not meet the requirements in subsections (a) and (b), and the employer chooses to apply this Act.
3: This Act applies to an employer only in respect of the employer’s employees who are referred to in subsection (1). Section 6(1)﻿(a) amended 7 August 2020 section 135 Public Service Act 2020 Section 6(1)﻿(a) amended 1 April 2008 section 29(1) Taxation (KiwiSaver) Act 2007 Section 6(1)﻿(a) amended 21 May 2007 section 59 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 6(1)﻿(a)﻿(i) added 21 May 2007 section 59 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 6(1)﻿(a)﻿(ii) added 21 May 2007 section 59 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 6(1)﻿(a)﻿(iii) added 21 May 2007 section 59 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 6(1)﻿(b) amended 29 November 2010 section 406(1) Immigration Act 2009 Section 6(2)﻿(a) amended 1 May 2011 section 6 KiwiSaver Amendment Act 2011 Section 6(2)﻿(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 6(2)﻿(b) amended 1 April 2008 section 29(2) Taxation (KiwiSaver) Act 2007 Section 6(2)﻿(b) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 6(2)﻿(c) added 1 April 2008 section 29(2) Taxation (KiwiSaver) Act 2007
6A: Transitional, savings, and related provisions
The transitional, savings, and related provisions set out in Schedule 1AA Section 6A inserted 1 April 2023 section 45 Criminal Proceeds (Recovery) Amendment Act 2023
7: Act binds the Crown
This Act binds the Crown.
8: Outline
1: Part 2
2: Part 3
3: Part 4 contains additional governance provisions relating to
4: Schedule 1
5: Part 5 contains
6: This Act also contains some of the rules that apply to complying superannuation funds. However, other rules about those funds are contained in the Income Tax Act 2007
7: Also, other rules about KiwiSaver schemes and complying superannuation funds are contained in the Financial Markets Conduct Act 2013 Section 8(3) amended 1 December 2014 section 77(1) Financial Markets (Repeals and Amendments) Act 2013 Section 8(5) amended 1 December 2014 section 77(2) Financial Markets (Repeals and Amendments) Act 2013 Section 8(6) added 1 April 2008 section 30 Taxation (KiwiSaver) Act 2007 Section 8(6) amended 1 December 2014 section 77(3) Financial Markets (Repeals and Amendments) Act 2013 Section 8(7) inserted 1 December 2014 section 77(4) Financial Markets (Repeals and Amendments) Act 2013
2: Membership of overall KiwiSaver scheme
1: Becoming members of overall KiwiSaver scheme
9: Outline of how people become members of overall KiwiSaver scheme
1: This subpart provides for employees and other persons to become members of the overall KiwiSaver scheme by—
a: the operation of the automatic enrolment rules when an employee starts new employment, with the effect that a person becomes subject to automatic deductions from his or her salary or wages, but may opt out within specified time limits; or
b: opting in (whether as an employee who becomes liable for automatic deduction of contributions from his or her salary or wages or otherwise).
2: Subpart 4 Section 9(2) amended 1 December 2014 section 78 Financial Markets (Repeals and Amendments) Act 2013 Automatic enrolment rules
10: Who automatic enrolment rules apply to
The automatic rules apply to an employee who—
a: starts new employment with an employer that is not an exempt employer; and
b: is not a secondee; and
c: when they start the new employment, is aged—
i: 18 years or more; and
ii: less than the New Zealand superannuation qualification age. Section 10 replaced 2 June 2016 section 210 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016
11: Meaning of
new employment and secondee
1: New employment
a: does not include temporary employment (except as provided in section 12
b: does not include employment in respect of which the employee remains on the same payroll as the payroll that he or she was on immediately before starting that employment; and
c: does not include employment with an employer that carries on the same business as the business in which the employee was employed immediately before starting the employment; and
d: does not include employment, at the end of a secondment, by the employer from which a secondee was seconded.
2: Same business
a: a company that results from, or continues after, an amalgamation under the Companies Act 1993
b: a business that takes over as a going concern the business in which the employee was employed immediately before that employee started the employment.
2B: Secondee employer B
3: However, subsection (1)﻿(c) applies only if an employer has given to the Commissioner the notice (if any) that is required by the Commissioner for the purposes of the administration of this section. Section 11 heading amended 19 December 2007 section 32(1) Taxation (KiwiSaver) Act 2007 Section 11(1)﻿(c) amended 19 December 2007 section 32(2) Taxation (KiwiSaver) Act 2007 Section 11(1)﻿(d) added 19 December 2007 section 32(2) Taxation (KiwiSaver) Act 2007 Section 11(2B) inserted 19 December 2007 section 32(3) Taxation (KiwiSaver) Act 2007
12: Temporary employment
1: Employment is temporary
a: the employment is as a casual agricultural worker within the meaning of section YA 1
b: the employment is under a contract of service that is for a period of 28 continuous days or less; or
c: the employment is described in section 28(1)﻿(a)﻿(ii)
2: However, employment ceases to be temporary, and the automatic enrolment rules then apply (as if the employee then started new employment)—
a: on the day after the date on which the employee ceases to be a casual agricultural worker within the meaning of section YA 1
b: in the case of employment which was temporary under subsection (1)﻿(b), on the 28th day after the employee started the employment. Section 12(1)﻿(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 12(1)﻿(b) amended 1 April 2008 section 33(1) Taxation (KiwiSaver) Act 2007 Section 12(1)﻿(c) added 1 April 2008 section 33(1) Taxation (KiwiSaver) Act 2007 Section 12(2)﻿(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 12(2)﻿(b) substituted 1 April 2008 section 33(2) Taxation (KiwiSaver) Act 2007
13: Employment in schools
Section 13 repealed 6 October 2009 section 716 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
14: Other situations when automatic enrolment rules do not apply
1: Despite sections 10 to 13
a: if the person is an employee only because they are in receipt of payments of salary or wages of a type referred to in any of the following sections in the Income Tax Act 2007
i: section RD 5(1)﻿(b)﻿(iii)
ia: section RD 5(1)﻿(b)﻿(iiib) Compensation for Live Organ Donors Act 2016
ii: section RD 5(3)
iib: section RD 5(3B)
iic: section RD 5(6)﻿(be) to (bg) Veterans’ Support Act 2014
iii: section RD 5(7) Part 7A
b: if the new employment is as an election day worker or a private domestic worker as those terms are defined in section YA 1
c: if the employee is not required to have tax deductions made from his or her salary or wages under the PAYE rules:
d: if amounts are withheld for an employee under the PAYE rules solely because section YD 1(7)
2: Despite sections 10 to 13 Section 14(1)﻿(a) substituted 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 14(1)﻿(a)﻿(ia) inserted 5 December 2017 section 30 Compensation for Live Organ Donors Act 2016 Section 14(1)﻿(a)﻿(iib) inserted 1 April 2011 section 172 Taxation (GST and Remedial Matters) Act 2010 Section 14(1)﻿(a)﻿(iic) inserted 31 March 2015 section 5 Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015 Section 14(1)﻿(b) substituted 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 14(1)﻿(c) amended 21 May 2007 section 60 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 14(1)﻿(d) added 21 May 2007 section 60 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 14(1)﻿(d) amended 6 October 2009 section 717 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
15: Effect of automatic enrolment
1: An employee who is subject to the automatic enrolment rules—
a: becomes liable in accordance with subpart 1
i: from the salary or wages paid in respect of the new employment that triggered the automatic enrolment rules; and
ii: from the salary or wages paid in respect of any other new employment that the employee starts after becoming subject to the automatic enrolment rules; and
b: must become a member of a KiwiSaver scheme under subpart 2
2: The employee must continue to be a member of a KiwiSaver scheme until the earliest of—
a: an opt-out notice taking effect; or
b: the date the employee may withdraw an amount from the scheme under clause 4
c: the provider terminating the employee’s membership of a KiwiSaver scheme under clause 4(3)
d: the date of withdrawal or transfer to a foreign scheme in the case of permanent emigration under clause 14
3: The employee continues to be liable for automatic deduction of contributions in accordance with subsection (1)﻿(a)
a: the dates referred to in subsection (2); or
b: the date on which section 62 Section 15(2)﻿(b) amended 1 July 2019 section 309(1) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 15(2)﻿(c) amended 1 July 2019 section 309(2) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
16: Time limit for opting out
Every employee to whom the automatic enrolment rules apply when starting new employment may opt out at any time in the period beginning on the 13th day after the date on which the person started the new employment and ending on the close of the 55th day after the date on which the person started the new employment.
17: How to opt out
1: Every employee who wishes to opt out must, within the time limit in section 16
a: to the Commissioner; or
b: to the employer in respect of the new employment that triggered the automatic enrolment rules.
2: An opt-out notice must be—
a: given in the form of the opt-out notice in an information pack; or
b: given in any other form and manner permitted by the Commissioner.
3: In order to be effective, an opt-out notice must contain the information required by that form or by the Commissioner, as the case may be.
4: An opt-out takes effect on the later of—
a: the 13th day after the date on which the person started the new employment that triggered the automatic enrolment rules; and
b: the date on which the opt-out notice is—
i: accepted by the Commissioner, in the case of a notice given to the Commissioner; or
ii: received by the employer, in the case of a notice given to the employer.
5: An employer who receives an opt-out notice from an employee must give notice of that opt-out to the Commissioner no later than the time the employer is next required to deliver employment income information in relation to the employee to the Commissioner under section RD 22 sections 23E to 23H 23J
6: For the purposes of sections 17 to 20 section YA 1 sections RP 2 RP 6 to RP 16 Section 17(5) replaced 1 April 2020 section 5 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 17(6) substituted 1 April 2008 section 34(2) Taxation (KiwiSaver) Act 2007
18: Extension of opt-out period
1: This section applies if—
a: an employee gives an opt-out notice outside the time limit in section 16
b: 1 or more of the following applies:
i: the employer did not supply the employee with an information pack within 7 days of the employee starting new employment with the employer; or
ii: the Commissioner did not send the product disclosure statement section 50(3)﻿(c)
iii: the employer did not supply the product disclosure statement section 43
iv: events outside the control of the employee meant that the opt-out notice could not be given within the time limit and, in the opinion of the Commissioner, it is reasonable that a late opt-out notice be accepted; or
v: a mistake described in section 59A(b)﻿(i)
2: The Commissioner may accept the opt-out notice, if it is received by the Commissioner or the employer 92 days
3: If an opt-out notice is received by the Commissioner outside the time limit in section 16 savings suspension section 102 Section 18(1)﻿(b)﻿(ii) amended 1 December 2014 section 79 Financial Markets (Repeals and Amendments) Act 2013 Section 18(1)﻿(b)﻿(iii) amended 1 December 2014 section 79 Financial Markets (Repeals and Amendments) Act 2013 Section 18(1)﻿(b)﻿(iv) amended 19 December 2007 section 35(1) Taxation (KiwiSaver) Act 2007 Section 18(1)﻿(b)﻿(v) added 19 December 2007 section 35(1) Taxation (KiwiSaver) Act 2007 Section 18(1)﻿(b)﻿(v) amended 2 June 2016 section 211 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 18(2) amended 1 April 2020 section 6 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 18(2) amended 19 December 2007 section 35(2) Taxation (KiwiSaver) Act 2007 Section 18(3) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
19: Commissioner must give notice to employer of opting out
The Commissioner must, as soon as practicable after accepting an opt-out notice from an employee, give notice to the employee’s employer in respect of the new employment that triggered the automatic enrolment rules stating that—
a: the employee has opted out; and
b: the employer must not make any further deductions of contributions in respect of the employee, from the effective date of the opt-out.
20: Effect of opting out
1: An employee who opts out ceases, on the date on which the opt-out takes effect under section 17(4)
2: The employer must stop making deductions, with effect on the next payment of salary or wages that the employer calculates,—
a: if the employee opts out by giving the opt-out notice to the employer, after the effective date of the opt-out notice under section 17(4)
b: if the employee opts out by giving the opt-out notice to the Commissioner, after the date on which the employer receives notice of the employee opting out under section 19
3: The employer may refund any deduction to the employee, rather than pay it to the Commissioner.
21: Opt-out only applies to employment that triggered automatic enrolment rules
An opt-out notice given in respect of one employment terminates the application of the automatic enrolment rules only in respect of that one employment, and does not apply to any other new employment in respect of which the employee may become subject to the automatic enrolment rules in the future. Notice requirements for employees and employers Heading amended 7 September 2010 section 177(1) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010
22: Employees
giving
1: Every person who starts new employment must give notice to the employer of—
a: his or her name; and
ab: his or her address; and
b: his or her tax file number; and
c: whether or not he or she is already a member of a KiwiSaver scheme and, if that person is a member, must either—
i: notify his or her employer of their KiwiSaver status; or
ii: give or show to his or her employer a copy of a notice given by the Commissioner under section 105 savings suspension ended; or
iii: give his or her employer a non-deduction notice.
2: That information must be given, in a form authorised by the Commissioner, as soon
3: A person who is in temporary employment and who is a member of a KiwiSaver scheme may notify their temporary employer of their KiwiSaver status Section 22 heading amended 7 September 2010 section 177(2) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 22(1)﻿(a) replaced 1 April 2020 section 7 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 22(1)﻿(ab) inserted 1 April 2020 section 7 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 22(1)﻿(c)﻿(i) replaced 1 April 2019 section 376(1) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 22(1)﻿(c)﻿(ii) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 22(1)﻿(c)﻿(ii) amended 2 November 2012 section 229 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 22(1)﻿(c)﻿(iii) inserted 2 November 2012 section 229 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 22(2) amended 1 April 2019 section 376(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 22(3) added 7 September 2010 section 177(3) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 22(3) amended 1 April 2019 section 376(3) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
23: Employers must give information about new employees to Commissioner
1: This section applies if—
a: a person starts new employment with an employer; and
b: the employer is satisfied that the person is subject to the automatic enrolment rules.
2: The employer must give notice to the Commissioner of—
a: the person’s name; and
b: the person’s tax file number; and
c: the person’s address, if required by the Commissioner.
3: That information must be given no later than the time that the employer is next required to deliver employment income information in relation to the person to the Commissioner under section RD 22 sections 23E to 23H 23J Section 23 replaced 1 April 2020 section 8 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
23A: PAYE intermediaries
For the purposes of sections 22 23 section YA 1 sections RP 2 RP 6 to RP 16 Section 23A substituted 1 April 2008 section 36(2) Taxation (KiwiSaver) Act 2007 Exempt employers Heading repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
24: Purpose of being exempt employer
Section 24 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
25: Eligibility to be exempt employer
Section 25 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
26: How 4% minimum amount may be calculated for exempt employer defined contribution schemes
Section 26 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
27: Eligibility of employers who provide access to more than 1 scheme
Section 27 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
28: Eligibility of employers who have schemes established under master trusts
Section 28 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
29: How to apply to be exempt employer
Section 29 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
30: How applications to be exempt employer must be dealt with
Section 30 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
31: Revocation of exempt employer approval
Section 31 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013
32: FMA Section 32 repealed 1 December 2014 section 80 Financial Markets (Repeals and Amendments) Act 2013 Opting in
33: Certain persons may opt in
A person may opt in at any time provided—
a:
b: the person is not already a member of a KiwiSaver scheme; and
c: the person is not subject to the automatic enrolment rules. Section 33(a) repealed 1 July 2019 section 310 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
34: Opting in by person 18 years or more
1: A person who is 18 years or more and who
a: contract directly with a provider of a KiwiSaver scheme to become a member of a KiwiSaver scheme:
b: if the person is an employee, notify his or her employer of a change in their KiwiSaver status
2: A person who opts in by notifying his or her employer of a change in their KiwiSaver status
a: his or her name; and
ab: his or her address; and
b: his or her tax file number.
3: If an employer who receives a notice from a person under this section is satisfied that the person is eligible to opt in under section 33
a: the person’s name; and
b: the person’s tax file number; and
c: the person’s address, if required by the Commissioner.
4: That information must be given no later than the time that the employer is next required to deliver employment income information in relation to the person to the Commissioner under section RD 22 sections 23E to 23H 23J
5: For the purposes of sections 34 to 37 section YA 1 sections RP 2 RP 6 to RP 16 Section 34 heading substituted 7 September 2010 section 181(1) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 34(1) amended 7 September 2010 section 181(2) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 34(1)﻿(b) amended 1 April 2019 section 378(1) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 34(2) amended 1 April 2019 section 378(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 34(2)﻿(a) replaced 1 April 2020 section 9(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 34(2)﻿(ab) inserted 1 April 2020 section 9(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 34(3) replaced 1 April 2020 section 9(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 34(4) replaced 1 April 2020 section 9(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 34(5) substituted 1 April 2008 section 38(2) Taxation (KiwiSaver) Act 2007
35: Opting in by persons under 18
1: A person who is less than 18 years may only opt in in accordance with this section.
2: A person who is less than 16 years may opt in if all their guardians contract directly with a provider, in the name of the person. If the provider accepts the person, then the person is treated as—
a: contracting directly with the provider; and
b: 18 years for the purposes of subpart 6
c: opting in under section 34(1)﻿(a)
3: A person who is 16 or 17 years old with a guardian or an Oranga Tamariki guardian may opt in if the person and 1 of their guardians or Oranga Tamariki guardians jointly contract directly with a provider, in the name of the person. If the provider accepts the person, then the person is treated as—
a: contracting directly with the provider; and
b: 18 years for the purposes of subpart 6
c: opting in under section 34(1)﻿(a)
4: A person who is 16 or 17 years old with no guardian may opt in if the person contracts directly with a provider. If the provider accepts the person, then the person is treated as—
a: 18 years for the purposes of subpart 6
b: opting in under section 34(1)﻿(a)
5: A person who is less than 16 years with an Oranga Tamariki guardian may opt in if 1 of the person’s Oranga Tamariki guardians (independently from the person, and from all other, if any, Oranga Tamariki guardians, guardians, or both, of the person) contracts directly with a provider, in the name of the person. If the provider accepts the person, then the person is treated as—
a: contracting directly with the provider; and
b: 18 years for the purposes of subpart 6
c: opting in under section 34(1)﻿(a)
6: If a person who is less than 16 years with a Oranga Tamariki Oranga Tamariki Oranga Tamariki Oranga Tamariki Section 35(1) substituted 7 September 2010 section 182 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 35(2) substituted 7 September 2010 section 182 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 35(2)﻿(b) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017 Section 35(3) replaced 27 August 2019 section 5(1) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 35(4) added 7 September 2010 section 182 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 35(4)﻿(a) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017 Section 35(5) replaced 27 August 2019 section 5(2) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 35(6) inserted 1 July 2014 section 5(2) KiwiSaver (Vulnerable Children) Amendment Act 2014 Section 35(6) amended 27 August 2019 section 5(3) KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 35 compare note repealed 7 September 2010 section 182 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010
36: Effect of opting in by employees
1: An employee who opts in under section 34(1)﻿(a) or (b)
a: is subpart 1
i: from the salary or wages paid by the employee’s employer
ii: from the salary or wages paid in respect of any other new employment that the employee starts after opting in; and
b: must become a member of a KiwiSaver scheme under subpart 2
1B: If an employee to whom subsection (1)﻿(a)﻿(i) applies has more than 1 employer who pays salary or wages to them, then, despite subsection (1)﻿(a)﻿(i), they may choose 1 or more employers who must make deductions of contributions from salary or wages in accordance with subpart 1
2: The employee must continue to be a member of a KiwiSaver scheme until the earliest of—
a: the date the employee may withdraw an amount from the scheme under clause 4
b: the provider terminating the employee’s membership of a KiwiSaver scheme under clause 4(3)
c: the date of withdrawal or transfer to a foreign scheme in the case of permanent emigration under clause 14
3: The employee continues to be liable for automatic deduction of contributions in accordance with subsection (1)﻿(a) in respect of salary or wages until the earliest of—
a: the dates referred to in subsection (2); or
b: the date on which section 62 Section 36(1) amended 19 December 2007 section 39(a) Taxation (KiwiSaver) Act 2007 Section 36(1)﻿(a) amended 19 December 2007 section 39(b)﻿(i) Taxation (KiwiSaver) Act 2007 Section 36(1)﻿(a) amended 19 December 2007 section 39(b)﻿(ii) Taxation (KiwiSaver) Act 2007 Section 36(1)﻿(a)﻿(i) amended 19 December 2007 section 39(b)﻿(iii) Taxation (KiwiSaver) Act 2007 Section 36(1B) inserted 19 December 2007 section 39(c) Taxation (KiwiSaver) Act 2007 Section 36(2)﻿(a) amended 1 July 2019 section 311(1) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 36(2)﻿(b) amended 1 July 2019 section 311(2) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
37: Effect of opting in by persons other than employees
A person other than an employee who opts in must continue to be a member of a KiwiSaver scheme until the earliest of the events in section 36(2) Information about people who contract directly with providers
38: Providers must give notice to Commissioner if they contract directly with members
1: Every provider who contracts directly with a person ( A
2: The notice must include all of the following information:
a: A’s name and address; and
b: A’s tax file number; and
c: the date of the first contribution received by the provider in respect of A (if any); and
d: if A is an employee, the contribution rate chosen by A under section 64(2)
e: the name and address and tax file number of both the provider and the scheme; and
f: any other information that the Commissioner requires. Section 38(2)﻿(d) replaced 1 April 2022 section 10(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
39: Commissioner must give notice to employer if provider gives notice that employee has opted in under section 38
The Commissioner must, as soon as practicable after receiving a notice under section 38
a: that the employer must start to make deductions of contributions from each payment of the person’s salary or wages that is calculated by the employer after the date on which the employer receives the notice under this section; and
b: the contribution rate chosen by the person under section 64(2)
c: the person’s name and tax file number. Section 39 amended 1 April 2020 section 11(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 39(b) replaced 1 April 2022 section 11(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Information about overall KiwiSaver scheme that must be provided
40: Commissioner must supply information pack
1: The Commissioner must initially supply
2: The Commissioner must also supply 1 or more information packs, on any reasonable request Section 40(1) amended 19 December 2007 section 40(1) Taxation (KiwiSaver) Act 2007 Section 40(2) amended 19 December 2007 section 40(2) Taxation (KiwiSaver) Act 2007
41: What information pack must contain
Every information pack supplied by the Commissioner under this subpart must contain—
a: a description of the overall KiwiSaver scheme; and
b: a statement that membership of the overall KiwiSaver scheme, and of any individual KiwiSaver scheme, is at the member’s own risk; and
c: a summary of what could happen under the default allocation rules or if an employer has a chosen KiwiSaver scheme; and
d: a description of how to access information about KiwiSaver schemes; and
e: a statement that people should seek financial advice from a financial advice provider
i: their personal financial circumstances; or
ii: deciding whether to opt in or opt out or not; or
iii: choosing a KiwiSaver scheme or investment product of a KiwiSaver scheme; or
iv: the overall KiwiSaver scheme or its financial concepts; and
f: an opt-out notice form; and
g: a statement about collection of personal information that complies with information privacy principle 3 section 22
h: any other prescribed information. Section 41(e) amended 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 41(g) replaced 1 December 2020 section 217 Privacy Act 2020
42: Employer must supply information pack to certain employees
1: Every employer must supply an information pack to—
a: each employee who starts new employment with the employer and to whom the automatic enrolment rules apply, within 7 days of the employee starting the new employment; and
b: each employee who opts in under section 34(1)﻿(b) notifying his or her employer of a change in their KiwiSaver status
c: each employee who requests an information pack in contemplation of opting in.
2: An employer is not liable for a penalty for a failure to supply an information pack under this section if the employer proves that—
a: the failure of the employer to supply the information pack was caused by the fact that the Commissioner had not given the employer enough information packs to enable the employer to meet its obligations under this Act; and
b: the employer notified the Commissioner that the employer needed more information packs, as soon as practicable after realising that the employer did not have enough. Section 42(1)﻿(b) amended 1 April 2019 section 379 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
43: Employer must also supply
product disclosure statement Every employer who supplies an information pack under section 42 section 47
a: the product disclosure statement for the offer of interests in
b: a statement that, if the employee does not choose his or her own KiwiSaver scheme, the employee will be allocated to the employer’s chosen KiwiSaver scheme (and not to one of the default KiwiSaver schemes by the Commissioner). Section 43 heading amended 1 December 2014 section 81(1) Financial Markets (Repeals and Amendments) Act 2013 Section 43(a) amended 1 December 2014 section 81(2) Financial Markets (Repeals and Amendments) Act 2013
2: Allocation of people to KiwiSaver schemes
44: Outline of how people are allocated to KiwiSaver schemes under subpart
This subpart provides for people to be allocated to KiwiSaver schemes—
a: by the person choosing his or her own KiwiSaver scheme; or
b: if the person does not so choose, but if his or her employer has a chosen KiwiSaver scheme, by the person being allocated to the employer’s chosen KiwiSaver scheme; or
c: in any other case, by the person being allocated to a default KiwiSaver scheme nominated by the Commissioner. People may choose their own KiwiSaver scheme
45: People may choose their own KiwiSaver scheme
A person may, at any time, choose the KiwiSaver scheme of which he or she will be a member by contracting directly with the provider of the scheme to become a member of that scheme. Employer choice of KiwiSaver scheme
46: Employer may choose scheme for employees
1: An employer may, at any time, choose a KiwiSaver scheme of which the employer’s employees will become members if the employees do not choose their own KiwiSaver scheme.
2: However, an employer may choose a KiwiSaver scheme under this section only if all
3: In this section, permanent employees
a: who are not employed in temporary employment (as described in section 12
b: to whom the automatic enrolment rules apply, or would apply section 14 Section 46(2) amended 19 December 2007 section 41(1) Taxation (KiwiSaver) Act 2007 Section 46(3) substituted 21 May 2007 section 62 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 46(3)﻿(b) amended 19 December 2007 section 41(2) Taxation (KiwiSaver) Act 2007
47: When employer choice of KiwiSaver scheme is effective
1: The method by which an employer may choose a KiwiSaver scheme is—
a: by agreeing with the provider that the provider will provide access to the scheme for the employer’s employees; and
b: by giving notice to the Commissioner of—
i: the name, address, and tax file number of the employer; and
ii: the name, address, and tax file number of both the provider and the chosen KiwiSaver scheme.
2: The employer’s choice of KiwiSaver scheme is effective—
a: as from the date on which the notice in subsection (1)﻿(b) is accepted by the Commissioner, or on any later date specified in the notice; and
b: until the effective date of the earliest of any of the following notices:
i: notice given by the employer to the Commissioner of an alternative choice of scheme under subsection (1); or
ii: notice given by the employer to the Commissioner stating that the employer no longer has a chosen KiwiSaver scheme; or
iii: notice given by the Commissioner to the employer stating that the employer’s choice of KiwiSaver scheme has been revoked by the Commissioner on the grounds that the Commissioner is not satisfied that the scheme is eligible to be the employer’s chosen scheme under section 46
48: Effect of employer choice of KiwiSaver scheme
1: This section applies when—
a: an employer’s choice of KiwiSaver scheme is effective under section 47
b: an employee of the employer has not directly contracted to be a member of a KiwiSaver scheme with the provider of a scheme; and
c: the employee is an employee—
i: to whom the automatic enrolment rules apply; or
ii: who opted in under section 34(1)﻿(b)
d: more than 62 days
e: there is no relevant dispute under section 212 213 Part 2 3
2: On the first day that this section applies to an employee, the employee is treated, for the purposes of this Act and the Financial Markets Conduct Act 2013
a: been given a product disclosure statement for the offer of interests in the employer’s chosen KiwiSaver scheme; and
b: immediately after, applied to become a member of that scheme; and
c: become a member of that scheme.
3: The provider of the employer’s chosen KiwiSaver scheme must accept that application and register the employee as a member of the scheme.
4: The membership contract of the KiwiSaver scheme is binding on the employee and the provider, and enforceable as if it were a contract that was freely and voluntarily entered into.
5: The contract may be varied, replaced, cancelled, or otherwise terminated, and the managed investment products may be returned,—
a: to the extent permitted by section 131
b: except as provided by that section, in the same way as if the contract were freely and voluntarily entered into.
6:
7: The Commissioner must, as soon as practicable, give notice to the provider of the scheme of the employee’s name, address, date of birth (if known to the Commissioner), tax file number, and any other personal information that the Commissioner considers relevant. Section 48(1) substituted 19 December 2007 section 42 Taxation (KiwiSaver) Act 2007 Section 48(1)﻿(d) amended 1 April 2020 section 12 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 48(2) replaced 1 December 2014 section 82 Financial Markets (Repeals and Amendments) Act 2013 Section 48(3) replaced 1 December 2014 section 82 Financial Markets (Repeals and Amendments) Act 2013 Section 48(4) replaced 1 December 2014 section 82 Financial Markets (Repeals and Amendments) Act 2013 Section 48(5) replaced 1 December 2014 section 82 Financial Markets (Repeals and Amendments) Act 2013 Section 48(6) repealed 1 December 2014 section 82 Financial Markets (Repeals and Amendments) Act 2013
49: Effect on existing members of change, etc, in employer’s chosen KiwiSaver scheme
1: A notice under section 47(2)﻿(b)
2: However, subsection (1) does not limit section 181 Section 49(2) amended 1 December 2014 section 83 Financial Markets (Repeals and Amendments) Act 2013 Default KiwiSaver schemes
50: Commissioner provisionally allocates certain people to default KiwiSaver schemes and sends
product disclosure statement
1: This section applies, in respect of a person who is an employee of an employer and their employment with that employer, when the Commissioner has received from the employer,—
a: notice under section 23
b: notice under section 34(3)
2: However, this section does not apply to a person referred to in subsection (1)﻿(a) or (b)—
a: who is an employee of an employer whose chosen KiwiSaver scheme is effective under section 47
b: who has opted out; or
c: if the Commissioner has been notified by a provider that the person has become a member of a KiwiSaver scheme.
3: As soon as practicable, the Commissioner must, in respect of the person’s employment with the employer,—
a: provisionally allocate, on a sequential basis, the person to a default investment product of a default KiwiSaver scheme that is nominated by the Commissioner; and
b: give notice to the person of that allocation, including the name and address of the provider of the nominated default KiwiSaver scheme, and of the name of the default investment product of that scheme, to which the person has been provisionally allocated; and
c: send to the person the product disclosure statement
d: give notice to the person of what will happen if the person does not choose his or her own KiwiSaver scheme.
4: Subsection (3) also applies, with necessary modifications, and as provided in section 57 a person when
a: the Commissioner receives notice section 58
b: the Commissioner receives notice under section 212(1)﻿(b)
ba: a scheme winds up, if that winding up is after the Commissioner receives notice under that section; or
bb:
c: the Commissioner receives notice under section 131(1)
d: the Commissioner receives notice Section 50 heading amended 1 December 2014 section 84(1) Financial Markets (Repeals and Amendments) Act 2013 Section 50(1) substituted 19 December 2007 section 43(1) Taxation (KiwiSaver) Act 2007 Section 50(3) amended 19 December 2007 section 43(2) Taxation (KiwiSaver) Act 2007 Section 50(3)﻿(c) amended 1 December 2014 section 84(2) Financial Markets (Repeals and Amendments) Act 2013 Section 50(4) amended 21 December 2010 section 173(1) Taxation (GST and Remedial Matters) Act 2010 Section 50(4)﻿(a) amended 21 December 2010 section 173(2) Taxation (GST and Remedial Matters) Act 2010 Section 50(4)﻿(b) replaced 1 December 2014 section 84(3) Financial Markets (Repeals and Amendments) Act 2013 Section 50(4)﻿(ba) inserted 1 December 2014 section 84(3) Financial Markets (Repeals and Amendments) Act 2013 Section 50(4)﻿(bb) repealed 1 December 2014 section 84(3) Financial Markets (Repeals and Amendments) Act 2013 Section 50(4)﻿(c) replaced 1 December 2014 section 84(3) Financial Markets (Repeals and Amendments) Act 2013 Section 50(4)﻿(d) amended 21 December 2010 section 173(5) Taxation (GST and Remedial Matters) Act 2010
51: Completion of allocation to default KiwiSaver scheme if person does not choose his or her own KiwiSaver scheme
1: This section and section 52 A section 50
1B: Despite subsection (1), subsections (4) and (5) do not apply if section 50(4)﻿(b) or (ba)
2: The Commissioner must give notice to A that the allocation of A is now completed as per the provisional allocation.
3: The Commissioner must give notice to the provider of the default KiwiSaver scheme that A has been allocated to the scheme, and A’s name, address, date of birth (if known to the Commissioner), tax file number, and any other personal information that the Commissioner considers relevant.
4: The final allocation date is,—
a: in the case of a person referred to in section 50(1)﻿(a) or (b) as soon as practicable after the 62nd day
b: in the case of a person referred to in section 50(4)﻿(a), (c), or (d) 62 days
5: However, if a dispute in relation to Part 2 3 section 212 213 Section 51(1B) inserted 21 December 2010 section 174(1) Taxation (GST and Remedial Matters) Act 2010 Section 51(1B) amended 23 March 2020 section 13(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 51(4)﻿(a) amended 1 April 2020 section 13(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 51(4)﻿(a) amended 19 December 2007 section 44(1) Taxation (KiwiSaver) Act 2007 Section 51(4)﻿(b) amended 1 April 2020 section 13(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 51(4)﻿(b) amended 21 December 2010 section 174(2) Taxation (GST and Remedial Matters) Act 2010 Section 51(5) amended 19 December 2007 section 44(2) Taxation (KiwiSaver) Act 2007
52: Effect of completion of allocation
1: A person whose allocation is completed under section 51 Financial Markets Conduct Act 2013
a: been given a product disclosure statement for the offer of interests in the default KiwiSaver scheme; and
b: immediately after, applied to become a member of that scheme; and
c: become a member of that scheme.
2: The provider of the default KiwiSaver scheme to which the person has been allocated must accept that application and register the person as a member of the scheme.
3: The membership contract of the default KiwiSaver scheme is binding on the person and the provider, and enforceable as if it were a contract that was freely and voluntarily entered into.
4: The contract may be varied, replaced, cancelled, or otherwise terminated, and the managed investment products may be returned,—
a: to the extent permitted by section 131
b: except as provided in that section, in the same way as if the contract were freely and voluntarily entered into. Section 52 replaced 1 December 2014 section 85 Financial Markets (Repeals and Amendments) Act 2013 Miscellaneous provisions
53: Person may be member of only 1 KiwiSaver scheme at any one time
1: A person may be a member of only 1 KiwiSaver scheme at any one time.
2: This section does not limit subpart 3
3: This section does not prevent people from having more than 1 account or investment product of any one KiwiSaver scheme.
3: Transfers between
KiwiSaver schemes and between complying superannuation fund and KiwiSaver scheme Subpart 3 heading amended 1 July 2007 section 222 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006
54: Application
1: Sections 55 56 voluntary transfer
2: Sections 57 to 59 involuntary transfer Section 54 substituted 1 July 2007 section 223 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Voluntary transfers
55: People may transfer between
KiwiSaver schemes and between complying superannuation fund and KiwiSaver scheme
1: A person may, at any time, transfer from a KiwiSaver scheme or a complying superannuation fund (an old scheme new scheme
2: The transfer is effective in relation to the Commissioner’s functions under this Act only when the Commissioner receives notice of the transfer under section 56(1) Section 55 heading amended 1 July 2007 section 224(1) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 55(1) amended 1 July 2007 section 224(2) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006
56: Notification of transfers and requirement to transfer funds and information
1: The provider of the new scheme must, as soon as practicable, give notice—
a: to the Commissioner—
i: that the person has transferred to the new scheme; and
ii: of the person’s name, address, date of birth, and tax file number; and
iii: of the new scheme’s name and tax file number; and
b: to the provider of the old scheme—
i: that the person has ceased to be a member of the old scheme and the effective date of the transfer; and
ii: of the new scheme’s name and address; and
iii: that the provider of the old scheme must transfer the funds and information required to be transferred in accordance with subsection (3).
2: The provider of the new scheme must also give evidence to the provider of the old scheme that the member wishes to transfer to the new scheme.
3: The provider of the old scheme that is given notice under subsection (1) must—
a: transfer the member’s accumulation to the new scheme; and
b: give notice to the member of the amount so transferred; and
c: give notice to the provider of the new scheme—
i: of the date on which the member first became a member of a KiwiSaver scheme, if the old scheme is a KiwiSaver scheme
ii: as to whether the member has made a withdrawal for the purpose of the purchase of a first home under clause 8
iii: of any savings suspensions in force; and
iv: as to whether the Crown contribution under section 226
v:
vi: of any information held by a provider of the old scheme that would be relevant to a provider of the new scheme making a claim under section 68C
4: The provider must comply with subsection (3) within 10 working days
5: Despite subsections (3) and (4), in the circumstances described in subsection (6), the provider of the old scheme must not transfer the member’s accumulation to the new scheme other than by way of distributing the assets of the old scheme as the scheme is wound up.
6: The circumstances are that—
a: members have been notified of a proposal to transfer all of the members of the old scheme to another scheme under section 180
b: a copy of a winding-up order or resolution of the old scheme has been given to the FMA under section 212 Section 56(3)﻿(c)﻿(i) amended 1 July 2007 section 225 Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 56(3)﻿(c)﻿(iii) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 56(3)﻿(c)﻿(iii) amended 1 July 2007 section 63 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 56(3)﻿(c)﻿(iv) substituted 19 December 2007 section 45 Taxation (KiwiSaver) Act 2007 Section 56(3)﻿(c)﻿(v) repealed 19 December 2007 section 45 Taxation (KiwiSaver) Act 2007 Section 56(3)﻿(c)﻿(vi) added 1 July 2007 section 63 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007 Section 56(4) amended 1 April 2020 section 14 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 56(5) added 1 May 2011 section 8 KiwiSaver Amendment Act 2011 Section 56(6) replaced 1 December 2014 section 86 Financial Markets (Repeals and Amendments) Act 2013 Involuntary transfers
57: Involuntary transfers
1: This section applies if a person has to transfer KiwiSaver schemes or from a complying superannuation fund to a KiwiSaver scheme
a: the Commissioner has received a notice under section 58
b: the Commissioner receives notice under section 212(1)﻿(b)
ba: a scheme winds up, if that winding-up is after the Commissioner receives notice under section 212(1)﻿(b)
bb:
c: the Commissioner receives notice under section 131(1)
d: the Commissioner has received notice in accordance with clauses 4(a) and 5(a) in schedule 28
2: However, this section does not apply to a transfer to which section 181
3: The person must be allocated to a new scheme in accordance with the principles in section 44
4: The Commissioner must take whatever steps the Commissioner thinks appropriate to ensure that, so far as practicable, the process for an involuntary transfer follows the process for a voluntary transfer under section 56
5: Section 56(3) and (4) 62 days instead of 10 working days
6: Sections 45 to 53
7: Subsections (5) and (6) do not limit subsection (4). Section 57(1) amended 1 July 2007 section 226(a) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 57(1)﻿(b) replaced 1 December 2014 section 87(1) Financial Markets (Repeals and Amendments) Act 2013 Section 57(1)﻿(ba) inserted 1 December 2014 section 87(1) Financial Markets (Repeals and Amendments) Act 2013 Section 57(1)﻿(bb) repealed 1 December 2014 section 87(1) Financial Markets (Repeals and Amendments) Act 2013 Section 57(1)﻿(c) replaced 1 December 2014 section 87(1) Financial Markets (Repeals and Amendments) Act 2013 Section 57(1)﻿(d) added 1 July 2007 section 226(c) Taxation (Savings Investment and Miscellaneous Provisions) Act 2006 Section 57(1)﻿(d) amended 6 October 2009 section 719 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 57(2) amended 1 December 2014 section 87(2) Financial Markets (Repeals and Amendments) Act 2013 Section 57(3) amended 19 December 2007 section 46 Taxation (KiwiSaver) Act 2007 Section 57(5) amended 1 April 2020 section 15 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
58: Information if employee ceases to be eligible to be member of employer’s chosen KiwiSaver scheme
The employer must give notice to the employee and the Commissioner if, under the terms of the employer’s chosen KiwiSaver scheme, the employee ceases to be eligible to be a member of that KiwiSaver scheme (for example, if the employee ceases to be an employee of the employer and the scheme applies only to the employer’s employees).
59: Commissioner must send information to involuntary transferees
The Commissioner must send to every person who is subject to an involuntary transfer under this subpart, as soon as practicable after the Commissioner receives the notice in respect of that person under section 57(1)
a: an information pack, but not if section 57(1)﻿(b)
b: advice as to the effect of this subpart and of section 50 Section 59(a) amended 21 December 2010 section 176 Taxation (GST and Remedial Matters) Act 2010
4: Initial and confirmed back-dated validation of invalid membership
Subpart 4 added 19 December 2007 section 47 Taxation (KiwiSaver) Act 2007
59A: When this subpart applies
This subpart applies when, because of a mistake,—
a: this Act has been applied to a person who does not meet the requirements of section 6
b: the automatic enrolment rules have been applied to a person who, at the time, does not meet the requirements of—
i: 1 or more of section 10(a), (b), and (c)﻿(ii)
ii: section 10(c)﻿(i)
bb: the rule in section 33
c:
d: the rule in section 34 section 10(c)﻿(i) Section 59A inserted 19 December 2007 section 47 Taxation (KiwiSaver) Act 2007 Section 59A(a) replaced 2 June 2016 section 212 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59A(b) replaced 2 June 2016 section 212 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59A(bb) inserted 30 March 2022 section 247 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59A(c) repealed 1 July 2019 section 312 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 59A(d) inserted 2 June 2016 section 212 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016
59B: Initial back-dated validation
1: As soon as practicable after anyone discovers the mistake, they must notify the Commissioner or the relevant KiwiSaver scheme provider.
2: The person described in section 59A section 6 the automatic enrolment rules, the age requirement for the application of the opt-in rule in section 33 or the age requirement for the application of the opt-in rule in section 34
a: starting on the earliest day on which this Act applies, the automatic enrolment rules, or the rule allowing opt-in were applied to the person because of the mistake described in section 59A
ab: for a person referred to in section 59A(a)
i: the day the mistake is discovered by the person’s KiwiSaver scheme provider:
ii: the day the mistake is notified to the provider by the Commissioner or another person; and
b: for a person referred to in section 59A(b)﻿(i), (bb),
i: the 92nd day
ii: the 92nd day
iii: the day the provider pays the amount of the member's accumulation, less the amount that was transferred from an Australian complying superannuation scheme for the person to the Commissioner; and
c: for a person referred to in section 59A(b)﻿(ii)
i: the day the person reaches 19 years of age; and
ii: the day the provider pays the amount of the member’s accumulation less the amount that was transferred from an Australian complying superannuation scheme for the person to the Commissioner. Section 59B inserted 19 December 2007 section 47 Taxation (KiwiSaver) Act 2007 Section 59B(2) amended 30 March 2022 section 248(1) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59B(2) amended 1 July 2019 section 313(1) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 59B(2)﻿(ab) inserted 1 April 2020 section 16(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59B(2)﻿(b) amended 30 March 2022 section 248(2) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59B(2)﻿(b) amended 1 April 2020 section 16(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59B(2)﻿(b) amended 1 July 2019 section 313(2) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 59B(2)﻿(b) amended 2 June 2016 section 213(2) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59B(2)﻿(b)﻿(i) amended 1 April 2020 section 16(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59B(2)﻿(b)﻿(ii) amended 1 April 2020 section 16(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59B(2)﻿(b)﻿(iii) amended 2 June 2016 section 213(3) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59B(2)﻿(b)﻿(iii) amended 1 July 2013 section 183 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59B(2)﻿(c) inserted 2 June 2016 section 213(4) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016
59C: Confirmed back-dated validation
1: This section applies if,—
a: during the period of initial back-dated validation under section 59B section 59A section 59A(b)﻿(i) section 33
i:
ii: they do not opt out; and
b: the person described in section 59A
2: The person is treated as a person—
a: in relation to whom no mistake described in section 59A
b: who, at the time, met section 59A(b)﻿(i)
c: in relation to whom no mistake described in section 59A(bb)
3: The Commissioner must notify the provider that this section applies.
4: The relevant provider does not pay the member’s accumulation for the person to the Commissioner. Section 59C inserted 19 December 2007 section 47 Taxation (KiwiSaver) Act 2007 Section 59C(1) replaced 1 April 2020 section 17(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59C(1)﻿(a) amended 30 March 2022 section 249(1) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59C(1)﻿(a)﻿(i) repealed 30 March 2022 section 249(2) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59C(2) replaced 2 June 2016 section 214(2) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59C(2)﻿(a) amended 1 April 2020 section 17(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59C(2)﻿(b) amended 1 April 2020 section 17(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59C(2)﻿(b) amended 30 March 2022 section 249(3) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59C(2)﻿(c) inserted 30 March 2022 section 249(3) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
59CB: Confirmed back-dated validation for those under 18 years at time of enrolment or opt-in
1: This section applies when—
a: the automatic enrolment rules were applied to a person because of the mistake described in section 59A(b)﻿(ii)
b: the opt-in rule in section 34 section 59A(d)
2: This section does not apply to—
a: a person aged 16 years or under if all guardians of the person have contracted directly with a provider in the person’s name:
b: a person aged 16 years or over but less than 18 years if the person and a guardian of the person have contracted directly with a provider:
c: a person aged 18 years who—
i: has contracted directly with a provider:
ii: has opted in under section 34
iii: has chosen an investment product in a default KiwiSaver scheme or transferred their funds under section 55
3: The person may,—
a: if they are aged 15 years or under, opt out with consent from a guardian:
b: if they are aged 16 years or over but less than 19 years, opt out.
4: The person opts out under subsection (3) by notifying the Commissioner.
5: If the person opts out under subsection (3), the Commissioner must notify the provider and the person’s employer.
6: The person’s employer must stop making deductions from the person’s salary or wages, with effect on the next payment of salary or wages that the employer calculates after the date on which the employer receives the notice referred to in subsection (5).
7: The employer may refund any deduction to the person, rather than pay it to the Commissioner.
8: If the person does not opt out under subsection (3) before the day on which they reach the age of 19 years, the person is treated as a person—
a: in relation to whom no mistake described in section 59A(b)﻿(ii) or 59A(d)
b: who, at the time, met the requirements of the automatic enrolment rules or the age requirement for the application of the opt-in rule in section 34
9: If the person does not opt out under subsection (3), the relevant provider does not pay the member’s accumulation for the person to the Commissioner.
10: References in this section to a guardian include an Oranga Tamariki guardian. Section 59CB inserted 2 June 2016 section 215 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59CB(10) inserted 27 August 2019 section 6 KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019
59D: No confirmed backdated validation
1: This section applies when—
aa: in relation to a person described in section 59A(a) section 59B(2)﻿(a) and (ab)
a: in relation to a person to whom the automatic enrolment rules were applied because of the mistake described in section 59A(b)﻿(i) section 33 section 59C section 59B
b: in relation to a person described in section 59CB(1) section 59CB(3)
2: The relevant provider must immediately—
a: provide the Commissioner with a notice stating, for the relevant person,—
i: the amount of contributions received directly by the provider (not via the Commissioner) , when they were received, and (if available) who they were paid by
ii: the amounts paid out by the provider under a mortgage diversion facility, and when they were paid out; and
iii: the amounts paid out by the provider to the person as permitted withdrawals, when they were paid out, the types of permitted withdrawals, and the amount of Crown contributions included in the permitted withdrawals; and
b: pay the amount of the member's accumulation, less the amount that was transferred from an Australian complying superannuation scheme, for the person to the Commissioner, if the provider has not already done so; and
c: pay the amount that was transferred from an Australian complying superannuation scheme (the transferor scheme
i: the transferor scheme; or
ii: an Australian complying superannuation scheme chosen by the person; or
iii: an Australian complying superannuation scheme chosen by the Commissioner, if the person does not choose one and it is not appropriate to pay to the transferor scheme.
3: The Commissioner must pay, in accordance with subsection (4), as soon as practicable and without further authority than this section, an amount (the refund amount
a: the contributions received by the provider (whether directly or via the Commissioner), less the total of—
i: the amounts paid out by the provider under a mortgage diversion facility:
ii: the amounts paid out by the provider to the person as permitted withdrawals, excluding the amount of Crown contributions included in the permitted withdrawals:
iii: Crown contributions:
iv: the amount that was transferred from an Australian complying superannuation scheme:
b: the contributions held in respect of the person in the holding account described in section 72 section 84
c: the total amount of interest that the Commissioner would be liable for under section 84 paragraph (a)﻿(i) to (iv) section 87
i: beginning on the day the Commissioner received the contribution or the provider received the contribution (if the contribution was not via the Commissioner):
ii: ending with the day that the Commissioner pays the refund amount under this section.
4: The refund amount must be paid to the person, their employer, the Crown, and any other person making a contribution in respect of the person, in proportion to the Commissioner’s best estimate of what they contributed, taking into account amounts described in subsection (3)﻿(a)﻿(i) to (iv)
5: When the Commissioner has paid the refund amount, the amount of member’s accumulation for the person previously paid to the Commissioner (the accumulation money section 72 section 84 holding account money
a: the accumulation money and the holding account money are public money, and are not trust money for the purposes of sections 66 to 68
b: subpart 2 Section 59D inserted 19 December 2007 section 47 Taxation (KiwiSaver) Act 2007 Section 59D heading amended 2 June 2016 section 216(1) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59D(1) replaced 2 June 2016 section 216(2) Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Section 59D(1)﻿(aa) inserted 1 April 2020 section 18(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59D(1)﻿(a) replaced 1 April 2020 section 18(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 59D(1)﻿(a) amended 30 March 2022 section 250 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 59D(2)﻿(a)﻿(i) amended 1 July 2013 section 184(1) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59D(2)﻿(b) replaced 1 July 2013 section 184(2) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59D(2)﻿(c) inserted 1 July 2013 section 184(2) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59D(3)﻿(a)﻿(iv) inserted 1 July 2013 section 184(3) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59D(3)﻿(c) amended 1 July 2013 section 184(4) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 59D(4) amended 1 July 2013 section 184(5) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010
3: KiwiSaver contributions
1: Deductions of contributions from salary or wages
Payments of salary or wages to which deduction rules apply
60: Application of subpart
1: This subpart applies to an employer in respect of any employee to whom 1 or more of the following applies:
a: the employee has started new employment with the employer and the automatic enrolment rules apply:
b: the employee has notified his or her employer of their KiwiSaver status and of any changes in that status
c: the Commissioner has given the employer a notice requiring the deduction of contributions from the employee’s salary or wages.
2: This subpart applies to all payments of salary or wages—
a: after the employee starts that new employment (in a case to which subsection (1)﻿(a) applies); or
b: that are calculated by the employer after the employer receives that notice (in a case to which subsection (1)﻿(b) or (c) applies). Section 60(1)﻿(b) amended 1 April 2019 section 380 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
61: Commissioner may give notice
The Commissioner may give a notice to an employer requiring the deduction of contributions in order to achieve the effect of section 15 section 36 section 23
62: When subpart does not apply
This subpart does not apply to an employer in respect of an employee, or to a payment of salary or wages,—
a: if section 20(2)
b: if the employee has given or shown the employer a notice of a savings suspension savings suspension subpart 4 savings suspension
bb: for the period that the employee has a valid non-deduction notice that they have given to their employer under section 112B
c: if, in accordance with the PAYE rules, no tax deduction is required to be made from the payment of salary or wages at the time the payment is made and the payment is not salary and wages for a private domestic worker. Section 62(b) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 62(bb) inserted 2 November 2012 section 230 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 62(c) amended 19 December 2007 section 48 Taxation (KiwiSaver) Act 2007
63: Part also applies to PAYE intermediaries
This Part applies to a PAYE intermediary (within the meaning of section YA 1 sections RP 1 to RP 16 Section 63 amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
63A: How subpart applies to private domestic workers
For the purposes of this subpart, a private domestic worker who is an employer under paragraph (b) of the definition of employer is treated as making payments of salary or wages to themselves in the capacity of employee. Consequently, the private domestic worker may be both employer and employee. Section 63A inserted 19 December 2007 section 49 Taxation (KiwiSaver) Act 2007
63B: Information on salary or wages from which deductions are made
An employer who makes a deduction under this subpart must specify the amount of salary or wages from which the deduction was made in their employment income information for the payment of salary or wages from which the deduction was made, if—
a: that amount differs from the information required under schedule 4
b: the deduction is the first that the employer has made under this subpart for the relevant employee. Section 63B inserted 1 April 2020 section 19 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Deduction rules
64: Contribution rate
1: The contribution rate
a: 3%
i: section 60(1)﻿(a) subsection (2)
ii: section 66A
iii: the employee is on a 2% contribution rate immediately before the first pay period that starts on or after 1 April 2013 because they chose 2% under subsection (2); or
ab: 4% of the employee's gross salary or wages, if section 60(1)﻿(a)
b: 8% of the employee’s gross salary or wages if the employee gives his or her employer a notice requiring contributions to be deducted at that rate.
2: Despite subsection (1), the employee may choose a contribution rate of 3%, 4%, 6%, 8%, or 10% of their gross salary or wages by giving notice of the rate they choose to—
a: their employer; or
b: their KiwiSaver scheme provider; or
c: the Commissioner.
2B: If an employee gives a notice under subsection (2) to the Commissioner, the notice must include any other information that the Commissioner requires.
2C: A provider must, as soon as practicable after receiving a notice under subsection (2) in relation to an employee, give notice to the Commissioner of—
a: the employee’s name and address; and
b: the employee’s tax file number; and
c: the contribution rate chosen by the employee; and
d: any other information that the Commissioner requires.
2D: The Commissioner must, as soon as practicable after receiving a notice under subsection (2) or (2C) in relation to an employee, give notice to each of the person’s employers of—
a: the employee’s name; and
b: the employee’s tax file number; and
c: the contribution rate chosen by the employee.
3: The new rate applies to the next payment of salary or wages that is calculated after the employer receives the notice under subsection (2) or (2D).
3B: For a contribution rate under subsection (1)﻿(a), when a change occurs to a rate in this Act, or in regulations made under this Act, affecting the contribution that must be deducted from a payment of salary or wages, the calculation of the amount of the contribution must be made at the rate applying on the day on which the salary or wages are paid.
4: An employee may not change his or her contribution rate in relation to an employer at intervals that are less than 92 days Section 64(1)﻿(a) substituted 1 April 2009 section 43(1) Taxation (Urgent Measures and Annual Rates) Act 2008 Section 64(1)﻿(a) amended 1 April 2013 section 231(1) Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 64(1)﻿(a)﻿(iii) inserted 1 April 2013 section 231(2) Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 64(1)﻿(ab) inserted 1 April 2009 section 43(1) Taxation (Urgent Measures and Annual Rates) Act 2008 Section 64(2) replaced 1 April 2022 section 20(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 64(2B) inserted 1 April 2022 section 20(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 64(2C) inserted 1 April 2022 section 20(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 64(2D) inserted 1 April 2022 section 20(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 64(3) replaced 1 April 2022 section 20(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 64(3B) inserted 1 April 2018 section 381 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 64(4) amended 1 April 2020 section 20(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
65: Contribution rates may be changed by Order in Council
1: The Governor-General may, by Order in Council, do either or both of the following:
a: alter a rate section 64
b: provide for additional rates at which employees may contribute under this subpart, instead of at the rates under that section.
2: The Order in Council must state the date from which the rate or rates is to have effect (which must be the first day of a tax year (as defined in section YA 1
3: The Order in Council must state how it will apply (for example, whether it applies to the persons to whom this subpart already applies).
4: An order under this section—
a: is secondary legislation ( see Part 3
b: must be confirmed by an Act ( see subpart 3
4:
5: Every Order in Council made under this section has the force of law as if it were enacted by this Act.
6: The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 65(1)﻿(a) amended 1 April 2009 section 44 Taxation (Urgent Measures and Annual Rates) Act 2008 Section 65(2) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 65(4) inserted 28 October 2021 section 3 Secondary Legislation Act 2021 Section 65(4) repealed 1 January 2016 section 14 Legislation (Confirmable Instruments) Amendment Act 2015 Section 65(6) repealed 1 January 2016 section 14 Legislation (Confirmable Instruments) Amendment Act 2015
65A: Orders are confirmable instruments
Section 65A repealed 28 October 2021 section 3 Secondary Legislation Act 2021
66: Obligation to make deductions: general rule
The employer must make deductions of contributions from each payment of the employee’s gross salary or wages of an amount equal to the contribution rate Section 66 substituted 1 April 2008 section 50 Taxation (KiwiSaver) Act 2007 Section 66 amended 1 April 2009 section 45 Taxation (Urgent Measures and Annual Rates) Act 2008
66A: Obligation to make deductions: transitional rule
Section 66A repealed 1 April 2009 section 46 Taxation (Urgent Measures and Annual Rates) Act 2008
67: PAYE rules apply to deductions
1: The PAYE rules apply to the deduction of contributions under this subpart, as far as applicable and with the necessary modifications, as if—
a: every reference to income tax were a reference to contributions; and
b: every reference to amounts of tax withheld
c: every reference to a tax code were a reference to a deduction rate; and
d: every reference to an amount required to be deducted under the PAYE rules were a reference to an amount required to be deducted under this Act.
2: Every employer and employee must comply with the requirements of the PAYE rules to the extent to which those rules apply under this section.
3: However, the following do not apply to any amount required to be deducted under this subpart:
a: sections BC 1 LA 6 RA 2 RD 9 RD 10 RD 10B RD 13 RD 16 RD 17 RD 18 subpart 3D schedule 5
b: sections 139C 140 to 140DB 141FD 141JA 142E 144 150B
4: Any deduction made under this subpart is not part of or included in any amount of tax withheld
5: The deductions made under this subpart are in addition to any amounts of tax required to be withheld
6: This section is subject to sections 212 to 216 Section 67(1)﻿(b) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 67(3)﻿(a) amended 1 April 2019 section 382(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 67(3)﻿(a) amended 1 April 2018 section 382(1) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 67(3)﻿(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 67(4) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 67(5) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
68: Money paid for things other than retirement benefits does not count as contribution under this Act
1: This section applies if money is paid to a provider of a KiwiSaver scheme in respect of all or any of—
a: the provision of retirement benefits for the member of the scheme; and
b: other things (for example, life insurance premiums).
2: The money paid in respect of the other things—
a: does not count as a contribution under this Act or towards the contribution rate; and
b: cannot be paid via the Commissioner.
3: This subpart does not require an employer to make deductions from salary or wages in respect of that money.
4: This section does not apply to permitted withdrawals.
69: Unremitted deductions made by employers
1: This section applies if—
a: an amount is included in employment income information received by the Commissioner as a deduction made by an employer under this subpart; and
b: the Commissioner is satisfied that the employer has deducted the amount under this subpart; and
c: the amount of the deduction is not paid to the Commissioner by the employer on or before the date by which the employer is required to pay the deduction to the Commissioner under section RD 4 section 67
2: The amount of the deduction is treated, for the purposes of this Act, as having been received by the Commissioner,—
a: for employment income information that includes the date of the payday on which the deduction was made, on that date; or
b: otherwise, on the 15th day of the month in which the deduction was made. Section 69 replaced 1 April 2020 section 21 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
70: Unexplained remittances of deductions received from employers
1: This section applies if—
a: the Commissioner receives an amount (the received amount
b: the employer has failed to supply to the Commissioner the particulars required by the Commissioner in relation to those amounts deducted; and
c: the Commissioner is unable to ascertain to the Commissioner’s satisfaction, in sufficient time prior to the cut-off day for the making of on-payments to the providers of KiwiSaver schemes, the portion of the received amount attributable to each of the persons from whom an amount was deducted by the employer.
2: The Commissioner may, for the purposes of this Part, hold the received amount until the amount attributable to each of the persons from whom an amount has been deducted by the employer has been established to the satisfaction of the Commissioner. 1991 No 142 s 149
71: Time at which unexplained remittances of deductions deemed to be received
Any amount that is held by the Commissioner under section 70(2) sections 84 to 91 clause 8 1991 No 142 s 150 Section 71 heading replaced 1 April 2020 section 22 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
2: Miscellaneous provisions relating to contributions
Inland Revenue KiwiSaver Holding Account
72: Inland Revenue KiwiSaver Holding Account
1: The Commissioner must establish a memorandum account, called the Inland Revenue KiwiSaver Holding Account (the holding account
2: The holding account established under subsection (1) is not a facility for the purposes of the Financial Transactions Reporting Act 1996
73: Certain unremitted deductions and employer contributions entered in and paid out of holding account
1: This section applies to any amount that—
a: is included in employment income information provided under section RD 22
i: a deduction made from an employee’s salary or wages under subpart 1
ii: an employer contribution for an employee; and
b: is not received by the Commissioner at the same time as, or before, the Commissioner receives the information described in paragraph (a); and
c: the Commissioner is satisfied,—
i: for an amount included in the information as a deduction, has been deducted from salary or wages under subpart 1
ii: for an amount included in the information as an employer contribution, that the employer to whom the information relates has sufficient funds available, at the time at which that employer makes the payment of salary or wages to which the contribution relates, to be able to pay to the Commissioner.
1B: For the purposes of subsection (1)﻿(a)﻿(ii), an amount of an employer contribution for an employee includes a contribution payable on or before 31 March 2020 that remains unpaid on 1 April 2020 in relation to which the relevant information referred to in subsection (1)﻿(b) and (c) has been provided to the Commissioner.
2: As soon as practicable after receiving employment income information in relation to an amount described in subsection (1), the Commissioner must enter the amount in the holding account in respect of the person, as applicable,—
a: from whose salary or wages the deduction was made; or
b: whom the employer contribution is for.
3: Subject to sections 75 77 KiwiSaver scheme, without further authority than this section
4: Money entered in the holding account under this section is not trust money for the purposes of sections 66 to 68
5: This section is subject to sections 70 71 95C 95D
6: Section 73 heading replaced 1 April 2020 section 23(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 73(1) replaced 1 April 2020 section 23(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 73(1B) inserted 30 March 2022 section 251 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 73(2) replaced 1 April 2020 section 23(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 73(3) amended 1 April 2020 section 23(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 73(3) amended 19 December 2007 section 51 Taxation (KiwiSaver) Act 2007 Section 73(5) amended 1 April 2020 section 23(4) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 73(6) repealed 1 April 2020 section 23(5) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
74: Other contributions entered in and paid out of holding account
1: This section applies to any amount of contribution that is received by the Commissioner other than an amount referred to in section 73
2: As soon as practicable after receiving the amount, the Commissioner must enter that amount in the holding account in respect of the person to whom the contribution relates.
3: Subject to sections 75 77
4: Money entered in the holding account under this section is trust money for the purposes of sections 66 to 68 Section 74(3) amended 1 April 2020 section 24 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
75: Initial contributions stay in holding account for
62 days
1: This section applies to all contributions received by the Commissioner in respect of a person in the 62-day
a: the day on which the Commissioner receives the first contribution in respect of the person:
b: the day on which the Commissioner is given notice or otherwise knows that the person is a member of a KiwiSaver scheme.
2: The Commissioner must hold those contributions in the holding account.
3: The Commissioner must pay those contributions to the provider of the person’s KiwiSaver scheme as soon as practicable after the expiry of that 62-day period section 73(1)
4: The Commissioner must give notice to the person as soon as practicable after paying those contributions to the provider of the person’s KiwiSaver scheme.
5: The provider must give notice to the person as soon as practicable after receiving those contributions.
6: Subsection (3) is subject to section 77 Section 75 heading amended 1 April 2020 section 25(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 75(1) substituted 19 December 2007 section 52(1) Taxation (KiwiSaver) Act 2007 Section 75(1) amended 1 April 2020 section 25(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 75(3) amended 1 April 2020 section 25(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 75(3) amended 19 December 2007 section 52(2) Taxation (KiwiSaver) Act 2007
76: Employer contributions may stay in holding account until deducted contributions paid
Section 76 repealed 1 April 2020 section 26 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
77: Small amounts of contributions may be held until big enough to be on-paid
1: This section applies if the Commissioner and the provider of a KiwiSaver scheme agree on a minimum threshold for the payment of contributions to the provider.
2: The Commissioner may hold in the holding account any amount of contribution that relates to a person until the amount meets that minimum threshold.
3: Then the Commissioner must pay that amount to the provider of the person’s KiwiSaver scheme (without further authority than this section where that amount meets the requirements of section 73(1) Section 77(3) amended 19 December 2007 section 53 Taxation (KiwiSaver) Act 2007
78: Treatment of certain unremitted deductions and employer contributions in holding account
1: This section applies to an amount referred to in section 73(1)
a: section RD 4 section 67
b: section 93(3) or (4)
2: The Commissioner must pay the amount out of a Crown Bank Account, without further authority than this section.
3: The amount is treated, for the purposes of section 73
a: for employment income information received by the Commissioner that includes the date of the payday for the payment of salary or wages to which the deduction or employer contribution relates, on that date; or
ab: for an employer contribution referred to in section 73(1B)
b: otherwise, on the 15th day of the month in which the payment of salary or wages to which the deduction or employer contribution relates was made. Section 78 replaced 1 April 2020 section 27 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 78(3)﻿(ab) inserted 30 March 2022 section 252 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
79: Information that Commissioner must supply to providers when paying contributions
The Commissioner must supply, to the provider of a KiwiSaver scheme to which the Commissioner makes any payment under this subpart, any information, and in any format, that the Commissioner determines after consultation with the provider of the KiwiSaver scheme.
80: Refund by Commissioner of amounts paid in excess of required amount of deduction or if employee opts out
1: The Commissioner may refund any amount of contribution to a person in relation to whom a contribution was made, or from whose
a: the person opts out and the contribution is in the possession of the Commissioner; or
b: the contribution is in excess of the amount that this Act requires to be deducted and the contribution is in the possession of the Commissioner; or
c: the person has opted out and the contribution was deducted from salary or wages but was not refunded to the person or paid to the Commissioner.
2: However, if a request is made under section 173L
3: This section is subject to section 91B Section 80(1) amended 19 December 2007 section 54 Taxation (KiwiSaver) Act 2007 Section 80(3) inserted 30 March 2022 section 253 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
81: Refund by provider of amounts paid in excess of required amount of contribution or if member opts out
1: A provider must refund to the Commissioner any amount of contribution paid to the provider by the Commissioner in respect of a member of that provider’s KiwiSaver scheme if—
a: the member opts out; or
b: the contribution is in excess of the amount that is required to be paid to the provider under the KiwiSaver scheme and this Act.
2: The Commissioner must refund or give credit for any amount
3: However, if a request is made under section 173L
4: This section is subject to section 91B Section 81 heading replaced 1 April 2020 section 28(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 81(1) replaced 1 April 2020 section 28(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 81(2) amended 1 April 2020 section 28(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 81(4) inserted 30 March 2022 section 254 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
81B: Residual refunds
1: If the Commissioner can not process an amount held in the holding account in accordance with this Act, or the amount is in excess of what this Act or a Revenue Act requires to be in the holding account, then the Commissioner may refund the amount to the person that the Commissioner considers has the best claim to it.
2: This section is subject to section 91B Section 81B inserted 29 August 2011 section 211 Taxation (Tax Administration and Remedial Matters) Act 2011 Section 81B(2) inserted 30 March 2022 section 255 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
82: Trustee investment rules do not apply to contributions in holding account
Sections 30 58 59 128 129 Section 82 amended 30 January 2021 section 161 Trusts Act 2019
83: Unclaimed money held by Commissioner
1: This section applies to any money—
a: that has been in the Commissioner’s possession under this Act for a period of no less than 5 years
b: about which the Commissioner has insufficient information in order to process that money in accordance with this Act.
2: No interest is payable on that money under this subpart in respect of the period that this section applies.
3: The Unclaimed Money Act 1971 sections 70 74
a: as if the Commissioner is the holder of the money for the purposes of the Unclaimed Money Act 1971
ab: for money relating to an employer deduction or employer contribution to which subsection (1)﻿(b) applies, as if the date on which the Commissioner becomes the holder is the last day of the month to which the employment income information for the money relates; and
b: as if the money must be processed in accordance with this Act, and not paid to the owner, if a valid claim is made to the money; and
c: as if the words “more than $100” in the words before the subparagraphs in section 4(3)﻿(a)
d: with other necessary modifications.
4: If the Commissioner enters into a special arrangement under section 9 Unclaimed Money Act 1971 Section 83(1)﻿(a) amended 30 March 2021 section 193(1) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 83(3)﻿(ab) inserted 30 March 2021 section 193(2) Taxation (Annual Rates for 2020–21, Feasibility Expenditure, and Remedial Matters) Act 2021 Section 83(3)﻿(c) replaced 30 March 2022 section 256 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Interest on contributions
84: Interest on money in holding account
1: The Commissioner is liable to pay interest in accordance with sections 85 to 91
2: Sections 68(2) 69
3: Despite subsection (1), the Commissioner is not liable to pay interest on any amount described in that subsection, if the relevant person has notified the Commissioner in writing of their wish to not be paid interest. Section 84(2) amended 19 December 2007 section 56(1) Taxation (KiwiSaver) Act 2007 Section 84(3) added 1 April 2009 section 56(2) Taxation (KiwiSaver) Act 2007
85: Time when deductions and employer contributions treated as received for interest purposes
1:
2: An amount referred to in section 73(1)
a: for employment income information that includes the date of the payday on which the deduction was made, on that date if the Commissioner is satisfied that the deduction has been made on that date; or
b: for employment income information that includes the date of the payday for the payment of salary or wages to which the employer contribution relates, on that date; or
bb: for an employer contribution referred to in section 73(1B)
c: otherwise, on the 15th day of the month in which the payment of salary or wages to which the deduction or employer contribution relates was made. Section 85 replaced 1 April 2020 section 29 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 85(1) repealed 30 March 2022 section 257(1) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 85(2) amended 30 March 2022 section 257(2)﻿(a) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 85(2)﻿(bb) inserted 30 March 2022 section 257(2)﻿(b) Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
86: Interest rate
1: The interest rate at which interest is payable under sections 84 to 91 Commissioner’s paying rate × (1 − lowest tax rate) where— Commissioner’s paying rate section 120H lowest tax rate in schedule 1 part D, table 2, row 7, column 3
2: The interest rate calculated using the formula is expressed as a percentage, rounded to 2 decimal places, with numbers at the midpoint or greater being rounded up and other numbers being rounded down. Section 86(1) lowest tax rate substituted 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 86(1) lowest tax rate amended 7 September 2010 section 186(1) Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 86(2) added 19 December 2007 section 58 Taxation (KiwiSaver) Act 2007
87: Amount of interest payable
The amount of interest payable by the Commissioner in respect of a person is calculated in accordance with the following formula: interest rate × contribution × interest period ÷ 365 where— contribution interest period section 81 interest rate section 86
88: How and when interest is paid on on-payments
Interest that is payable under section 84 within 92 days Section 88 amended 1 April 2020 section 30 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 88 amended 2 November 2012 section 233 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012
89: How and when interest is paid on refunds
1: This section applies to interest that would be payable under section 84 section 81
2: Interest must be paid with the refund.
3:
4: Section 89(3) repealed 6 October 2009 section 723 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 89(4) repealed 6 October 2009 section 723 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
90: Position if Commissioner’s paying rate changes
1: This section applies if the rate of interest established and notified as the Commissioner’s paying rate by an Order in Council made under section 120H section 84
2: The Commissioner’s paying rate, for the purposes of section 86
91: Overpaid interest
Interest overpaid by the Commissioner under sections 84 to 90 Income Tax Act 2007 Section 91 amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Time bar for refunding contributions Heading inserted 30 March 2022 section 258 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
91B: Time bar for refunding contributions
1: A provider must not refund an amount of contribution paid to the provider by the Commissioner in respect of a member of that provider’s KiwiSaver scheme that is in excess of the amount that is required to be paid to the provider under the KiwiSaver scheme and this Act if—
a: the amount is—
i: an amount that was deducted from the member’s salary or wages; or
ii: an amount of employer contribution; and
b: the amount has arisen on an amended assessment; and
c: the 4-year period under section 108AB
d: the Commissioner has not requested the provider to refund the amount to the Commissioner.
2: The Commissioner must not refund an amount of contribution that is in excess of the amount that this Act requires to be deducted or paid if—
a: the amount is—
i: an amount that was deducted from a member’s salary or wages; or
ii: an amount of employer contribution; and
b: the amount has arisen on an amended assessment; and
c: the 4-year period under section 108AB
3: For the purposes of this section, the provision by a person of employment income information for an amount of a contribution for a payday is treated as the making of an assessment of the amount of the contribution by the person. Section 91B inserted 30 March 2022 section 258 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
3: Contributions other than deductions from salary or wages
92: Application of this subpart
This subpart applies to contributions to a KiwiSaver scheme other than contributions deducted from salary or wages under subpart 1
92A: How subpart applies to private domestic workers
For the purposes of this subpart, a private domestic worker who is an employer under paragraph (b) of the definition of employer is treated as making payments of salary or wages to themselves in the capacity of employee. Consequently, the private domestic worker may be both employer and employee. Section 92A inserted 19 December 2007 section 59 Taxation (KiwiSaver) Act 2007
93: Employer contributions paid via Commissioner
1: An employer must pay all amounts of employer contributions to the Commissioner.
2: The payment of an amount of employer contribution must be accompanied by the relevant employment income information
3: If the employer is not a private domestic worker, the contribution must be paid to the Commissioner within the time prescribed in section RA 15
4: If the employer is a private domestic worker, the contribution must be paid to the Commissioner within the time prescribed in sections RA 8 RA 10 and RD 4(4)
5: The employer must include details of employer contributions in their employment income information
6: For the purposes of the Tax Administration Act 1994 Section 93 substituted 1 April 2008 section 60 Taxation (KiwiSaver) Act 2007 Section 93(2) amended 1 April 2019 section 384(1) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 93(4) amended 1 April 2019 section 384(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 93(5) amended 1 April 2020 section 31 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 93(5) amended 1 April 2019 section 384(3) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
94: Employer must give notice that employer contributions to be paid via Commissioner
Section 94 repealed 1 July 2007 section 65 Taxation (KiwiSaver and Company Tax Rate Amendments) Act 2007
95: Contributions from persons other than employers may be paid via Commissioner
A person other than an employer (including a member of a KiwiSaver scheme) may make a contribution to a person’s ( A’s
a: A’s name and address; and
b: A’s tax file number; and
c: any other information that the Commissioner may require.
95B: Unremitted employer contributions
1: This section applies if—
a: an amount is included in employment income information received by the Commissioner as an employer contribution for an employee; and
b: the Commissioner is satisfied that the employer to whom the information relates has sufficient funds available, at the time at which that employer makes the payment of salary or wages to which the contribution relates, to be able to pay the amount of the employer contribution to the Commissioner; and
c: the amount of the employer contribution is not paid to the Commissioner by that employer on or before the date by which that employer is required to pay the amount of employer contribution to the Commissioner under section 93(3) or (4)
2: The amount of the employer contribution is treated, for the purposes of this Act, as having been received by the Commissioner,—
a: for employment income information that includes the date of the payday for the payment of salary or wages to which the contribution relates, on that date; or
b: otherwise, on the 15th day of the month in which the payment of salary or wages to which the contribution relates was made. Section 95B inserted 1 April 2020 section 32 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
95C: Unexplained remittances of employer contributions
1: This section applies if—
a: the Commissioner receives an amount (the received amount
b: the employer has failed to supply to the Commissioner the particulars required by the Commissioner in relation to the received amount; and
c: the Commissioner is unable to ascertain to the Commissioner’s satisfaction, in sufficient time prior to the cut-off day for the making of on-payments to the providers of KiwiSaver schemes, the portion of the received amount attributable to each of the persons in relation to whom an employer contribution has been made by the employer.
2: The Commissioner may, for the purposes of this Part, hold the received amount until the amount attributable to each of the persons in relation to whom an employer contribution has been made by the employer has been established to the satisfaction of the Commissioner. Section 95C inserted 1 April 2020 section 32 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
95D: Time at which unexplained remittances of employer contributions deemed to be received
Any amount that is held by the Commissioner under section 95C(2) sections 84 to 91 Section 95D inserted 1 April 2020 section 32 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
96: What Commissioner must do with contributions received, or treated as received, under this subpart
1: The Commissioner must, in accordance with subpart 2
a: first, pay the contribution into the holding account; and
b: secondly, on-pay the contribution to the provider of the person’s KiwiSaver scheme.
2: The payments required under subsection (1) must be made net of ESCT payable under the ESCT rules Section 96 heading replaced 1 April 2020 section 33 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 96(2) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
97: Commissioner must give notice if employer contributions not remitted
1: This section applies for a PAYE period when—
a: an employer is required to provide a return in relation to an amount of employer contribution under this subpart, and includes a reference to the payment in their employment income information under the Tax Administration Act 1994
b: the Commissioner does not receive the payment in full by the due date for the payment.
2: The Commissioner must notify the employer that the payment has not been received. Section 97 replaced 1 April 2019 section 385 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
98: Short payments by employers if not enough money remitted to Commissioner to cover all of employees’ deductions and employer contributions
Section 98 repealed 1 April 2020 section 34 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
98A: Short payments of employer contributions
For the purposes of Tax Administration Act 1994
a: the amount of employer contribution that is received by the Commissioner
b: the amount, for the PAYE period, of employer contribution included in their employment income information Section 98A heading replaced 1 April 2020 section 35(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 98A inserted 1 April 2008 section 62 Taxation (KiwiSaver) Act 2007 Section 98A amended 1 April 2020 section 35(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 98A(a) amended 1 April 2020 section 35(3) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 98A(b) amended 1 April 2019 section 387 Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018
99: Short payments if not enough employer contribution remitted to cover all employees
Section 99 repealed 1 April 2020 section 36 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
100: Refunds of employer contribution by Commissioner if employee opts out
1: If an employee opts out after an employer contribution is paid to the Commissioner, the Commissioner must
2: This section is subject to section 91B Section 100(1) amended 6 October 2009 section 724 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 100(2) inserted 30 March 2022 section 259 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
101: Refunds of employer contribution by provider
1: The provider of a KiwiSaver scheme must of the employer contribution that this Act requires
1B: If an employee opts out after an employer contribution is paid to a provider by the Commissioner, the provider must refund the employer contribution to the Commissioner.
1C: This section is subject to section 91B
2: Section 101(1) amended 19 December 2007 section 64(1)﻿(a) Taxation (KiwiSaver) Act 2007 Section 101(1) amended 19 December 2007 section 64(1)﻿(b) Taxation (KiwiSaver) Act 2007 Section 101(1B) inserted 1 April 2020 section 37 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 101(1C) inserted 30 March 2022 section 260 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022 Section 101(2) repealed 19 December 2007 section 64(2) Taxation (KiwiSaver) Act 2007
101AA: What Commissioner must do with employer contribution refunded by provider
1: This section applies if an amount of employer contribution is refunded to the Commissioner by a provider under section 101(1B)
2: The Commissioner must—
a: refund the amount to a Crown Bank Account, if—
i: the amount has been paid out of a Crown Bank Account under section 78
ii: the amount has not been paid to the Commissioner by the employer to whom the employer contribution relates; or
b: otherwise, refund the amount to the employer who made the employer contribution.
3: This section is subject to section 91B Section 101AA inserted 1 April 2020 section 38 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 101AA(3) inserted 30 March 2022 section 261 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
3A: Compulsory employer contributions to KiwiSaver schemes and complying superannuation funds
Subpart 3A inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007
101A: General
1: An employer must pay, in accordance with sections 101E 101F compulsory employer contribution section 101D section 101C
2: Section 101B
2B: Despite subsection (1), an employer does not have to pay a compulsory employer contribution as provided in sections 101FB 101FC
3: Section 101G
4: The rest of this subpart provides rules relating to compulsory employer contributions to complying superannuation funds. Also, subpart 3
5: For the purposes of this subpart, a private domestic worker who is an employer under paragraph (c) of the definition of employer is treated as making payments of salary or wages to themselves in the capacity of employee. Consequently, for the purposes of this subpart, the private domestic worker may be both employer and employee, if the worker chooses. Section 101A inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007 Section 101A(2B) inserted 6 October 2009 section 725 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
101B: Compulsory contributions must be paid on top of gross salary or wages except to extent that parties otherwise agree after 13 December 2007
1: The purpose of this section is to ensure that, for contractual arrangements of parties to an employment relationship (as defined in section 4(2) section 101D(3)
2: The contractual arrangements of parties to an employment relationship must not have the effect of defeating the purpose of this section described in subsection (1).
3: A contractual term or condition has no effect to the extent to which it is contrary to the purpose of this section described in subsection (1).
4: However, on and after 13 December 2007, parties to an employment relationship are free to agree contractual terms and conditions that disregard the purpose of this section described in subsection (1), and, to the extent of such agreement, subsections (1) to (3) do not apply, unless, in respect of the employer and employee,—
a: section 60(1)﻿(a), (b) or (c) Taxation (Urgent Measures and Annual Rates) Act 2008
b: the contractual terms and conditions do not account for the amount of compulsory contributions the employer is required to pay.
4A: In the circumstances described in subsection (4)﻿(a) and (b), despite subsection (4),—
a: compulsory contributions must be paid in addition to an employee’s gross salary or wages described in section 101D(3)
b: subsections (2) and (3) apply.
5: For the avoidance of doubt,—
a: the duty of good faith described in section 4
b:
6: In this section, compulsory contributions section 101D(5)﻿(a) Section 101B inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007 Section 101B(4) substituted 15 December 2008 section 47 Taxation (Urgent Measures and Annual Rates) Act 2008 Section 101B(4A) inserted 15 December 2008 section 47 Taxation (Urgent Measures and Annual Rates) Act 2008 Section 101B(5) substituted 10 September 2008 section 10 Employment Relations (Breaks, Infant Feeding, and Other Matters) Amendment Act 2008 Section 101B(5)﻿(b) repealed 16 December 2008 section 10 Employment Relations Amendment Act 2008
101C: Employee’s requirements
For the purposes of section 101A(1)
a: is paid salary or wages from which the employer deducts or is required to deduct an amount for the employee’s KiwiSaver scheme or complying superannuation fund; and
b: is aged 18 or over; and
c: is not entitled to withdraw an amount from a fund or scheme under clause 4
cb: must not have made a withdrawal under clause 12B
d: is not a defined benefit scheme member. Section 101C inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007 Section 101C(c) amended 1 July 2019 section 315 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 101C(cb) inserted 1 April 2020 section 39 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
101D: Compulsory employer contribution amount: general rule
1: The amount of a compulsory employer contribution is a positive amount calculated using the following formula: (payment of gross salary or wages × CEC rate) − other contributions
2: The items in the formula are defined in subsections (3) to (6).
3: Payment of gross salary or wages
4: CEC rate
4B: When a change occurs to the CEC rate affecting the amount of a compulsory employer contribution, the calculation of the amount of the contribution must be made at the rate applying on the day on which the salary or wages are paid.
5: Other contributions
a: employer contributions made in the absence of this section:
b: employer’s superannuation contributions made to, or amounts credited from within, (collectively, the contributions retirement scheme contributions scheme
i: the contributions scheme was registered before 17 May 2007, or the contributions scheme is one (a succeeding scheme section 9BAA or section 119G or section 179(2)﻿(b) prior scheme
ii: the employer provided access to eligible employees to the contributions scheme or a prior scheme for the contributions scheme before 17 May 2007; and
iii: the employee is—
A: employed by the employer before 1 April 2008, and the employer makes or has agreed with the employee before 1 April 2008 to make or credit the contributions to the contributions scheme or a prior scheme for the contributions scheme; or
B: covered by a collective agreement that is in force before 17 May 2007 and expires after 1 April 2008 under which the employer is required to make or credit the contributions to the contributions scheme or a prior scheme for the contributions scheme ; or
C: one that has had contributions paid or credited to the contributions scheme or a prior scheme for the contributions scheme by a previous employer, and those contributions met the requirements described in paragraph (b)﻿(i) to (iii); and
iv: the contributions scheme provides that the contributions vest completely in the employee in a period starting on or after the employee first becomes a member of the contributions scheme and ending no more than 5 years later:
c: employer’s superannuation contributions or superannuation subsidies in relation to an employee—
i: whose employment is as a member of Parliament, a judicial officer, or a constable:
ii: who is in a class of employees prescribed in regulations made under section 230A
6: Hybrid schemes amount retirement scheme
a: which do not have an amount of other contributions for the period to which the payment of gross salary or wages relates; and
b: for which relevant retirement benefits are calculated by adding to the employee’s total contributions a percentage of those contributions.
7: For the purposes of subsection (6), the amount is calculated using the following formula: member’s contribution × vesting percentage.
8: In the formula,—
a: member’s contribution
b: vesting percentage percentage (inclusive of amounts payable under the ESCT rules) of the employee's total contributions retirement scheme Section 101D inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007 Section 101D(4) replaced 1 April 2018 section 389(1) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 101D(4B) inserted 1 April 2018 section 389(2) Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Act 2018 Section 101D(5)﻿(b) amended 1 December 2014 section 88(1)﻿(a) Financial Markets (Repeals and Amendments) Act 2013 Section 101D(5)﻿(b)﻿(i) amended 1 December 2014 section 88(1)﻿(b) Financial Markets (Repeals and Amendments) Act 2013 Section 101D(5)﻿(b)﻿(i) amended 1 May 2011 section 10 KiwiSaver Amendment Act 2011 Section 101D(5)﻿(b)﻿(iii)﻿(B) amended 6 October 2009 section 726(1) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 101D(5)﻿(b)﻿(iii)﻿(C) added 6 October 2009 section 726(1) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 101D(5)﻿(c)﻿(i) amended 1 October 2008 section 116(a)﻿(vii) Policing Act 2008 Section 101D(6) amended 1 December 2014 section 88(2) Financial Markets (Repeals and Amendments) Act 2013 Section 101D(8)﻿(b) amended 1 December 2014 section 88(3) Financial Markets (Repeals and Amendments) Act 2013 Section 101D(8)﻿(b) amended 6 October 2009 section 726(2) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
101E: Payment: allocation between schemes and funds
1: If the employer and employee agree to an allocation of compulsory employer contributions between an employee’s KiwiSaver scheme and complying superannuation funds, the contribution allocation agreed is used for allocating payments.
2: If the employer and employee cannot agree what allocation of the amount of compulsory employer contribution is for an employee’s KiwiSaver scheme or complying superannuation funds, the amount is—
a: first, for the employee’s KiwiSaver scheme, up to the maximum required to meet an employer’s compulsory employer contribution obligations:
b: second, for the employee’s complying superannuation funds, pro rata, to the extent to which an amount remains after applying paragraph (a). Section 101E inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007
101F: Payment rules: employers
1: If an amount of employer contribution for a payment of salary or wages is for the employee’s KiwiSaver scheme, the amount must be paid by the employer to the Commissioner. The amount is subject to the rules provided in subpart 3
2: If an amount of compulsory employer contribution for a payment of salary or wages is for the employee’s complying superannuation fund, the amount must be paid by the employer to the fund’s provider no later than 1 month after the payment of salary or wages. Section 101F inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007
101FB: Grace periods: employers
1: An employer does not have to pay a compulsory employer contribution for a payment of gross salary or wages to an employee in a grace period described in subsection (2), if, for the whole of the relevant grace period,—
a: 1 or more of the following apply:
i: the automatic enrolment rules apply to the employee:
ii: the employer does not receive a notice under section 34(1) 39
b: the employer does not deduct any amount of contributions required to be deducted from an employee's salary or wages; and
c: the employer does not receive a notice under section 61
2: The grace periods for the purposes of subsection (1) are—
a: the period starting on the day that the employee starts new employment and finishing on the earlier of the day—
i: that is 1 year after the day that the employee starts new employment:
ii: that the employee ceases employment:
b: the period starting on the day that is 1 year after the day that the employee starts new employment and finishing on the earliest of—
i: the day that is before the day on which the employer receives a notice under section 34(1) 39
ii: the day that is before the day on which the employer receives a notice under section 61
iii: the day that the employee ceases employment. Section 101FB inserted 6 October 2009 section 727 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
101FC: De minimis: other contributions and hybrid schemes amount
For a payment of gross salary or wages to an employee, an employer does not have to pay a compulsory employer contribution for the employee, if, in respect of the payment of gross salary or wages, one of the following amounts is equal to or more than the relevant CEC rate section 101D(4)
a: the amount of other contributions section 101D(5)﻿(b) retirement scheme
b: the hybrid schemes amount section 101D(6) to (8) retirement scheme Section 101FC inserted 6 October 2009 section 727 Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 101FC(a) amended 1 December 2014 section 89 Financial Markets (Repeals and Amendments) Act 2013 Section 101FC(b) amended 1 December 2014 section 89 Financial Markets (Repeals and Amendments) Act 2013
101G: Rules: providers
1: A provider must use the contribution allocation for a member to credit the amount of compulsory employer contribution they receive across the investment products to which a member has subscribed or has been allocated.
2: The contribution vests in the member immediately after it is paid to the provider, despite any provision to the contrary.
3: If a member of a KiwiSaver scheme clause 4
4: If a member of a complying superannuation fund will be entitled within 2 months to withdraw an amount from the fund under a rule the same as clause 4 Section 101G inserted 1 April 2008 section 65 Taxation (KiwiSaver) Act 2007 Section 101G(3) amended 1 July 2019 section 316(1) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 101G(3) amended 6 October 2009 section 728(1)﻿(a) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 101G(3) amended 6 October 2009 section 728(1)﻿(b) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 101G(4) amended 1 July 2019 section 316(2) Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 101G(4) added 6 October 2009 section 728(2) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Complying superannuation funds Heading repealed 1 December 2014 section 90 Financial Markets (Repeals and Amendments) Act 2013
101H: Failure to pay: provider notice
Section 101H repealed 1 December 2014 section 90 Financial Markets (Repeals and Amendments) Act 2013
101I: Failure to pay:
FMA's Section 101I repealed 1 December 2014 section 90 Financial Markets (Repeals and Amendments) Act 2013
101J: Failure to pay: Commissioner
Section 101J repealed 1 December 2014 section 90 Financial Markets (Repeals and Amendments) Act 2013
101K: Recovered amounts
Section 101K repealed 1 December 2014 section 90 Financial Markets (Repeals and Amendments) Act 2013
4: Savings suspension
Part 3 subpart 4 heading replaced 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Applications for savings suspension Heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
102: Who may apply for
savings suspension A person to whom subpart 1 savings suspension
a: at any time after the Commissioner receives the first contribution in respect of that person, if the person is suffering, or likely to suffer, financial hardship; or
b: at any time after 12 months have expired since the earlier of—
i: the date that the Commissioner received the first contribution in respect of that person; or
ii: the date that a provider received the first contribution in respect of that person’s membership of a KiwiSaver scheme; or
iii: the date that the person is first a member of a complying superannuation fund. Section 102 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 102 amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 102(b)﻿(ii) amended 19 December 2007 section 67 Taxation (KiwiSaver) Act 2007 Section 102(b)﻿(iii) added 19 December 2007 section 67 Taxation (KiwiSaver) Act 2007
103: How to apply for
savings suspension
1: An application for a savings suspension
2: The application must tell the Commissioner—
a: the person’s name and address; and
b: the person’s tax file number; and
c: the name and address of each of the person’s employers to whom the person intends that the suspension will apply, if required by the Commissioner; and
d: the period of time for which the suspension
e: in the case of an application made under section 102(a)
f: any other information that the Commissioner requires. Section 103 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 103(1) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 103(2)﻿(c) replaced 1 April 2020 section 40 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 103(2)﻿(d) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
104: Granting of
savings suspension
1: The Commissioner must accept an application for a savings suspension savings suspension section 102 section 103
2: A savings suspension section 102(a) 92 days
3: A savings suspension section 102(b)
a: a minimum period of 92 days
b: a maximum period of whichever is the shorter of—
i: 1 year; or
ii: the period specified in the application. Section 104 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 104(1) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 104(2) amended 1 April 2020 section 41(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 104(2) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 104(3) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 104(3)﻿(a) amended 1 April 2020 section 41(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 104(3)﻿(b)﻿(i) replaced 1 April 2019 section 317 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
105: Commissioner must give notice of grant of
savings suspension
1: The Commissioner must, as soon as practicable after granting a savings suspension
a: to the person who applied for the suspension
i: that the suspension
ii: of the date on which the suspension
b: to each relevant employer—
i: that a savings suspension
ii: that the employer must stop making deductions of contributions from the salary or wages of the person; and
c: to the provider of the person’s KiwiSaver scheme—
i: that a savings suspension
ii: of the names of the relevant employers; and
iii: that deductions of contributions may not be made from the salary or wages paid to the person by the relevant employers during the period of the suspension
2: In this section, relevant employer section 103(2)﻿(c) Section 105 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(a) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(a)﻿(i) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(a)﻿(ii) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(b)﻿(i) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(c)﻿(i) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(1)﻿(c)﻿(iii) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 105(2) replaced 1 April 2020 section 42 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
106: When deductions stop at start of
savings suspension If an employer is notified under section 105 subpart 1
a: to the employer in respect of the person who applied for the savings suspension
b: with effect on the next payment of salary or wages that the employer calculates after the date on which the employer receives the notice. Section 106 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 106(a) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
107: Employers to whom
savings suspension A savings suspension
a: has effect, subject to section 108 savings suspension savings suspension apply, if the application was required by the Commissioner to contain the information described in section 103(2)﻿(c)
b: may be used, if the person chooses, in respect of any other employer. Section 107 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 107 amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 107(a) amended 1 April 2020 section 43(1) section 43(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 107(a) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
108: Savings suspensions 92-day
1: The purpose of this section is to prevent employees requesting employers to stop and start deductions of contributions too often.
2: No savings suspension 92 days Section 108 heading amended 1 April 2020 section 44(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 108 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 108(2) amended 1 April 2020 section 44(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 108(2) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 End of savings suspension Heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
109: Commissioner must give notice before
savings suspensions The Commissioner must give notice to a person who is on a savings suspension suspension ends Section 109 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 109 amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
110: Commissioner must give notice to employer of end of
savings suspension The Commissioner must give notice to each affected employer known to the Commissioner, as soon as practicable after the end of a savings suspension
a: of the date on which the savings suspension
b: that the employer must start making deductions of contributions from the salary or wages of the person. Section 110 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 110 amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 110(a) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
111: When deductions start at end of
savings suspension
1: If an employer is notified under section 110 savings suspension section 112 savings suspension subpart 1
a: to the employer in respect of that person; and
b: with effect on the next payment of salary or wages that the employer calculates after the date on which the employer receives the notice.
2: This section is subject to any new savings suspension Section 111 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 111(1) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 111(2) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Revocation and reinstatement of savings suspension Heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
112: Revocation and reinstatement of
savings suspension
1: Subject to section 108 savings suspension subpart 1
2: A person may at any time reinstate his or her savings suspension subpart 1
3: Sections 106 108 savings suspension savings suspension Section 112 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 112(1) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 112(2) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 112(3) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
112B: Non-deduction notices
1: A person who may withdraw an amount from a fund or scheme under clause 4 non-deduction notice subpart 1
2: The non-deduction notice is valid, for the purposes of section 62(bb) revocation notice subpart 1
3: A person must not give a revocation notice to the employer within 92 days 92 days Section 112B inserted 2 November 2012 section 235 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 112B(1) amended 1 July 2019 section 318 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 112B(3) amended 1 April 2020 section 45 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
113: Refund of initial contributions
1: A person may apply to the Commissioner for a refund of any contributions that are being held in the holding account under section 75
2: In this section, significant financial hardship clause 11 serious illness clause 12
3: The application may be made by any means that the Commissioner accepts.
4: The application must tell the Commissioner—
a: the person’s name and address; and
b: the person’s tax file number; and
c: details of the significant financial hardship or serious illness; and
d: any other information that the Commissioner requires.
5: The Commissioner must refund the contributions to which the application relates, if the Commissioner is reasonably satisfied that—
a: the person and the application meet the requirements of this section; and
b: reasonable alternative sources of funding have been explored and have been exhausted.
6: However, the Commissioner—
a: must not refund under this section any employer contributions that were made under section 93
b: may direct that, despite subsection (5), the amount to be refunded under this section is limited to a specified amount that, in the Commissioner’s opinion, is required to alleviate the particular hardship.
7: The Commissioner must give notice of the refund to the provider of the relevant KiwiSaver scheme (if any). Section 113(5) substituted 19 December 2007 section 68 Taxation (KiwiSaver) Act 2007 Section 113(6) substituted 19 December 2007 section 68 Taxation (KiwiSaver) Act 2007
114: Refunds if employee loses, etc,
savings suspension
1: This section applies if—
a: an employee has a savings suspension
b: the employee starts new employment, but cannot comply with section 22(1)﻿(c)﻿(ii)
2: The employer may, at any time after the employee complies with section 22(1)﻿(c)﻿(ii)
3: The Commissioner may refund that money to the employee if the money is held by the Commissioner.
4: This section is subject to section 91B Section 114 heading amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 114(1)﻿(a) amended 1 April 2019 section 321 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019 Section 114(4) inserted 30 March 2022 section 262 Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022
4: Additional governance provisions
Part 4 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
115: Overview of Part
This Part contains governance provisions relating to schemes that are additional to those contained in the Financial Markets Conduct Act 2013
a: subpart 1
b: subpart 2
c: subpart 3
d: subpart 4
e: subpart 5 Section 115 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
1: Implied terms and other regulation of schemes
Subpart 1 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 KiwiSaver scheme rules Heading inserted 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116: KiwiSaver scheme rules are implied in trust deeds establishing KiwiSaver scheme
1: The provisions set out in Schedule 1
2: The KiwiSaver scheme rules set out in Schedule 1
3: The KiwiSaver scheme rules—
a: apply despite anything to the contrary in the trust deed; and
b: are enforceable by the manager, the supervisor, or any member of the scheme. 2006 No 40 s 126 as at October 2011 Section 116 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116A: Requirements for restricted KiwiSaver schemes
Section 116A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116B: Requirements for managers of KiwiSaver schemes
Section 116B repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116C: Duty of manager with respect to money received
Section 116C repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116D: Requirements for trustees of KiwiSaver schemes other than restricted schemes
Section 116D repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116E: Removal of trustees of KiwiSaver schemes other than restricted schemes
Section 116E repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116F: Manager and trustee must be independent
Section 116F repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116G: Investments and property of KiwiSaver schemes
Section 116G repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116H: Nomination of person
Section 116H repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116I: Appointment of nominee by nominated person
Section 116I repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116J: Trust deed or other instrument must not exempt trustees, managers, or investment managers from liability
Section 116J repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
116K: Trustees of KiwiSaver schemes other than restricted schemes may apply to High Court for order relating to scheme
Section 116K repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Provisions about unreasonable fees that apply to both KiwiSaver schemes and complying superannuation funds Heading inserted 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
117: Duty to give notice to FMA about fee increases
1: Any person who increases a fee must give notice of the increase to the FMA before or as soon as is reasonably practicable after the increase takes effect if—
a: the person is referred to in clause 2 of the KiwiSaver scheme rules (which relates to a requirement that fees not be unreasonable), and that clause applies to the fee; or
b: (in the case of a complying superannuation fund) the person would be referred to in clause 2 of the KiwiSaver scheme rules, and that clause would apply to the fee, if the complying superannuation fund were a KiwiSaver scheme.
2: Every person commits an offence, and is liable on conviction to a fine not exceeding the amount set out in subsection (4), who refuses or fails without reasonable excuse to give notice to the FMA of a fee increase as and when required by this section.
3: If any body corporate commits an offence under this section, every officer of the body corporate who knowingly authorises or permits the offence also commits the offence.
4: A person who is convicted of an offence under this section is liable,—
a: the first time that the person is convicted, to a fine not exceeding $25,000; and
b: on every other occasion that the person is convicted, to a fine not exceeding $50,000. 1989 No 10 s 39 Section 117 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
117A: Restrictions on transactions
Section 117A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
118: Exercise of functions by FMA about unreasonable fees
In considering whether a fee is unreasonable in relation to the provision of a KiwiSaver scheme or a complying superannuation fund, the FMA—
a: must have regard to any prescribed matter; and
b: may have regard to any other matter that the FMA considers relevant; and
c: may make decisions in accordance with any prescribed process. 2006 No 40 s 127 as at October 2011 Section 118 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119: Powers of High Court in relation to unreasonable fees
1: If the High Court is satisfied, on the application of a member of a scheme or the FMA, that any of the persons referred to in section 117(1)﻿(a) or (b)
2: The High Court may make any other order it thinks fit for the purpose of giving effect to an order under subsection (1).
3: An application for an order may be made within 1 year of the day that the fee is imposed or debited.
4: In determining whether a fee is unreasonable for the purposes of this section, the High Court—
a: must have regard to any prescribed matter; and
b: may have regard to any other matter it thinks fit. 1989 No 10 s 40 Section 119 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119A: Implied provision as to amendments reducing accrued benefits, etc
Section 119A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119B: Application of sections 119C to 119I
Section 119B repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119C: Implied provision as to transfer of members, etc
Section 119C repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119D: Procedural requirements in case of certain transfers
Section 119D repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119E: When requirements of section 119D not met
Section 119E repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119F: Information required in case of transfer under section 119D
Section 119F repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119G: When FMA may approve section 119D transfers without consent of members
Section 119G repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119H: How approval under section 119G may be granted
Section 119H repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119I: FMA may exempt trustees and managers from requirement to obtain written consent of members
Section 119I repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119J: Application and enforcement of implied provisions
Section 119J repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119K: Prospective members' rights to information
Section 119K repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
119L: Members' rights to information
Section 119L repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Other implied terms Heading inserted 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
120: Terms relating to backdated validation implied into trust deeds of KiwiSaver schemes
1: Terms necessary for giving effect to the law relating to back-dated validation of invalid membership under subpart 4
2: The terms—
a: apply despite anything to the contrary in the trust deed of the scheme; and
b: are enforceable by the manager, the supervisor, or a member of the scheme. 2006 No 40 s 128B as at October 2011 Section 120 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
121: Terms relating to members’ tax credits implied into trust deeds of KiwiSaver schemes and complying superannuation funds
1: Terms necessary for giving effect to the law relating to the tax credits described in section MK 1
a: a KiwiSaver scheme in relation to the KiwiSaver scheme:
b: a complying superannuation fund in relation to the complying superannuation fund.
2: The terms—
a: apply despite anything to the contrary in the trust deed of the scheme; and
b: are enforceable by the manager, the supervisor, or a member of the scheme. 2006 No 40 s 128A as at October 2011 Section 121 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
122: Terms relating to compulsory employer contributions implied into trust deeds of KiwiSaver schemes and complying superannuation funds
1: Terms necessary for giving effect to the law relating to compulsory employer contributions are implied into the trust deed that establishes—
a: a KiwiSaver scheme in relation to the KiwiSaver scheme:
b: a complying superannuation fund in relation to the complying superannuation fund.
2: The terms—
a: apply despite anything to the contrary in the trust deed of the scheme; and
b: are enforceable by the manager, the supervisor, or a member of the scheme. 2006 No 40 s 128D as at October 2011 Section 122 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
123: Terms relating to lump sum payments by complying superannuation funds
1: Terms necessary for giving effect to clause 2(c) of Schedule 28
2: The terms—
a: apply despite anything to the contrary in the trust deed of the scheme; and
b: are enforceable by the manager, the supervisor, or a member of the scheme. 2006 No 40 s 128C as at October 2011 Section 123 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Other regulation of schemes Heading inserted 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
124: Requirement for annual return
1: The manager of a KiwiSaver scheme and the manager of a complying superannuation fund must provide an annual return to the FMA that—
a: is in the prescribed form; and
b: meets any further prescribed requirements.
2: The prescribed requirements may include a requirement to provide statistical information in relation to the KiwiSaver scheme or complying superannuation fund.
3: The annual return must be provided before the prescribed date and relate to the prescribed 12-month period.
4: Nothing in this section requires the manager to provide—
a: information about an identifiable individual; or
b: information that is not in the possession or control of the manager; or
c: information that is not reasonably ascertainable from information that is in the possession or control of the manager.
5: Every person commits an offence, and is liable on conviction to a fine not exceeding the amount set out in subsection (7), who refuses or fails without reasonable excuse to provide an annual return under this section as and when required by this Part or any regulations made under section 228
6: If a body corporate commits an offence under this section, every officer of the body corporate who knowingly authorises or permits the offence also commits the offence.
7: A person who is convicted of an offence under this section is liable,—
a: the first time that the person is convicted, to a fine not exceeding $25,000; and
b: on every other occasion that the person is convicted, to a fine not exceeding $50,000. 2006 No 40 ss 125, 199 as at October 2011 Section 124 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
125: Unclaimed money held in KiwiSaver scheme
1: Section 151
2: Section 151
a: the member of the scheme in respect of which the trust exists is able to be identified, according to the information held by or available to the manager, as being at least 5 years older than the date on which a withdrawal is permitted under clause 4 of the KiwiSaver scheme rules; and
b: the manager has ensured that reasonable efforts have been made to locate the member but the member is unable to be found; and
c: there has been no contribution made to the member’s account in the preceding 5 years, excluding any Crown contribution. 2006 No 40 s 195 as at October 2011 Section 125 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Section 125(1) amended 30 January 2021 section 161 Trusts Act 2019 Section 125(2) amended 30 January 2021 section 161 Trusts Act 2019
125A: Requirement for annual personalised statement of contributions and accumulations for members
Section 125A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
126: Restrictions on transactions for scheme with fewer than 20 members
1: This section applies to a KiwiSaver scheme if the scheme has fewer than 20 members, treating all interests in the scheme held by persons associated under subpart YB
2: The provider must not lend money or provide financial assistance to—
a: a member:
b: a person associated (under subpart YB 2006 No 40 s 117A as at October 2011 Section 126 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
127: Member’s interest in KiwiSaver scheme not assignable
1: Except as expressly provided in this Act, a member’s interest or any future benefits that will or may become payable to a member under the KiwiSaver scheme must not be assigned or charged or passed to any other person whether by way of security, operation of law, or any other means.
2: Subsection section 31
3: Subsection (1) also does not prevent an amount up to the value of the member’s accumulation from being released to the Official Assignee of New Zealand on behalf of the Crown if that release is required because of a civil forfeiture order within the meaning of section 5(1) 2006 No 40 s 196 as at October 2011 Section 127 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Section 127(2) amended 1 April 2023 section 46(1) Criminal Proceeds (Recovery) Amendment Act 2023 Section 127(3) inserted 1 April 2023 section 46(2) Criminal Proceeds (Recovery) Amendment Act 2023
128: Application of Financial Transactions Reporting Act 1996 to default allocation of members to KiwiSaver schemes
1: This section applies in respect of any allocation of a person ( A A sections 50 to 52
2: For the purposes of section 6 section 2(1)
3: Despite subsection (2),—
a: a provider of a KiwiSaver scheme must make reasonable efforts to verify A’s identity at the time that A becomes a member of a KiwiSaver scheme; and
b: if A makes a voluntary payment into the KiwiSaver scheme, the payment must, for the purposes of section 6
4: In this section, voluntary payment
a: in relation to a member of a KiwiSaver scheme who has become a member of that scheme under section 48 52 subpart 1
b: in relation to a member of a KiwiSaver scheme to whom paragraph (a) does not apply, a payment made by or for the benefit of that person into the KiwiSaver scheme that is in excess of the amount the member is contractually bound to pay into the scheme within a defined period. 2006 No 40 s 204 as at October 2011 Section 128 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
128A: Terms relating to members’ tax credits implied into trust deed
Section 128A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
128B: Terms relating to back-dated validation implied into trust deed
Section 128B repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
128C: Terms relating to lump sum payments by complying superannuation funds
Section 128C repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
128D: Terms relating to compulsory employer contributions implied into trust deed
Section 128D repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
128E: Provisions implied in trust deeds by regulations
Section 128E repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
129: Product disclosure statements must contain responsible investment statement
1: Every product disclosure statement relating to an offer of interests in a KiwiSaver scheme or a complying superannuation fund must contain a statement in the following form if it is a scheme that takes responsible investment, including environmental, social, and governance considerations, into account in the investment policies and procedures of the scheme: Responsible investment, including environmental, social, and governance considerations, is taken into account in the investment policies and procedures of the scheme as at the date of this product disclosure statement. You can obtain an explanation of the extent to which responsible investment is taken into account in those policies and procedures at the issuer's Internet site at [ specify Internet site address
2: Every product disclosure statement relating to an offer of interests in a KiwiSaver scheme or a complying superannuation fund must contain a statement in the following form if it is a scheme that does not take responsible investment, including environmental, social, and governance considerations, into account in the investment policies and procedures of the scheme: Responsible investment, including environmental, social, and governance considerations, is not taken into account in the investment policies and procedures of the scheme as at the date of this product disclosure statement.
3: A failure to comply with this section must be treated as if it were a failure to comply with the requirements of regulations made under the Financial Markets Conduct Act 2013 2006 No 40 s 205A as at October 2011 Section 129 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
129A: Implied provision as to alterations to scheme
Section 129A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
129B: Implied provision as to reversion of scheme assets to employer
Section 129B repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Interface with securities law Heading inserted 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
130: Application of Financial Markets Conduct Act 2013
1: An employer does not contravene the Financial Markets Conduct Act 2013
a: complies with the person’s responsibilities as an employer under this Act; or
b: chooses a KiwiSaver scheme as the employer’s chosen KiwiSaver scheme under section 47
2: No act or omission by the Crown, or any officer or employee of the Crown, that occurs during the performance or exercise, or intended performance or exercise, of any functions, duties, or powers in respect of KiwiSaver schemes and complying superannuation funds, gives rise to any civil or criminal liability of the Crown or those officers or employees under the Financial Markets Conduct Act 2013 2006 No 40 s 209 as at October 2011 Section 130 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
131: Certain sections of Financial Markets Conduct Act 2013 modified in relation to KiwiSaver scheme
1: The manager of a KiwiSaver scheme must provide the Commissioner with notice of—
a: any member—
i: who has given notice under section 35(2) or 54(2)
ii: to whom money would have had to have been repaid under section 80(1)﻿(a) or 85(3)﻿(a)
iii: who has not confirmed that he or she still wants to acquire the financial products under section 80(2) or 85(4)
b: if all or part of the consideration for the issue of financial products to that member was the transfer of the member’s accumulation from another KiwiSaver scheme, the name of that scheme from which the member’s accumulation was transferred; and
c: the name, address, and tax file number of the member.
2: If a member is notified to the Commissioner under subsection (1),—
a: the following do not apply:
i: any right of the member under the Financial Markets Conduct Act 2013 to withdraw from holding the financial product and to have the relevant money repaid; and
ii: any duty of the issuer or any other person to repay any contribution under section 36, 55, 80, or 85
b: instead, the following both apply:
i: a process for the person to be allocated to a new scheme ( see 52
ii: a process for the person to be transferred to a new scheme ( see 2006 No 40 s 210 as at October 2011 Section 131 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
2: Default KiwiSaver schemes
Subpart 2 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
132: Appointment of default providers
1: The Minister may appoint 1 or more managers for a specified term to provide—
a: a default KiwiSaver scheme that is specified in the instrument of appointment; and
b: a default investment product of that default KiwiSaver scheme that is specified in the instrument of appointment.
2: The appointment may be made subject to such terms and conditions as the Minister considers fit.
3: The instrument of appointment must—
a: identify the default KiwiSaver scheme and the default investment product of the scheme:
b: state any terms and conditions of the appointment:
c: state any prescribed information.
4: In determining whether to appoint a manager as a default KiwiSaver provider under this section, the Minister must seek the advice of the FMA.
5: A restricted scheme is not eligible to be a default KiwiSaver scheme. 2006 No 40 s 177 as at October 2011 Section 132 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
133: Provisions of instrument of appointment to prevail over provisions of trust deed
1: The manager and the supervisor must take all reasonable steps to ensure that the trust deed of a default KiwiSaver scheme is consistent with the instrument of appointment.
2: The provisions of the instrument of appointment prevail over the terms of the trust deed establishing the KiwiSaver scheme that relate to the KiwiSaver scheme.
3: A product disclosure statement relating to an offer of interests in a KiwiSaver scheme to which an instrument of appointment under section 132 2006 No 40 s 178 as at October 2011 Section 133 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
134: Effect of appointment under section 132
If a person is appointed as a provider of a default KiwiSaver scheme under an instrument of appointment under section 132
a: the default KiwiSaver scheme must be shown as a default KiwiSaver scheme on the register of managed investment schemes; and
b: the Commissioner may nominate the default investment product of the scheme as a default investment product to which persons may be allocated for the purposes of sections 50 to 52 2006 No 40 s 179 as at October 2011 Section 134 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
135: Appointment must be notified
1: The Minister must, as soon as practicable after an appointment under section 132
2: This section also applies to any variation, renewal, or revocation of the instrument of appointment. 2006 No 40 s 180 as at October 2011 Section 135 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
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
1: This section applies if the High Court is satisfied that the manager of a default KiwiSaver scheme appointed under section 132
a: a breach of the terms and conditions of the instrument of appointment referred to in section 132
b: a breach of regulations made under section 230
2: Sections 480 481
3: Without limiting those sections, the High Court may make any orders on any terms and conditions that it thinks appropriate, including—
a: an order to restrain the manager or the supervisor of the scheme, or both, from engaging in conduct that constitutes, or would constitute, the breach:
b: an order to require the manager or the supervisor of the scheme, or both,—
i: to do a particular act or thing:
ii: to comply with the conditions of the instrument of appointment:
c: an interim order. 2006 No 40 s 183 as at October 2011 Section 136 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
137: Revocations, etc, of instruments of appointment
1: An instrument of appointment may provide for its renewal or variation or expiry or revocation by the Minister or the provider.
2: Despite any matter provided for in an instrument of appointment as to its expiry or revocation, the Minister may, by notice in writing to a provider, revoke an instrument of appointment if—
a: the FMA directs that a scheme's registration as a KiwiSaver scheme be removed under section 134
b: the FMA directs that a scheme's registration as a managed investment scheme be cancelled under section 195
c: an order or resolution to wind up the scheme is made as referred to in section 212
d: the Minister is satisfied that—
i: the provider is not operating in accordance with the terms and conditions of the instrument of appointment; and
ii: the failure to operate in accordance with the terms and conditions of the instrument of appointment is a significant breach as prescribed in regulations made under section 230
3: The appointment of the provider under section 132
4: The Minister must notify the FMA, the Commissioner, and the Registrar of Financial Service Providers (for the purpose of updating the register of managed investment schemes) as soon as practicable after an instrument of appointment is revoked. 2006 No 40 s 184 as at October 2011 Section 137 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
138: Duration of obligations as default provider after terminating event
1: In this section,— reporting obligations
a: any requirement for the provider to report to persons specified in an instrument of appointment; and
b: any requirement for the provider to produce to any persons specified in an instrument of appointment any papers, documents, records, or things in respect of the scheme (and the power of any person to require production of those papers, documents, records, or things) terminating event
a: the revocation of an instrument of appointment by the provider or the Minister under the terms and conditions of the instrument of appointment; or
b: the revocation of an instrument of appointment in accordance with section 137(2)
c: the expiry of the term of appointment (as specified in the instrument of appointment and in accordance with any renewal of the term of appointment).
2: Despite any terminating event,—
a: any terms and conditions of the instrument of appointment that relate to a provider’s reporting obligations in respect of the provider’s scheme continue to apply until the date when the term of appointment would have expired but for the terminating event; and
b: regulations made under section 230 2006 No 40 s 185 as at October 2011 Section 138 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
3: Complying superannuation funds
Subpart 3 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
139: Outline of subpart
1: This subpart contains rules relating to complying superannuation funds (which are schemes that were approved for the purposes of the Income Tax Act 2007 section 35
a: the rules that apply to complying superannuation funds:
b: the rules relating to revocation of approval of complying superannuation funds.
2: These rules are in addition to rules elsewhere in this Act that apply to complying superannuation funds (for example, in relation to implied terms and unreasonable fees). Section 139 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
140: Failure to pay: provider notice
1: This section applies if the provider of a complying superannuation fund knows that an employer has failed to pay to the provider an amount of compulsory employer contribution in accordance with subpart 3A
2: The provider must, as soon as practicable, give a notice to the employer requesting the payment of the amount of compulsory employer contribution. The provider must send to the FMA a copy of the notice.
3: If the employer does not pay the amount of compulsory employer contribution to the provider within 1 month of this section first applying for the amount, and the total of the amounts of compulsory employer contributions unpaid is more than $500, then the provider must immediately give a notice to the FMA.
4: A notice under subsection (3)
a: the name of the employer; and
b: the amounts of compulsory employer contributions unpaid; and
c: the employer’s name, address, and tax file number (if known); and
d: the relevant employees to whom the failure to pay relates and their tax file numbers and addresses; and
e: the pay periods and relevant amounts for the employees to whom the failure to pay relates; and
f: other information required by the FMA.
5: If the employer pays an amount of compulsory employer contribution remedying a failure to pay that was notified to the FMA under subsection (3) 2006 No 40 s 101H as at October 2011 Section 140 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
141: Failure to pay: FMA's duties
1: If the FMA receives a notice under section 140(3)
2: The FMA may use any power (with necessary modifications for complying superannuation funds) that the FMA has in respect of KiwiSaver schemes in the performance of the duty to decide imposed by subsection (1).
3: As soon as practicable, the FMA must give a notice to the employer showing the information described in subsection (4).
4: A notice under subsection (3) must—
a: require the payment of the amount (the liable amount
b: specify the relevant calendar months and related amounts; and
c: specify that the employer must pay the liable amount within 28 days after the notice is given; and
d: specify the employer's name, address, and tax file number (if known); and
e: specify the relevant employees to whom the failure to pay relates and their tax file numbers and addresses; and
f: specify the pay periods and relevant amounts for the employees to whom the failure to pay relates; and
g: inform the employer that failure to comply with the notice will result in the Commissioner receiving notice of the failure to comply; and
h: show other information required by the Commissioner.
5: If the employer does not pay the liable amount in the period specified in subsection (4)﻿(c) and the employer has not appealed against the FMA's decision under subsection (1) within the time allowed under section 156
a: give to the Commissioner a notice showing the information described in subsection (6); and
b: send to the provider a copy of the notice.
6: A notice under subsection (5) must—
a: state that the employer has failed to comply with notices under section 140(2)
b: show the information described in subsection (4); and
c: specify the extent to which an amount of compulsory employer contributions remains unpaid for the liable amount; and
d: specify the relevant employees to whom the unpaid amounts relate and their tax file numbers and addresses; and
e: specify the pay periods and relevant amounts for the employees to whom the unpaid amounts relate. 2006 No 40 s 101I as at October 2011 Section 141 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
142: Failure to pay: Commissioner
1: If the Commissioner receives a notice under section 141(5)
2: The Commissioner must send the employer a notice of the amount due and payable, and the due date, specified in subsection (1). 2006 No 40 s 101J as at October 2011 Section 142 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
143: Recovered amounts
An amount of compulsory employer contribution for an employee's complying superannuation fund that is received by the FMA or the Commissioner by virtue of subpart 3A 2006 No 40 s 101K as at October 2011 Section 143 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
144: Reduction of scheme insurance upon transfer out of complying superannuation fund
1: This section applies to a complying superannuation fund ( scheme A
a: scheme A provides or facilitates the provision of insurance (the scheme insurance person
b: the benefit of the scheme insurance is calculated by reference to contributions for the person held by a complying superannuation fund (the contributions
c: an amount of contributions is transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A).
2: A term is implied into the trust deed of scheme A. That term must have the effect of allowing the benefit of the person's scheme insurance to be reduced in proportion to the amount of contributions transferred out of the complying superannuation fund to a complying superannuation fund or KiwiSaver scheme (other than scheme A). 1989 No 10 s 9D Section 144 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
145: Revocation of approval of complying superannuation funds
1: The FMA may revoke the approval of a scheme as a complying superannuation fund if—
a: the FMA is satisfied that the scheme no longer meets the requirements in subsection (2); or
b: the manager of the scheme makes an application for revocation.
2: The requirements are that—
a: the complying superannuation fund section of the scheme and any relevant participation agreement must contain rules that subject the following to complying fund rules (as defined in section YA 1
i: relevant contributions:
ii: returns on relevant contributions:
iii: relevant benefits; and
b: the scheme must have at least 20 members, treating all interests in the scheme or account held by associated persons within the meaning of section YA 1
c: the fund must have rules that meet all the requirements set out in Schedule 28
3: The FMA must not exercise a power under subsection (1)﻿(a), or refuse an application for a revocation made by a manager of a scheme, unless—
a: the FMA gives the manager of the scheme no less than 10 working days' written notice of the following matters before it exercises the power:
i: that the FMA may exercise the power or refuse the application (as the case may be); and
ii: the reasons why it may do so; and
b: the FMA gives the manager or the manager's representative an opportunity to make written submissions on the matter within that notice period.
4: The FMA must, as soon as practicable after revoking the approval, give notice to—
a: the manager of the scheme; and
b: the Registrar of Financial Service Providers, for the purpose of updating the register of managed investment schemes; and
c: any person who originally applied for approval under section 34
d: the Commissioner.
5: The manager of a scheme who is notified that approval is revoked must immediately—
a: give notice of that revocation to each member who may be affected, and to their employers; and
b: give notice to the Commissioner of each member who may be affected, and of their employers.
6: Each of those notices must specify an effective revocation date. 1989 No 10 ss 35 36 Section 145 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
4: Exempt employers
Subpart 4 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
146: Effect of being exempt employer and outline of subpart
1: A person who starts new employment with an exempt employer is exempt from the automatic enrolment rules.
2: For the avoidance of doubt, subsection (1)—
a: does not prevent an employee of an exempt employer from opting in under subpart 1
b: does not prevent a person who is already a member of a KiwiSaver scheme from becoming liable for automatic deduction of contributions from the salary or wages paid in respect of employment with an exempt employer under section 15(1)﻿(a)﻿(ii) 36(1)﻿(a)﻿(ii)
3: This subpart contains rules relating to exempt employers (as approved under section 30 Financial Markets Conduct Act 2013
a: the rules that apply to exempt employers:
b: the rules relating to revocation of approval of exempt employers.
4: These rules are in addition to rules elsewhere in this Act that apply to exempt employers. 2006 No 40 s 24 as at October 2011 Section 146 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
147: Eligibility to continue to be exempt employer
1: An employer is eligible to continue to be an exempt employer if the FMA is satisfied that the employer provides access to a superannuation scheme or workplace savings scheme for its employees that complies with the following rules:
a: every person who becomes a permanent employee (including a part-time employee) of that employer, and who is aged 18 or over but less than the New Zealand superannuation qualification age, must be eligible, in practice, at the time when the person so becomes an employee,—
i: to become a member of the scheme; and
ii: to transfer to the scheme the member’s accumulation in relation to other superannuation schemes or workplace savings schemes (to the extent that transfers are available from those other schemes); and
b: the trust deed of the scheme must have the effect that each member who satisfies the scheme’s requirements for a withdrawal benefit, and who elects to withdraw from membership of the scheme, may transfer the member’s accumulation to another superannuation scheme, workplace savings scheme, or KiwiSaver scheme (to the extent that transfers are available to those other schemes); and
c: the trust deed of the scheme must provide for an amount equal to at least 4% of annual gross base salary or wages to be contributed to, or otherwise credited within, the scheme in respect of each person who becomes a permanent employee of that employer and a member of the scheme.
2: However, subsection (1)﻿(c) does not apply—
a: to the extent that an employee is, in accordance with the terms of the scheme, temporarily relieved from contributions at that rate (for example, in the event of financial hardship); or
b: if the scheme is a defined benefit scheme of a type that does not satisfy the 4% minimum amount rule in subsection (1)﻿(c), and if the actuary of the scheme certifies, to the satisfaction of the FMA, that the value of each employee’s accrued benefits to be provided by the scheme is, as a matter of fact, increasing, during each membership period, by an amount at least equivalent to such minimum amount that would otherwise be required by this section and section 148
3: In this section,— defined benefit scheme section 6(1) permanent employees
a: who are not employed in temporary employment (as described in section 12
b: to whom the automatic enrolment rules would apply, but for the application of this section. 2006 No 40 s 25 as at October 2011 Section 147 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
148: How 4% minimum amount may be calculated for exempt employer defined contribution schemes
1: For the purposes of section 147(1)﻿(c)
a: the minimum amount required by section 147(1)﻿(c)
i: entirely of contributions by the employee; or
ii: entirely of contributions by an employer; or
iii: partially of contributions by the employee and partially of contributions by an employer; and
b: the minimum amount required by section 147(1)﻿(c)
i: the minimum prescribed amount that the employee must contribute:
ii: the maximum prescribed amount that the employer would be required to contribute if the member were to contribute the maximum prescribed amount:
c: any amount contributed to the scheme by an employer in respect of an employee does not count towards the minimum amount required by section 147(1)﻿(c)
i: the employee is legally entitled to require the employer to contribute that amount on his or her behalf; and
ii: the trust deed of the scheme provides for the minimum amount required by section 147(1)﻿(c)
d: any amount contributed to the scheme by an employer in respect of an employee must be calculated, for the purposes of the minimum amount required by section 147(1)﻿(c)
2: Subsection (1)﻿(b) does not limit subsection (1)﻿(c) or (d). Example
Company A provides access to a superannuation scheme for its employees. The trust deed provides that employees, if they decide to become members, must contribute at either 1% or 3% of annual gross base salary. The employer is obliged to match the employee’s contributions (eg, if employee contributes 1%, the company must contribute 1%). The scheme complies with the rule as to the 4% minimum contribution as follows: The following table is small in size and contains 2 columns without headings. Minimum amount employee member must contribute 1% Maximum amount that employer must contribute in respect of employee member 3% 4% 2006 No 40 s 26 as at October 2011 Section 148 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
149: Exempt employers who provide access to more than 1 scheme
An employer who provides access to more than 1 superannuation scheme or workplace savings scheme for its employees is eligible to continue to be an exempt employer if the FMA is satisfied that, if all of those schemes were considered as a whole (as if they were 1 scheme), the rules in section 147 2006 No 40 s 27 as at October 2011 Section 149 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
150: Exempt employers who have schemes established under master trusts
An employer who provides access to a superannuation scheme or workplace savings scheme for its employees that is established under a master trust is eligible to continue to be an exempt employer if the FMA is satisfied that the rules in section 147
a: the master trust in so far as it relates to the employer’s scheme; and
b: the participation agreement executed by the employer in relation to the membership of the employer’s employees in the scheme; and
c: anything else that the FMA decides is relevant to evidencing compliance with the rules in section 147 2006 No 40 s 28 as at October 2011 Section 150 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
151: Employers may apply to succeed to former employer's exempt employer status
1: A person may make an application to the FMA for approval to succeed to an exempt employer's exempt employer status if the person is a succeeding employer for that exempt employer.
2: The application must be accompanied by—
a: information that satisfies the FMA that the rules in section 147 section 149 150
b: the names, addresses, and tax file numbers of each employer in respect of whom the application is made; and
c: if the application is made in respect of an employer that is part of a group of companies, any details of the names, addresses, tax file numbers, and payroll arrangements of any other members of the group that the FMA may request.
3: In this section, succeeding employer 2006 No 40 s 29 as at October 2011 Section 151 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
152: How applications to succeed to former employer's exempt employer status must be dealt with
1: The FMA must, within 20 working days after receiving an application made under section 151(1)
a: consider whether the FMA is satisfied that each employer in respect of whom the application is made complies with the rules in section 147 section 149 150
b: if so satisfied, approve the employer as an exempt employer and register the employer on the register of exempt employers kept under section 155
2: The FMA must—
a: give notice to the employer as soon as practicable after approving, or declining to approve, the employer as an exempt employer; and
b: specify in that notice an effective date after which an employee who starts new employment with the employer will be exempt from the automatic enrolment rules (unless those rules do not otherwise apply). 2006 No 40 s 30 as at October 2011 Section 152 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
153: Revocation of exempt employer approval
1: The FMA may revoke an approval as an exempt employer given under this Act if—
a: the FMA is satisfied that the employer is no longer eligible to be an exempt employer because the employer no longer provides access to a scheme for its employees that complies with the rules in section 147 section 149 150
b: the employer makes an application for revocation.
2: The FMA must not exercise a power under subsection (1)﻿(a), or refuse an application for a revocation made by an employer, unless—
a: the FMA gives the employer no less than 10 working days' written notice of the following matters before it exercises the power:
i: that the FMA may exercise the power or refuse the application (as the case may be); and
ii: the reasons why it may do so; and
b: the FMA gives the employer or the employer's representative an opportunity to make written submissions on the matter within that notice period.
3: The FMA must—
a: give notice to the employer as soon as practicable after revoking the approval; and
b: specify in that notice an effective revocation date after which an employee who starts new employment with the employer will be subject to the automatic enrolment rules (unless those rules do not otherwise apply); and
c: ensure that the employer is removed from the register of exempt employers kept under section 155 2006 No 40 s 31 as at October 2011 Section 153 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
154: FMA must give notice to Commissioner of exempt employers
The FMA must give notice to the Commissioner as soon as practicable after an employer is approved under section 152 section 153 2006 No 40 s 32 as at October 2011 Section 154 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
155: Register of exempt employers
1: The FMA must ensure that a register is kept by the FMA or under subsection (2) that contains the names of employers who are exempt employers.
2: That register may be part of the register of managed investment schemes, in which case the Financial Markets Conduct Act 2013 Section 155 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
5: Miscellaneous
Subpart 5 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
156: Right of appeal against certain decisions of FMA
1: A person affected by a decision of the FMA under any of the following provisions may appeal against the decision to the High Court:
a: section 141
b: section 145
c: section 152
d: section 153
2: A decision against which an appeal is lodged under this section continues in force unless the High Court orders otherwise. 2006 No 40 s 186 as at October 2011 Section 156 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
157: Sharing of information and documents with Commissioner for purpose of administering KiwiSaver schemes
1: The FMA may provide to the Commissioner any information, or a copy of any document, that the FMA—
a: holds in relation to the performance or exercise of the FMA’s functions, powers, or duties under this Act or in connection with 1 or more KiwiSaver schemes or complying superannuation funds under this Act or any other enactment; and
b: considers may assist the Commissioner in the performance or exercise of the Commissioner's functions, powers, or duties under this Act or in connection with 1 or more KiwiSaver schemes or complying superannuation funds under this Act or any other enactment.
2: The FMA may use any information, or a copy of any document, provided to it by the Commissioner under any enactment in the FMA’s performance or exercise of its functions, powers, or duties under this Act or in connection with 1 or more KiwiSaver schemes or complying superannuation funds under this Act or any other enactment.
3: This section applies despite anything to the contrary in any contract, deed, or document. 2006 No 40 s 188 as at October 2011 Section 157 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
158: Conditions that may be imposed on providing information, documents, or evidence to Commissioner
1: The FMA may impose any conditions in relation to providing information or documents to the Commissioner (whether in compliance with a request or otherwise).
2: The FMA must, in considering what conditions to impose, have regard to whether conditions are necessary or desirable in order to protect the privacy of any individual.
3: Those conditions may include, without limitation, conditions relating to—
a: maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 2020
b: the storing of, use of, or access to anything provided:
c: the copying, returning, or disposing of copies of documents provided. 2006 No 40 s 189 as at October 2011 Section 158 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Section 158(3)﻿(a) amended 1 December 2020 section 217 Privacy Act 2020
159: Annual report by FMA
1: The FMA must, within 3 months after the end of every financial year, report to the Minister on the principal matters transacted under this Act during that year.
2: Every report must be presented to the House of Representatives by the Minister as soon as practicable after it has been received by that Minister. 1989 No 10 s 28 Section 159 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
160: Offence to supply false or misleading information, etc
1: Every person commits an offence, and is liable on conviction to a fine not exceeding the amount set out in subsection (3), who makes any statement or supplies any paper, document, record, report, copy, thing, or certificate required by this Act knowing that it is false or misleading.
2: If a body corporate commits an offence under this section, every officer of the body corporate who knowingly authorises or permits the offence also commits the offence.
3: A person who is convicted of an offence under this section is liable to a fine not exceeding $300,000. 2006 No 40 ss 198(1)﻿(f), 199 as at October 2011 Section 160 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
161: No Crown guarantee of KiwiSaver schemes or products
1: There is no Crown guarantee in respect of any KiwiSaver scheme or investment product of a KiwiSaver scheme.
2: Every product disclosure statement relating to an offer of interests in a KiwiSaver scheme must contain a statement to that effect. 2006 No 40 s 205 as at October 2011 Section 161 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
162: Factual description of, or transmission of information about, KiwiSaver scheme not financial
advice For the avoidance of doubt, the Crown or any other person does not provide a financial advice service for the purposes of the Financial Markets Conduct Act 2013
a: supplies an information pack as required or authorised by this Act; or
b: gives a factual description to another person of the features of a KiwiSaver scheme or of KiwiSaver schemes (for example, information about admission as a member or termination of membership); or
c: gives information of the type referred to in paragraph (b) in the course of promoting the benefits of retirement savings in general; or
d: acts only as an intermediary who transmits information about a KiwiSaver scheme; or
e: otherwise exercises or carries out a function, duty, or power under this Act. 2006 No 40 s 206 as at October 2011 Section 162 replaced 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013 Section 162 heading amended 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019 Section 162 amended 15 March 2021 section 98 Financial Services Legislation Amendment Act 2019
163: Amendments to register
Section 163 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
164: Duty to notify changes to
FMA Section 164 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
165: Form of notice under section 164
Section 165 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
166: This subpart overrides provisions to contrary in trust deed
Section 166 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
167: Meaning of winding up in relation to KiwiSaver scheme established under umbrella trust
Section 167 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
168: Cancellation of registration and order to wind up KiwiSaver scheme
Section 168 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
168A: Scheme may cease to be restricted scheme
Section 168A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
169: Powers of
FMA Section 169 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
170: FMA Section 170 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
171: Implied terms continue to be implied on cancellation of registration
Section 171 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
172: Receiver or liquidator to designate or appoint independent trustee if required
Section 172 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
173: Initial steps in winding up of KiwiSaver scheme
Section 173 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
174: Winding up report
Section 174 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
174A: Registration deemed to be cancelled when assets distributed
Section 174A repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
175: Time for doing certain things may be extended
Section 175 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
176: Member’s right to information
Section 176 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
6: Default KiwiSaver schemes
Subpart 6 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
177: Appointment of default providers
Section 177 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
178: Provisions of instrument of appointment to prevail over provisions of trust deed
Section 178 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
179: Effect of appointment under section 177
Section 179 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
180: Appointment must be notified to FMA and Commissioner
Section 180 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
181: Availability of instrument of appointment
Section 181 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
182: Minister not required to appoint maximum number of persons
Section 182 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
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
Section 183 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
184: Revocations, etc, of instruments of appointment
Section 184 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
185: Duration of obligations as default provider after terminating event
Section 185 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
7: Miscellaneous
Subpart 7 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
186: Right of appeal against certain decisions of FMA
Section 186 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
187: Power of Government Actuary to delegate
Section 187 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
188: Sharing of information and documents with Commissioner for purpose of administering KiwiSaver schemes
Section 188 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
189: Conditions that may be imposed on providing information, documents, or evidence to Commissioner
Section 189 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
189B: Duty to give notice to
FMA Section 189B repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
189C: Powers of High Court in relation to unreasonable fees
Section 189C repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
190: Secrecy
Section 190 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
191: Duty of certain persons to disclose information to
FMA Section 191 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
192: Protection of administration managers, investment managers, and auditors
Section 192 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
193: Personal liability
Section 193 repealed 1 May 2011 section 82 Financial Markets Authority Act 2011
194: Annual report by
FMA Section 194 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
195: Unclaimed money held by trustees of KiwiSaver scheme
Section 195 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
196: Member’s interest in KiwiSaver scheme not assignable
Section 196 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
197: Offence to fail to provide information under this Part
Section 197 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
198: Other offences under this Part
Section 198 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
199: Criminal penalties for offences under this Part
Section 199 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
200: FMA Section 200 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
201: Trustees not in breach of obligations, etc
Section 201 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
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
Section 202 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
203: General application of Financial Transactions Reporting Act 1996
Section 203 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
204: Application of Financial Transactions Reporting Act 1996 to default allocation of members to KiwiSaver schemes
Section 204 repealed 1 December 2014 section 92 Financial Markets (Repeals and Amendments) Act 2013
5: General provisions
205: No Crown guarantee of KiwiSaver schemes or products
Section 205 repealed 1 December 2014 section 93 Financial Markets (Repeals and Amendments) Act 2013
205A: Investment statements must contain responsible investment statement
Section 205A repealed 1 December 2014 section 93 Financial Markets (Repeals and Amendments) Act 2013
206: Factual description of, or transmission of information about, KiwiSaver scheme not
financial adviser service Section 206 repealed 1 December 2014 section 93 Financial Markets (Repeals and Amendments) Act 2013
207: Unique identifiers
1: In this section, specified functions, duties, or powers
a: a provider is required to exercise or carry out for the purposes of this Act; or
b: are reasonably necessary for the effective administration of the overall KiwiSaver scheme.
2: Despite information privacy principle 13(2) or (5) section 22
a: require an individual to disclose any unique identifier that has been assigned to that person by the Commissioner for the purposes of carrying out specified functions, duties, or powers; and
b: assign to a proposed member, or member, of the KiwiSaver scheme any unique identifier assigned to that person by the Commissioner.
3: This section does not authorise a provider of a KiwiSaver scheme to use a unique identifier assigned by the Commissioner, except for the purpose of carrying out the specified functions, duties, or powers. Section 207(2) amended 1 December 2020 section 217 Privacy Act 2020
208: Information held by Commissioner in respect of person who has opted out or who should not have been allocated to overall KiwiSaver scheme
1: This section applies—
a: if an employee has given an opt-out notice to the Commissioner or to an employer under section 17
b: a person is allocated to a KiwiSaver scheme in circumstances in which this Act does not require the person to be allocated to a KiwiSaver scheme and the person does not opt into any KiwiSaver scheme or choose to remain in the KiwiSaver scheme to which the person is allocated.
2: For the purposes of subsection (1)﻿(a), the relevant date
a: in a case in which the opt-out notice is given to the Commissioner and it does not result in a requirement under this Act for contributions that are in the possession of the Commissioner to be repaid, the date the opt-out notice is accepted by the Commissioner; or
b: in a case in which the opt-out notice is received by an employer and it does not result in a requirement under this Act for contributions that are in the possession of the Commissioner to be repaid, the date the Commissioner receives a copy of the notice from the employer under section 17(5)
c: in a case in which the opt-out notice results in a requirement under this Act for contributions that are in the possession of the Commissioner to be repaid, the date of the final refund of those contributions.
3: The Commissioner must not use personal information collected in respect of a person to whom subsection (1) applies for purposes other than the administration of the KiwiSaver scheme if the personal information—
a: was provided to the Commissioner in respect of a member as required by this Act or for the purposes of this Act; and
b: has not been used by the Commissioner for purposes related to any of the other Inland Revenue Acts. Interface with securities law Heading repealed 1 December 2014 section 94 Financial Markets (Repeals and Amendments) Act 2013
209: Application of Securities Act 1978
Section 209 repealed 1 December 2014 section 94 Financial Markets (Repeals and Amendments) Act 2013
210: Certain sections of Securities Act 1978 modified in relation to KiwiSaver scheme
Section 210 repealed 1 December 2014 section 94 Financial Markets (Repeals and Amendments) Act 2013
211: Duty of Commissioner under section 50 modified in certain cases in which
section 131
1: This section applies if—
a: the Commissioner receives a notice under section 131(1)
b: the notice states the name of that scheme from which the member’s accumulation member’s previous KiwiSaver scheme
2: If this section applies, the Commissioner must apply section 50 member’s accumulation
3: Subsection (2) does not apply if, in the opinion of the Commissioner, the application of section 50 Section 211 heading amended 1 December 2014 section 95(1) Financial Markets (Repeals and Amendments) Act 2013 Section 211(1)﻿(a) amended 1 December 2014 section 95(2) Financial Markets (Repeals and Amendments) Act 2013 Section 211(1)﻿(b) amended 19 December 2007 section 90(1) Taxation (KiwiSaver) Act 2007 Section 211(2) amended 19 December 2007 section 90(2) Taxation (KiwiSaver) Act 2007 Disputes under Parts 2 and 3
212: Persons may request reconsideration of certain decisions of Commissioner
1: This section applies to any matter that under Parts 2 3
2: A person affected by the Commissioner’s decision on the matter has 20 working days from the date on which notice of the decision was given to the person (or any longer period allowed by the Commissioner) to—
a: request the Commissioner to reconsider the decision; and
b: give the Commissioner any information in support of that request.
3: The Commissioner may require a person to make that request by notice.
4: On receiving a request, the Commissioner may—
a: accept the person’s request; or
b: seek further information from the person; or
c: decline the person’s request; or
d: accept or decline the person’s request in part and decline or accept the other part.
213: Reconsideration of other decisions
Part 8A Penalties
214: Application of
section 215
1: Section 215 Tax Administration Act 1994 Part 2 3
2: Section 214 heading amended 1 April 2009 section 91(1) Taxation (KiwiSaver) Act 2007 Section 214(1) amended 1 April 2009 section 91(2)﻿(a) Taxation (KiwiSaver) Act 2007 Section 214(1) amended 1 April 2009 section 91(2)﻿(b) Taxation (KiwiSaver) Act 2007 Section 214(2) repealed 1 April 2009 section 91(3) Taxation (KiwiSaver) Act 2007
215: Penalty for employer to fail to provide information
1: Every employer is liable for the penalty in subsection (2) who fails to give information as required by Part 2 3
2: The penalty is—
a: nil if the Commissioner has not given notice to the employer, within the preceding 12 months, that—
i: a penalty may be imposed on the employer if the employer does not provide information as required by Part 2 3
ii: the employer has been liable under subsection (1) in the preceding 12 months; and
b: in any other case,—
i: $50 if the employer is a small employer; and
ii: $250 if the employer is not a small employer.
3: However, an employer is not liable for more than 1 penalty per month
4: In this section small employer
a: if the person was an employer in the preceding tax year in respect of whom gross tax deductions or withholdings payable and ESCT payable
b: if the person was not an employer in the preceding year, until the time when gross tax deductions payable and ESCT
5: The penalty is due and payable on the day on which the next tax deduction required to be made by the employer under the PAYE rules is due to be paid to the Commissioner after the end of the PAYE period in which the failure occurred. Section 215(2)﻿(a) substituted 19 December 2007 section 92(1) Taxation (KiwiSaver) Act 2007 Section 215(3) amended 19 December 2007 section 92(2) Taxation (KiwiSaver) Act 2007 Section 215(4) amended 1 April 2009 section 92(3) Taxation (KiwiSaver) Act 2007 Section 215(4)﻿(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007 Section 215(4)﻿(b) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
216: Penalty for employer to fail
or incorrectly make deductions, or to short pay compulsory employer contributions Section 216 repealed 1 April 2009 section 94 Taxation (KiwiSaver) Act 2007 Giving of notices
217: Giving of notices by and to Commissioner
Sections 14 to 14G Section 217 replaced 2 June 2016 section 217 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016
218: Giving of notices to other persons
1: This section applies when this Act requires a person to give a notice to a person other than the Commissioner.
2: The person must give the notice in writing.
3: The person may use the methods set out in subsections (4) to (7) to give the notice, subject to any conditions described in those subsections.
4: The person may give the notice by personal delivery to an addressee who is not a corporate body.
5: The person may give the notice by personal delivery to an addressee that is a corporate body, if the personal delivery is made to the addressee’s office during working hours.
6: The person may give the notice by an electronic means of communication to the addressee, if the person complies with Part 4
7: The person may give the notice by posting it—
a: to the street address of the addressee’s usual or last known place of residence; or
b: to the street address of any of the addressee’s usual or last known places of business; or
c: to any other address, if the addressee has notified the person that he or she accepts notices at the address.
8: A notice given by post is treated as having been given at the time it would have been delivered in the ordinary course of post. 1994 No 166 s 14C Section 218(6) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017
219: Consent to electronic transactions
1: A person who gives his or her electronic address to any other person under this Act is treated as having consented to use, provide, or accept information in an electronic form for all of the purposes of this Act and Part 4
2: This section does not apply to the Commissioner of Inland Revenue or any employee or officer of the Inland Revenue Department. 2002 No 35 s 16 Section 219(1) amended 1 September 2017 section 347 Contract and Commercial Law Act 2017 Section 219(2) added 19 December 2007 section 95 Taxation (KiwiSaver) Act 2007
220: Special rules about giving of product disclosure statements
Sections 217 to 219 Financial Markets Conduct Act 2013 Section 220 replaced 1 December 2014 section 96 Financial Markets (Repeals and Amendments) Act 2013
220B: Information sharing
1: The Commissioner and a provider may, for the purposes of administering this Act or a scheme, communicate to each other by electronic means—
a: a person’s name, date of birth, and tax file number:
b: a person’s contact information including their address and phone number:
c: information relating to a person’s transfer from a KiwiSaver scheme or complying superannuation fund (an old scheme new scheme
i: the information mentioned in paragraphs (a) and (b):
ii: the effective date of the transfer:
iii: details of the new scheme or old scheme such as the scheme’s registered name and number, address, and tax file number:
iv: the date on which the person first became a member of a KiwiSaver scheme, if the old scheme is a KiwiSaver scheme:
v: information about claims made under section 68C
2: Nothing in subsection (1) removes an obligation imposed on a provider under this Act to communicate information. Section 220B replaced 2 June 2016 section 218 Taxation (Transformation: First Phase Simplification and Other Measures) Act 2016 Miscellaneous provisions
221: Refunds made by direct credit to bank account
1: A refund by the Commissioner
2: When a person claims the refund
3: However, if the Commissioner is satisfied that the application of subsections (1) and (2) would result in undue hardship to a person, or is not practicable, the refund
4: In this section, bank account Banking (Prudential Supervision) Act 1989 1994 No 166 s 184A Section 221(1) amended 19 December 2007 section 96(1) Taxation (KiwiSaver) Act 2007 Section 221(2) amended 19 December 2007 section 96(2) Taxation (KiwiSaver) Act 2007 Section 221(3) amended 19 December 2007 section 96(3) Taxation (KiwiSaver) Act 2007 Section 221(4) amended 1 July 2022 section 300(1) Reserve Bank of New Zealand Act 2021
221B: Commissioner may make certain assumptions
The Commissioner is entitled, in the absence of information to the contrary, to assume the following:
a: for the purposes of sections 69(1)﻿(b) 73(1)﻿(c) 85(1)﻿(b)
b: for the purposes of section 85(2)﻿(a)
c: for the purposes of sections 73(1)﻿(c) 85(1)﻿(b) 95B(1)﻿(b) Section 221B inserted 1 April 2020 section 46 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
222: Role of Commissioner under this Act
1: The Commissioner has the function of ensuring oversight of those provisions of this Act that are administered in the Inland Revenue Department under section 224
2: Without limitation, this includes the functions and powers of—
a: requiring persons affected by this Act to verify certain matters with the Commissioner as requested by the Commissioner; and
b: requiring persons to give notice to the Commissioner to ensure that this Act is complied with.
223: Use of information by Commissioner obtained under this Act and other Inland Revenue Acts
Despite anything in any other Act, nothing prevents the Commissioner or any officer of the Inland Revenue Department from—
a: using information obtained under this Act for the purposes of carrying into effect any of the Inland Revenue Acts; or
b: using information obtained under any of the Inland Revenue Acts for the purposes of carrying into effect the provisions of this Act.
224: Administration of Act
1: Parts 1 to 3
2: Part 4 Schedule 1
3: This Part is administered in the department of State that, with the authority of the Prime Minister, is responsible for the administration of those provisions, and different departments of State may be authorised to administer different provisions of this Part. Section 224(1) amended 1 December 2014 section 97(1) Financial Markets (Repeals and Amendments) Act 2013 Section 224(2) amended 1 December 2014 section 97(2) Financial Markets (Repeals and Amendments) Act 2013
225: Fee subsidies
Section 225 repealed 1 December 2014 section 98 Financial Markets (Repeals and Amendments) Act 2013
226: Crown
contribution: kick-start contributions
1:
1A: The contribution must be paid as soon as practicable after the date provided by subsection (1B) or (1C).
1B: Unless subsection (1C) applies, the date for the purposes of subsection (1A) is the last day of the 62-day
a: the date under this paragraph is the earlier of—
i: the date, decided by the Commissioner, when the Commissioner receives the first contribution in respect of A, if A is a person to whom subpart 1
ii: the date that the Commissioner is given notice or otherwise knows that A is a member of the KiwiSaver scheme:
b: the date under this paragraph is the date, decided by the Commissioner, when A is first a member or must first become a member as provided by section 15(1)﻿(b) 36(1)﻿(b)
1C: If A has transferred to their first KiwiSaver scheme from a complying superannuation fund, and A was a member of the complying superannuation fund for more than 62 days notice that A has transferred or the day, decided by the Commissioner, that A has transferred
2: The provider must use the contribution allocation for A to credit the contribution
2B: The contribution must vest in A immediately after it is paid to the provider, despite any provision to the contrary.
3:
4: Section 226 heading amended 2 November 2012 section 236 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012 Section 226(1) repealed 27 May 2015 section 5 KiwiSaver Budget Measures Act 2015 Section 226(1A) inserted 19 December 2007 section 98(1) Taxation (KiwiSaver) Act 2007 Section 226(1B) replaced 27 May 2015 section 4(2) KiwiSaver Budget Measures Act 2015 Section 226(1B) amended 1 April 2020 section 47(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 226(1C) inserted 19 December 2007 section 98(2) Taxation (KiwiSaver) Act 2007 Section 226(1C) amended 1 April 2020 section 47(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 226(1C) amended 27 May 2015 section 4(3) KiwiSaver Budget Measures Act 2015 Section 226(2) amended 19 December 2007 section 98(3) Taxation (KiwiSaver) Act 2007 Section 226(2B) inserted 19 December 2007 section 98(4) Taxation (KiwiSaver) Act 2007 Section 226(3) repealed 27 May 2015 section 5 KiwiSaver Budget Measures Act 2015 Section 226(4) repealed 27 May 2015 section 5 KiwiSaver Budget Measures Act 2015
227: Status of Crown contribution
A Crown contribution paid in respect of a member of a KiwiSaver scheme under section 226
a: income for the purposes of the Income Tax Act 2007
b: a gift for the purposes of the Estate and Gift Duties Act 1968 Section 227 heading amended 1 December 2014 section 99(1) Financial Markets (Repeals and Amendments) Act 2013 Section 227 amended 1 December 2014 section 99(2) Financial Markets (Repeals and Amendments) Act 2013 Section 227(a) amended 1 April 2008 section ZA 2(1) Income Tax Act 2007
228: Regulations
1: The Governor-General may, by Order in Council, make regulations for all or any of the following purposes:
a: prescribing fees payable to the Commissioner or the FMA in respect of any matter under this Act or the manner in which fees may be calculated:
b: prescribing the information or matters that must be included in the information packs referred to in Part 2
c: prescribing provisions to be implied in the trust deed of a KiwiSaver scheme ( see
d: providing for operational matters and electronic compatibility between the Commissioner and all or any class of providers, including—
i: requiring the Commissioner and all or any class of providers to sign scheme provider agreements before registration of a scheme as a KiwiSaver scheme; and
ii: providing for the updating of those agreements after registration; and
iii: specifying the matters that may be required to be covered in all or any of those agreements:
e: prescribing requirements in relation to annual returns for the purposes of section 124
f: prescribing what must be treated as reasonable efforts for the purposes of section 128
g: prescribing the maximum number of persons that the Minister may appoint under section 132
h: specifying information that must be contained in the instrument of appointment referred to in section 132
i: providing for fees or charges that must be treated as fees for the purposes of this Act:
j: prescribing matters that are relevant to a determination or consideration as to whether a fee is unreasonable for the purposes of clause 2 section 118
k: prescribing circumstances in which the purchase of an estate in land enables a withdrawal under clause 8
l: prescribing circumstances for the purposes of clause 8(3)﻿(a) and (3B)﻿(a)
m: prescribing matters that may be regarded as matters from which significant financial difficulties have arisen for the purposes of clause 11
mb: prescribing conditions that are regarded as life-shortening congenital conditions for the purposes of clause 12B
n: recognising specific foreign superannuation schemes or classes of specific foreign superannuation schemes that are based in named countries as schemes to which funds can be transferred on permanent emigration under the provision implied by clause 14
o: providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.
1B: For the purposes of subsection (1)﻿(mb), life-shortening congenital condition
2: Regulations may be made under this section for the purpose of a matter dealt with in Part 4
3: A provision prescribed for the purposes of subsection (1)﻿(c) may, without limitation, do any of the following (including to supplement, or to add to, duties and powers prescribed by this Act):
a: specify the duties and powers of the supervisor of the scheme:
b: specify the duties of the manager of the scheme.
4: A provision implied in the trust deed under this section—
a: does not apply to the extent that it is inconsistent with provisions implied in the trust deed by this Act; but
b: applies despite anything to the contrary in the trust deed of the scheme; and
c: is enforceable by the manager, the supervisor, or a member of the scheme, unless the regulations provide otherwise.
5: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 228 replaced 1 December 2014 section 100 Financial Markets (Repeals and Amendments) Act 2013 Section 228(1)﻿(l) replaced 1 April 2015 section 6 Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015 Section 228(1)﻿(mb) inserted 1 April 2020 section 48(1) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 228(1B) inserted 1 April 2020 section 48(2) Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020 Section 228(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
229: Regulations relating to mortgage diversion facility
1: The Governor-General may, by Order in Council made on the recommendation of the Minister of Finance, make regulations providing for mortgage diversion facilities that allow contributions in respect of a person to be withdrawn from the person’s KiwiSaver scheme and complying superannuation funds to pay amounts secured by certain mortgages relating to that person
2: The Minister of Finance may make a recommendation under subsection (1) only if the Minister is satisfied that any mortgage diversion facility provided for in regulations
a: there is no compulsion on providers to provide a mortgage diversion facility:
b: there is no compulsion on mortgagees to allow amounts secured by mortgages to be paid via KiwiSaver and complying superannuation fund
c: the mortgage diversion facility is available in relation to a person at any time after 12 months have expired since the earlier of—
i: the date that the Commissioner received the first contribution in respect of the person; or
ii: the date that the relevant KiwiSaver scheme provider or complying superannuation fund provider received the first contribution in respect of that person’s membership to the relevant scheme or fund:
d: the mortgage diversion is available only in relation to a mortgage over the person’s principal residence (for example, the family home):
e: the mortgage diversion may apply for the remainder of the term of the mortgage after the diversion is made available, but only to the extent to which the mortgage continues to be over the person’s principal residence
f: after the total amount secured by the mortgage is paid, ongoing contributions are not diverted from the person’s KiwiSaver scheme and complying superannuation funds
g: if the person chooses to cease the mortgage diversion facility before the amounts secured by the mortgage are fully paid, the contributions are redirected towards retirement savings:
h: the provider, and not the Commissioner, is responsible for paying the amount diverted under the mortgage diversion facility:
i: the amount diverted from a person’s KiwiSaver scheme and complying superannuation funds
i: half of the total contributions deducted for or contributed by the person, received by their KiwiSaver scheme provider; and
ii: half of the person’s contributions to their complying superannuation funds, but limited to 4% of their annual gross base salary or wages for each complying superannuation fund:
ia: an amount may not be diverted if it was received by the relevant provider before the provider has received from the person a request to divert amounts under the mortgage diversion facility:
j: employer contributions may not be diverted:
jb: an amount that was transferred from an Australian complying superannuation scheme may not be diverted:
k: the facility is available for new mortgages and existing mortgages.
3: The regulations may specify all or any of the terms and conditions that apply to the mortgage diversion facility, including—
a: which types of mortgages qualify for participation in the diversion facility; and
b: what a scheme must do to participate in the mortgage diversion facility (for example, in relation to notification); and
c: how the regulations affect the trust deed (for example, whether all or any of the terms and conditions in the regulations are implied terms of the trust deed); and
d: what happens if the scheme decides to terminate participation in the mortgage diversion facility; and
e: whether payment via the mortgage diversion facility counts as payment by the mortgagor for the purpose of the terms of the mortgage; and
eb: closing the mortgage diversion facility to new participants by specifying a date before which a member of a KiwiSaver scheme or complying superannuation fund must request his or her mortgagee to participate in the facility in respect of the member's mortgage; and
f: any other matters.
4: If a provider chooses to participate in the mortgage diversion facility, any withdrawal made in accordance with those regulations must be treated as if it were a withdrawal that is permitted under the KiwiSaver scheme rules
5: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 229(1) amended 19 December 2007 section 99(1) Taxation (KiwiSaver) Act 2007 Section 229(2) amended 19 December 2007 section 99(2) Taxation (KiwiSaver) Act 2007 Section 229(2)﻿(b) amended 19 December 2007 section 99(3) Taxation (KiwiSaver) Act 2007 Section 229(2)﻿(c)﻿(ii) substituted 19 December 2007 section 99(4) Taxation (KiwiSaver) Act 2007 Section 229(2)﻿(e) amended 19 December 2007 section 99(5) Taxation (KiwiSaver) Act 2007 Section 229(3)﻿(eb) inserted 1 June 2009 section 5 Taxation (Budget Tax Measures) Act 2009 Section 229(2)﻿(f) amended 19 December 2007 section 99(6) Taxation (KiwiSaver) Act 2007 Section 229(2)﻿(i) substituted 19 December 2007 section 99(7) Taxation (KiwiSaver) Act 2007 Section 229(2)﻿(i) amended 6 October 2009 section 732(1) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 229(2)﻿(ia) inserted 6 October 2009 section 732(2) Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 Section 229(2)﻿(jb) inserted 1 July 2013 section 188 Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 Section 229(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
230: Regulations relating to default KiwiSaver providers
1: The Governor-General may, by Order in Council made on the recommendation of the Minister, make regulations for the following purposes:
a: providing for matters that may be treated by the Minister as a significant breach of an instrument of appointment for the purposes of section 137(2)
b: providing for procedures for the purpose of—
i: the Minister notifying a default KiwiSaver provider that the Minister considers the provider is in breach of a term or condition of the instrument of appointment and the possible consequences:
ii: facilitating resolution of any dispute between the Minister and a default KiwiSaver provider about whether the KiwiSaver provider is in breach of the instrument of appointment or the consequences that should apply:
iii: setting out any procedures that will apply before revocation of an instrument of appointment by the Minister under section 137(2)
ba: providing for the following matters in relation to all or any class of default members of a scheme that is subject to a terminating event under section 138
i: requiring those default members to be reallocated and transferred to a default KiwiSaver scheme and providing the method of determining, terms of, and procedures for the reallocation and the transfer (or providing for the Minister to require or determine any of those matters by direction to the scheme provider or providing for another person or method to determine any of those matters):
ii: requiring the reallocation and transfer to be carried out in accordance with that method, those terms, and those procedures:
c: requiring the provider of a scheme that is or was a scheme provided under an instrument of appointment to do any act or thing following any terminating event under section 138
i: requiring the members of the scheme to be notified of the terminating event or of any other matter and specifying time frames for notification to occur:
ii: prescribing any advice, information, or documents that must accompany any notification given under subparagraph (i):
iii: requiring the provider to do any act or thing or carry out any prescribed procedures to facilitate or enable the transfer of members to another KiwiSaver scheme in accordance with this Act , regulations made under paragraph (ba) Financial Markets Conduct Act 2013
iv: requiring the provider to report to any specified person or persons, or to produce to any specified person or persons, any papers, documents, records, or things in respect of the scheme, at specified times or contingent on any specified events:
d: requiring the provider of any new scheme to which members are or are to be transferred from a scheme that is subject to a terminating event under section 138
1A: In this section, default members sections 50 51
2: However, regulations made under subsection (1)﻿(c)﻿(iii) may not require a provider to report to any person or produce any papers, documents, or records, after the provider’s scheme no longer has any members who became members of the scheme under section 52
3: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 230(1)﻿(a) amended 1 December 2014 section 101(1) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(b)﻿(iii) amended 1 December 2014 section 101(2) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(ba) inserted 14 September 2013 section 101(3) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(ba) amended 1 December 2014 section 101(4) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(c) amended 1 December 2014 section 101(5) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(c)﻿(iii) amended 14 September 2013 section 101(6) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1)﻿(d) amended 1 December 2014 section 101(5) Financial Markets (Repeals and Amendments) Act 2013 Section 230(1A) inserted 14 September 2013 section 101(7) Financial Markets (Repeals and Amendments) Act 2013 Section 230(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
230A: Regulations relating to compulsory employer contributions
1: The Governor-General may, by Order in Council made on the recommendation of the Minister of Finance, make regulations prescribing a class of employees, for the purposes of the calculation of compulsory employer contributions, under section 101D(5)﻿(c)﻿(ii)
2: The Minister of Finance may make a recommendation under subsection (1) only if the Minister is satisfied that an employer may not prevent compulsory employer contributions increasing their employer contributions in relation to the class of employees because terms relating to their employer contributions are imposed independently of the employer and the class of employees.
3: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 230A inserted 19 December 2007 section 100 Taxation (KiwiSaver) Act 2007 Section 230A(3) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
231: Amendments to other Acts
Section 231 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
232: Transitional provision requiring all KiwiSaver contributions to be paid to Commissioner in first 3 months
Section 232 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
233: Transitional provision: pre-1 July 2007 securities law documentation
Section 233 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
234: Protection from non-compliance: Taxation (KiwiSaver) Act 2007
Section 234 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
235: Protection from non-compliance: Taxation (Urgent Measures and Annual Rates) Act 2008
Section 235 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
236: Protection from non-compliance: Taxation (Budget Tax Measures) Act 2009
Section 236 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
237: Protection from non-compliance: Taxation (Annual Rates and Budget Measures) Act 2011
Section 237 repealed 1 December 2014 section 102 Financial Markets (Repeals and Amendments) Act 2013
238: Protection from non-compliance: Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act
2012 If an effect of the enactment of sections 166 231 234 Act end date assent day
a: a prospectus that is registered under the Securities Act 1978
b: an investment statement under the Securities Act 1978 Section 238 inserted 2 November 2012 section 237 Taxation (Annual Rates, Returns Filing, and Remedial Matters) Act 2012
239: Protection from non-compliance: Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015
Non-compliance with an enactment related to securities is ignored if the non-compliance—
a: results from the enactment of sections 8 9 KiwiSaver first home deposit subsidy
b: relates to—
i: a prospectus that is registered under the Securities Act 1978
ii: an investment statement under the Securities Act 1978
iii: a product disclosure statement under the Financial Markets Conduct Act 2013
c: if the non-compliance relates to a product disclosure statement referred to in paragraph (b)﻿(iii), the period of the non-compliance ends before 1 April 2016. Section 239 inserted 1 April 2015 section 7 Taxation (KiwiSaver HomeStart and Remedial Matters) Act 2015
240: Protection from non-compliance: KiwiSaver Budget Measures Act 2015
Non-compliance with either financial markets legislation section 6(1) Fair Trading Act 1986 KiwiSaver Budget Measures Act 2015
a: relates to a prospectus that is registered under the Securities Act 1978
i: the prospectus is registered on or before 21 May 2015; and
ii: the issuer takes reasonable steps to ensure that copies of the prospectus that are distributed on or after 22 July 2015 by or on behalf of the issuer include or are accompanied by written notice of the effect of the enactment of the KiwiSaver Budget Measures Act 2015
b: relates to an investment statement under the Securities Act 1978
i: the investment statement is dated on or before 21 May 2015; and
ii: the issuer takes reasonable steps to ensure that copies of the investment statement that are distributed on or after 22 July 2015 by or on behalf of the issuer include or are accompanied by written notice of the effect of the enactment of the KiwiSaver Budget Measures Act 2015
c: relates to a product disclosure statement under the Financial Markets Conduct Act 2013 Section 240 inserted 27 May 2015 section 6 KiwiSaver Budget Measures Act 2015
241: Protection from non-compliance: Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
Non-compliance with an enactment related to securities is ignored if the non-compliance—
a: results from the enactment of sections 242 289 309 to 318 320 321
b: relates to a product disclosure statement, or to information lodged on the relevant disclosure register, under the Financial Markets Conduct Act 2013
c: the period of the non-compliance ends before 1 September 2019. Section 241 inserted 1 April 2019 section 319 Taxation (Annual Rates for 2018–19, Modernising Tax Administration, and Remedial Matters) Act 2019
242: Protection from non-compliance: KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019
Non-compliance with financial markets legislation, as defined in section 6(1) Fair Trading Act 1986 KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019
a: the non-compliance does not continue on or after the expiry of the 2-month period that starts on the date of Royal assent of that Act; or
b: the non-compliance relates to a product disclosure statement under the Financial Markets Conduct Act 2013 KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019 Section 242 inserted 27 August 2019 section 7 KiwiSaver (Oranga Tamariki Guardians) Amendment Act 2019
243: Protection from non-compliance: Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020
Non-compliance with an enactment related to securities is ignored if the non-compliance—
a: results from the enactment of sections 39 48 50 83 103(1) and (3) 148 167 188
b: relates to a product disclosure statement, or to information lodged on the relevant disclosure register, under the Financial Markets Conduct Act 2013
c: comes to an end before 31 January 2021. Section 243 inserted 1 April 2020 section 49 Taxation (KiwiSaver, Student Loans, and Remedial Matters) Act 2020