Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

KiwiSaver regulations approved

27 November 2006

KiwiSaver regulations approved

Regulations to establish KiwiSaver, the new workplace-based retirement savings scheme, will come into law on December 1, Finance Minister Michael Cullen announced today.

Dr Cullen said the regulations will bring the KiwiSaver Act into force and allow KiwiSaver scheme providers to prepare for enrolling members on 1 July 2007.

"We are making good progress in introducing KiwiSaver which aims to help New Zealanders develop long term savings habits so they can have greater financial security in their retirement years.

"By bringing the regulations into law on 1 December, we are giving providers seven months to prepare for scheme enrolments. We are pleased we have been able to develop these regulations in consultation with the industry."

The KiwiSaver regulations cover:

- The commencement of the KiwiSaver Act;
- The terms of the Scheme Provider Agreement between providers and the Inland Revenue Department;
- The steps scheme providers must take to verify the identity of a member of a scheme;
- The fees payable to the Government Actuary to process applications for exemptions, conversions, registrations, transfers and other regulatory functions;
- The fees KiwiSaver scheme providers may charge customers; and
- The statistical annual return scheme providers must submit to the Government Actuary.

Dr Cullen said the regulations would ensure the best possible delivery of KiwiSaver to customers, employers and scheme providers.

“Provisions like the statistical annual return will also allow us to obtain accurate and complete information about KiwiSaver, without placing undue costs on providers. Having information on participation rates and the relevance and effectiveness of KiwiSaver features will also be valuable."

Further information, including a Cabinet paper, is available at:
http://www.med.govt.nz/kiwisaver/

The regulations will be gazetted Thursday and available Friday here:
http://www.knowledge-basket.co.nz/

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Veronika Meduna: The Kaikoura Rebuild

A Scoop Foundation Investigation

Friday will be a big day for people north of Kaikōura – and for hundreds of construction workers who are racing to reopen State Highway 1 in time for the holiday season.

By the afternoon, the South Island’s main transport corridor will be open to traffic again, more than a year after a magnitude 7.8 earthquake mangled bridges and tunnels, twisted rail tracks and buried sections of the road under massive landslides. More>>

 

BPS HYEFU WYSIWYG: Labour's Budget Plans, Families Package

“Today we are announcing the full details of the Government’s Families Package. This is paid for by rejecting National’s tax cuts and instead targeting spending at those who need it most. It will lift 88,000 children out of poverty by 2021." More>>

ALSO:

Gordon Campbell: On Defence Spending, Alabama, And Dolly Parton

The spending lavished on Defence projects to meet the risks that could maybe, possibly, theoretically face New Zealand in future is breath-taking, given how successive governments have been reluctant to spend even a fraction of those amounts on the nation’s actual social needs. More>>

ALSO:

Members' Bills: End Of Life Choice Bill Passes First Reading

The End of Life Choice Bill in the name of David Seymour has been sent to a select committee for consideration by 76 votes to 44. It is the third time Parliament has voted on the issue in recent decades and the first time such a Bill has made it over the first hurdle. More>>

ALSO:

State Sector: MPI Survives Defrag Of Portfolios

The Ministry for Primary Industries will not be split under the new government, but will instead serve as an overarching body for four portfolio-based entities focused on fisheries, forestry, biosecurity and food safety. More>>

ALSO:

Gordon Campbell: On Vulnerable Kids, RNZ Funding, And Poppy

The decision to remove the word ‘vulnerable’ from the Ministry for Vulnerable Children could well mark a whole shift in approach to the care of children in need... More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages